J. Mark Munoz
Globalization refers to social, economic, political, and cultural interconnectedness across countries (Ohmae 1995). It is both a fact and phenomena and foundation for many events around the world.
For many countries, it is the cornerstone for growth and development. Economic and trade liberalization is an important foundation for GDP growth (Soubbotina 2004; Giavazzi and Tabellini 2005). Financial and product market openness attracts capital, resources, and talent among others (Mishkin 2009). Globalization impacts macroeconomic factors such as inflation, output, and interest rates (Milani 2012). Evidences suggest that trade and financial openness impacts financial development (Baltagi et al. 2009; Kim et al. ...
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