Chapter 18
Capital Market Integration
Outline
The Empirics of Financial Globalization and Growth
Statistical Tests for Crisis Impacts of Openness
Studies of Historical Crisis Incidence and Costs
Calibrating Ranges for Costs of Openness-induced Crises
The Empirics of Financial Globalization and Growth
Financial openness brings both potential gains and risks. Although this chapter focuses on evidence about the risks, it is first necessary to provide a broader context by considering the gains against which such risks should be compared.
Economists have debated to a much greater extent about the economic ...
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