The Evidence and Impact of Financial Globalization

1st Edition

Editor-in-Chiefs: Gerard Caprio
Hardcover ISBN: 9780123978745
eBook ISBN: 9780124058996
Imprint: Academic Press
Published Date: 27th November 2012
Page Count: 800
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Table of Contents

Volume 3

Section Editors



Chapter 1. Financial Globalization and Crises: Overview


Evidence on Financial Globalization

Forces Behind Globalization

Effects of Financial Globalization

Monetary and Exchange Rate Policy under Financial Globalization


Final Words



I: Evidence on Financial Globalization

Chapter 2. Measurements of Capital and Financial Current Account Openness

Measuring Financial Integration


Data Properties

Uses of Measures




Chapter 3. Measurement and Impact of Equity Market Liberalization


Equity Market Liberalization

Effects of Stock Market Liberalization




Further Reading

Chapter 4. Bilateral Financial Links


Bilateral Data on External Assets and Liabilities

What Explains Bilateral External Financial Linkages?

Stylized Facts

Cross-Border Financial Links and International Transmission of Shocks


See also


Supplementary Materials

Further Reading

Relevant Websites

Chapter 5. Global Imbalances

The Contested Landscape of Global Imbalances

Global Imbalances Defined

Spendthrift America and the Saving–Investment Approach

A US Productivity Surge and the Intertemporal Approach

East Asian Mercantilism and Bretton Woods II Versus Self-Protection

A Global Saving Glut?

Imbalances and the Financial Crisis

See also




Chapter 6. Aid Flows


Situating Aid Flows Within Financial Globaliza


The sharp realities of financial globalization become clear during crises, when winners and losers emerge. Crises usher in short- and long-term changes to the status quo, and everyone agrees that learning from crises is a top priority. The Evidence and Impact of Financial Globalization devotes separate articles to specific crises, the conditions that cause them, and the longstanding arrangements devised to address them. While other books and journal articles treat these subjects in isolation, this volume presents a wide-ranging, consistent, yet varied specificity. Substantial, authoritative, and useful, these articles provide material unavailable elsewhere.

Key Features

  • Substantial articles by top scholars sets this volume apart from other information sources
  • Rapidly developing subjects will interest readers well into the future
  • Reader demand and lack of competitors underline the high value of these reference works


Undergraduates and graduate students worldwide working in all areas of finance and economics. Researchers will typically be examining the global aspects and implications of their particular interests


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"Editor Caprio…presents empirical research on the forces behind financial globalization, such as international capital flows, foreign bank participation in developing countries, and international government debt." --Reference and Research Book News, February 2013

"This volume provides authoritative non-technical coverage of key topics related to the  globalization of financial activities and institutions, with particular and up-to-date analyses of international financial crises." --Josef Brada, Arizona State University

"The Evidence and Impact of Financial Globalization is a collection of essays written by major specialists in each specific field of globalization, ranging from aid, foreign investment and migration to exchange rates, international government debt and financial crisis. Its 50 chapters investigate the various aspects of globalization, their determinants and impact both in abstract terms and with reference to specific countries and regions. It is an essential companion for those that want to up-date and improve their knowledge of the impressive significance acquired by financial globalization in the last two or three decades." --Nicola Acocella, Università degli Studi di Roma "La Sapienza"

"Is mainstream theory the cause of our recent financial crisis, and will it be to blame for future crises? If theory did not cause it, it did nothing to prevent or even mitigate it. This book offers an impressive series of essays on the Great Recession, investigating financial and real causes, historical episodes, and linkages as well as domino effects. It clearly illuminates the background of our recent crisis by offering clear theoretical, empirical, and historical views of its remote causes. It cannot be absent from any economist's bookshelf." --Mauro Gallegati, Università Politecnica delle Marche

About the Editor-in-Chiefs

Gerard Caprio Editor-in-Chief

Gerard Caprio is William Brough Professor of Economics and Chair, Center for Development Economics at Williams College. He has served as the Head of Financial Sector Policy at The World Bank and Vice President and Head of Global Economics at J.P. Morgan.

Affiliations and Expertise

Williams College, Williamstown, MA