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The Evidence and Impact of Financial Globalization by Gerard Caprio

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Chapter 18

Capital Market Integration

W.R. Cline

Peterson Institute for International Economics, Washington, DC, USA

Outline

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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