Jump to ContentJump to Main Navigation
Capital Market Liberalization and Development$
Users without a subscription are not able to see the full content.

José Antonio Ocampo and Joseph E. Stiglitz

Print publication date: 2008

Print ISBN-13: 9780199230587

Published to Oxford Scholarship Online: May 2008

DOI: 10.1093/acprof:oso/9780199230587.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 26 October 2021

The Benefits and Risks of Financial Globalization

The Benefits and Risks of Financial Globalization

(p.48) 2 The Benefits and Risks of Financial Globalization
Capital Market Liberalization and Development

Sergio L. Schmukler

Oxford University Press

This chapter discusses the benefits and risks that financial globalization entails for developing countries. Financial globalization can lead to large benefits, particularly the development of the financial system. But financial globalization can also create crises and contagion. The net effect of financial globalization is likely to be positive in the long run, with risks being more prevalent immediately after countries liberalize. So far only some countries, sectors, and firms have taken advantage of globalization. As financial systems turn global, individual governments no longer have policy instruments at their disposal. This means that there is an increasing need, and potential, for some form of international financial policy cooperation.

Keywords:   financial globalization, financial liberalization, international financial markets, crises

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .