TY  - JOUR
AU  - Mishkin,Frederic
TI  - Is Financial Globalization Beneficial?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 11891
PY  - 2005
Y2  - December 2005
UR  - http://www.nber.org/papers/w11891
L1  - http://www.nber.org/papers/w11891.pdf
N1  - Author contact info:
Frederic S. Mishkin
Columbia University
Graduate School of Business
Uris Hall 817
3022 Broadway
New York, NY 10027
Tel: 212-854-3488
Fax: 212/662-8474
E-Mail: fsm3@columbia.edu
AB  - This lecture examines whether financial globalization is beneficial to developing countries by first examining the evidence on financial development and economic growth and concludes that financial development is indeed a key element in promoting economic growth. It then asks why if financial development is so beneficial, it often doesn't occur. It then goes on to examine whether globalization, particularly of the financial kind, can help encourage financial and economic development and argues that it can. However, financial globalization does not always work to encourage economic development because it often leads to devastating financial crises. The issue is thus not whether financial globalization is inherently good or bad, but whether it can be done right.
ER  -