Financial Globalization: Gain and Pain for Developing Countries
讨论了金融全球化给发展中国家带来的收益和风险，指出长期净效应可能为正，但短期风险在开放后更突出，且政府政策工具减少，需要国际合作。
This paper discusses the benefits and risks that financial globalization entails for developing countries. Financial globalization can lead to large benefits, particularly to the development of the financial system. But financial globalization can also come with crises and contagion. The net effect of financial globalization is likely positive in the long run, with risks being more prevalent right after countries liberalize. So far, only some countries, sectors, and firms have taken advantage of globalization. As financial systems turn global, governments lose policy instruments, so there is an increasing scope for some form of international financial policy cooperation.