Is financial globalization beneficial?
Is financial globalization beneficial?
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DOI：
10.1111/j.0022-2879.2007.00026.x
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发表时间：
2007-03-01
影响因子：
1.5
通讯作者：
Mishkin, Frederic S.
中科院分区：
文献类型：
--
作者：
Mishkin, Frederic S.
本讲座首先考察了金融发展和经济增长的证据，并得出结论，金融发展确实是促进经济增长的一个关键因素，以探讨金融全球化是否有利于发展中国家。然后，它问为什么如果金融发展是如此有益，它往往不会发生。本报告接着审查全球化，特别是金融全球化，是否有助于促进金融和经济发展，并认为可以。然而，金融全球化并不总是有利于促进经济发展，因为它往往导致毁灭性的金融危机。因此，问题不在于金融全球化本质上是好是坏，而在于它是否能够正确地进行。
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 does not 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.