Positive and negative effects of financial globalization on developing and emerging economies

Georgieva Svrtinov, Vesna and Nikoloski, Krume and Paceskoski, Vlatko (2013) Positive and negative effects of financial globalization on developing and emerging economies. International Scientific Conference "Regional Economic Cooperation in the Process of Globalization". pp. 127-128.

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Abstract

Abstract The topic of financial globalization has always been highly controversial. This controversy could be explained by the benefits and problems it generates. On the one hand, financial globalization creates tremendous potential benefits for developing countries and emerging markets, as they integrate financially with the rest of the world. Globalization stimulates the development of financial sector and, in turn, spurs the advancement of economies. On the other hand, financial globalization also carry some risks. One well-known risk is that globalization can be related to financial crises. The crises in Asia in 1997–98, Brazil in 1999, Turkey in 2001, are some examples that captured worldwide interest. This phenomenon was also seen during the recent global financial crisis. Since the financial crisis spilled over from the US and hit Europe, the effects of the crisis have become increasingly felt in developing and emerging countries as well. From a historical perspective, financial globalization is not a new phenomenon, but the depth and breadth of globalization today are unprecedented. The recent wave of globalization has generated an intense debate among economists, attracting both strong supporters and opponents. This paper tries to present a balanced view of financial globalization,outlining the benefits and riskst that globalization entails for developing countries and emerging markets. The paper revisits the arguments and evidence that can be used in favor of and against globalization. Key words: financial globalization, developing countries, emerging markets, financial crisis

Item Type: Article
Subjects: Social Sciences > Economics and business
Divisions: Faculty of Economics
Depositing User: Krume Nikoloski
Date Deposited: 30 Dec 2013 09:40
Last Modified: 04 Aug 2015 10:10
URI: http://eprints.ugd.edu.mk/id/eprint/8586

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