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The Drivers of Financial Globalization

Philip R. Lane and Gian Maria Milesi-Ferretti

IIIS Discussion Paper No. 238

Abstract We provide a brief review and analysis of recent trends in international financial integration. In particular, we highlight the asymmetric nature of financial globalization, with the scale of cross-border positions among the advanced economies growing more quickly than for emerging market economies and developing countries. We investigate the sources of this divergent pattern and discuss the factors that could shape financial globalization in the coming years.

Last updated 28 August 2014 by IIIS (Email).