Financial Globalization, Economic Growth, and the Crisis of 2007–09 - Softcover

Cline, William

Softcover

ISBN 10: 088132499X ISBN 13: 9780881324990

Publisher: Peterson Institute for International Economics, 2010

Synopsis

In the debate over globalization's economic implications, trade liberalization remains at the forefront of discussion, but in an important new book, award-winning author William dine changes direction to focus on the overlooked but pertinent growth benefits of financial globalization. In a post-crisis environment, how dangerous is financial openness? Does the global financial crisis of 2007--2009 warrant major policy changes that affect the degree of financial openness? Through a chronological overview of the policy interventions implemented during the crisis, dine--a noted financial expert--examines the role that the financial crisis will play in the construction of future policy and provides a comprehensive analysis of the relationship between financial globalization and economic growth. Cline asserts that financial globalization represents a significant factor in economic growth of emerging market economies. In his analysis of the fiscal legacies of the crisis, he looks at why financial sector innovation helped create a massive downturn in the economy rather than a period of growth. Ultimately, Cline argues that present-day GDP levels are a result of the cumulative influence of financial openness.

About this title

Product Description

Rare Book

Review

This is a careful and comprehensive survey of the literature of the last decade on growth and financial globalization. Secondarily, the book includes a useful explanation of some of the major policies and decisions made during the financial crisis. The book is thorough and very clearly written.... It's potentially very useful for advanced undergraduate and graduate courses on financial globalization, particularly ones that stress economic modeling and empirics.--Kenneth S. Rogoff, Harvard University

Cline's overview of financial globalization and economic growth...will be an invaluable resource for anyone doing research in this field. His painstaking gathering, analysis, and comments on the empirical work in this area will make this a must-have volume to all researchers.--Gerard Caprio, Jr., Williams College

This book does an excellent job of summarizing the empirical literature on openness to international capital flows and economic growth... In light of the crisis of 2007-09, there will clearly be a reassessment of the relationship between policies regarding financial globalization and economic outcomes in the short and long runs. This book provides a sound foundation on which that reassessment can flourish.--Ross Levine, Brown University

About this edition

• Publisher: Peterson Institute for International Economics
• Publication date: 2010
• ISBN 10: 088132499X
• ISBN 13: 9780881324990
• Binding: Paperback
• Number of pages: 362