The impact of globalization of financial markets is a highly
debated topic, particularly in recent months when the issue of
globalization and contagion of financial distress has become a
focus of intense policy debate. The papers in this volume provide
an up-to-date overview of the key issues in this debate. While most
of the contributions were prepared after the initial outbreak of
the current global turmoil and financial crisis, they identify the
relative strengths of the risk diversification and risk
transmission processes and examine the empirical evidence to date.
The book considers the relative roles of banks, nonbank financial
institutions and capital markets in both risk diversification and
risk transmission. It then evaluates the current status of crisis
resolution in a global context, and speculates where to go from
here in terms of understanding, resolution, prevention and public
policy.
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