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Financial globalization has increased dramatically over the past
three decades, particularly for advanced economies, while emerging
market and developing countries experienced more moderate
increases. Divergences across countries stem from different capital
control regimes, and factors such as institutional quality and
domestic financial development. Although, in principle, financial
globalization should enhance international risk sharing, reduce
macroeconomic volatility, and foster economic growth, in practice
its effects are less clear-cut. This paper envisages a gradual and
orderly sequencing of external financial liberalization and
complementary reforms in macroeconomic policy framework as
essential components of a successful liberalization strategy.
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