Financial globalisation sped up partly because governments did not listen to the academic sceptics.
If the dollar has suffered most, it is only because American institutions are the biggest pioneers of financial globalisation.
And the risks of financial globalisation can also be dismissed too easily.
Critics of financial globalisation argue that these problems are so great that emerging markets ought to be insulating themselves through capital controls.
But if foreign capital promotes these three virtues, then the study may have inadvertently strained out much of the benefit of financial globalisation.
In short, the things financial globalisation strengthens are also the things a country needs to have in place in order to benefit from it.
In the recent past this demand would have coincided with a period of financial globalisation that allowed many governments to rack up debt cheaply.
Financial globalisation spread capital more widely, markets evolved, businesses were able to finance new ventures and ordinary people had unprecedented access to borrowing and foreign exchange.
Across a sample of 22 OECD countries from 1973 to 2005, they find support for the notion that inequality, financial globalisation and rising government debt do indeed march together.
Over the past decade investors, firms and consumers put far too much faith in the power of information technology, globalisation, financial liberalisation and monetary policy to reduce volatility and risk.
European integration was already being overtaken by globalisation when the financial crisis struck.
He regards the failings attributed to globalisation (the financial crises of the late 1990s, for instance) as the result of a collision between markets and statism.
Obviously, it is a reflection of the success and extent of globalisation, that, while the tremors of the Asian financial crisis a decade ago reverberated regionally, the current financial meltdown has left no nation unscathed.
Before the financial crisis, Londonism seemed indistinguishable from a broader British take on the world: freewheeling, relaxed about globalisation.
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