prasad, e., rogoff, k., wei, s.-j., and kose, a. m. (2003), ‘effects of financial globalization on developing countries: some empirical evidence’, IMF occasional paper no. 220, september This research offers an open, methodical, and critical examination of the most recent data on this complicated topic.
It is difficult to detect a strong and robust causal relationship between financial integration and economic growth, despite what appears to be a strong theoretical presumption;
in contrast to theoretical predictions, financial integration appears to be associated with increases in consumption volatility (both in absolute terms and relative to income volatility) in many developing countries.
These findings are based on a review of the literature and some new empirical evidence.
According to some recent data, developing nations' experiences with financial globalization are influenced by competent macroeconomic frameworks, excellent governance, and other factors that are both statistically and qualitatively significant.
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