Impact of the Financial Globalization on Economic Growth : Myths and Facts
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Abstract
This chapter provides a comprehensive analysis of the relationship between capital flows liberalization, perceived as an important component of the overall globalization process, and economic growth. The study is in two sections. The first section is focused on the review of the recent theoretical studies in the globalization itself as well as in the capital flows liberalization. As a result two main theoretical approaches are set forth: a) the orthodox (neoliberal) approach that stresses a positive direct impact of financial globalization on economic growth, rational worldwide allocation of resources, and a proper risk distribution as well; b) the modern approach which advocates indirect globalization impact on economic growth through some improvement in macroeconomic discipline, better governance or institutional reforms. The second section includes a wide range of empirical research aimed at verifying the theoretical paradigms. Finally, this paper draws conclusions regarding mixed and semi-significant results of empirical research, in particular if the orthodox approach is concerned. (original abstract)
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