This article focuses on the financial globalization of the emerging market economies (EMEs) and the important differences across countries and country groups in this regard, particularly in the relative importance of different types of capital inflows and the pace of financial globalization. That the extent of financial globalization in the EMEs is both qualitatively and quantitatively different from the other country groups can be established with the help of the de jure and de facto measures. The author provides details of global private capital flows to the EMEs since the early 1970s. The following time period has been divided into various sub-periods. The characteristic features and trends for each period have been identified and analyzed.
Agence France-Presse (AFP). (2009). World Bank Chief Says China Stimulus Should Continue. 9 September. Available at http://www.google.com/hostednews/afp/article/ALeqM5jp2zZO9hHz2SgVQ7g_vptcRXP71g
2.
Asian Development Bank (ADB). (2009). Asian Development Outlook 2009: Update. Manila . 17 September.
3.
Das, Dilip K. (2003). Financial Flows and Global Integration. Coventry, UK: University of Warwick. Center for the Study of Globalization and Regionalization . CSGR Working Paper No. 132/04. June.
4.
Das, Dilip K. (2004). Financial Globalization and the Emerging Market Economies. London and New York. Routledge .
5.
Das, Dilip K. (2006). The Dollar Correction Period and the Asian Currencies . Derivatives: Use, Trading and Regulations, 11(4): 345–65 .
6.
Das, Dilip K. (2008a). The Chinese Economic Renaissance: Apocalypse or Cornucopia. Hampshire, UK: Palgrave Macmillan Ltd.
7.
Das, Dilip K. (2008b). China’s Newly Evolving Role in the Global Economy . CESifo Forum, 9(1): 39–46 .
8.
Das, Dilip K. (2009a). The Two Faces of Globalization: Munificent and Malevolent. Northampton, MA: Edward Elgar Publishing, Inc. and Glos, UK: Cheltenham .
9.
Das, Dilip K. (2009b). Globalization and an Emerging Global Middle Class . Economic Affairs, London, 29(3): 89–99 .
10.
Dattels, P. and Miyajima, K. (2009). Will Emerging Markets Remain Resilient to Global Stress?Global Journal of Emerging Market Economies, 1(1): 5–24 .
11.
Devereux, M. B. and Sutherland, A. (2009). A Portfolio Model of Capital Flows to Emerging Markets . Journal of Development Economics, 89(2): 181–93 .
12.
Devereux, M. B. and Sutherland, A. (2009, 15 August). On the Rebound . The Economist, 69–72 .
13.
Institute of International Finance (IIF). (2009). Capital Flows to Emerging Market Economies. Washington, DC .
14.
Kaminsky, G. (2005). International Capital Flows, Financial Stability and Growth. Washington, DC: George Washington University. The GW Center for the Study of Globalization . Occasional Paper Series.
15.
King, R.G. and Levine, R. (1993). Finance and Growth: Schumpeter Might be Right . Quarterly Journal of Economics, 108(3): 717–38 .
16.
Kose, M.A. , Prasad, E.S. , Kogoff, K.S. and Wei, S.J. (2006). Financial Globalization: A Reappraisal. Washington, DC: International Monetary Fund . Working Paper No. WP/06.189.
17.
Kose, M.A. , Prasad, E.S. , Kogoff, K.S. and Wei, S.J. (2009). Financial Globalization and Economic Policies. Washington, DC: The Brookings Institution . Working Paper No. 24. April.
18.
Lane, P.R. and Milesi-Ferretti, G.M. (2005). A Global Position on External Positions. Dublin: Institute for International Integration Studies. Trinity College . IIIS Discussion Paper No. 79. December.
19.
Lane, P.R. and Milesi-Ferretti, G.M. (2007). The External Wealth of Nations Mark II . Journal of International Economics, 73: 223–50 .
20.
Leijonhufvud, C. (2007). Financial Globalization and Emerging Market Volatility . The World Economy, 30(12): 1817–42 .
21.
Levine, R. (2005). Finance and Growth: Theory and Evidence. In P. Aghion and S. Durlauf (Eds), Handbook of Economic Growth, 1A: 865–934. Amsterdam: Elsevier .
22.
Lin, Justin Yifu . (2008). Foreword. Global Development Finance. Washington, DC: The World Bank .
23.
Prahalad, C.K. (2004). Fortune at the Bottom of the Pyramid. Philadelphia, PA: Wharton School Publishing .
24.
Pula, G. and Pultonen, T.A. (2009). Has Emerging Asia Decoupled?Frankfurt, Germany: European Central Bank . Working Paper Series 993. January.
25.
The International Monetary Fund (IMF). (2008). World Economic Outlook. Washington, DC .
26.
The International Monetary Fund (IMF). (2009a). World Economic Outlook Database. Washington, DC .
27.
The International Monetary Fund (IMF). (2009b). World Economic Outlook. Washington, DC .
28.
The International Monetary Fund (IMF). (2009c). Global Financial Stability Report. Washington, DC .
29.
The World Bank (WB). (2009). Global Development Finance 2009: Charting a Global Recovery. Washington, DC . June.
30.
Turner, P. (2008). Financial Globalization and Emerging Market Capital Flows. Basel: Bank for International Settlements . BIS Paper No. 44. December.
