Financial Globalization: Benefits and Risks for Developing Countries: Financial Globalization

Author: Zhang Haitao
Publisher:
Publish Date: 2003-01-01
Features: In the contemporary international financial field, people see: the global allocation of financial capital resources, unprecedented integration of financial institutions, a sudden surge in new financial products, a wave of international indirect investment, and the emergence of numerous new theories in finance. The spatial fragmentation of the international financial market has led to the hyperdeveloped and super-large-scale growth of international indirect investment. The current expansion of international indirect investment harbors significant financial risks. The risk level increases progressively depending on the degree of market mechanism development in developed countries, emerging market economies, and developing countries. The research in this series is theoretically pioneering. It raises a series of major theoretical and practical issues regarding how a country can advance economic and financial reform, development, and openness from the perspective of national economic security, and conducts pioneering analysis and exploration on these issues. These questions include: the relationship between the emergence of national economic security issues and a country's choice of economic development strategy, whether emerging markets in developing countries are more prone to forming bubbles and experiencing crashes, how the inflow of foreign capital threatens national economic security by influencing the structure of industries and markets, how to construct a reasonable monetary and exchange rate system, as well as effective regulatory and adjustment mechanisms at both global and national levels to prevent systemic financial risks and achieve macroeconomic and financial stability, and the benefits and risks of financial globalization, as well as the path China should take in financial globalization.