Financial Globalization: Benefits and Risks for Developing Countries

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 frenzied wave of international indirect investment, and the constant emergence of new theories in finance. The spatial fragmentation of the international financial market has led to the super-advanced and super-large-scale development of international indirect investment. The current expansion of international indirect investment harbors significant financial risks. The level of risk increases progressively depending on the degree of market mechanism development in developed countries, emerging market economies, and developing countries. The research in this series of books 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 offers pioneering analysis and exploration of these issues. These issues 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 industrial and market structures, how to construct reasonable monetary and exchange rate systems, effective regulatory and adjustment mechanisms at both global and national levels to prevent systemic financial risks and achieve macroeconomic and financial stability, the benefits and risks of financial globalization, and the path China should choose for financial globalization.