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Financial Globalization

May 05, 2021 3:50 PM ET
Otaviano Canuto profile picture
Otaviano Canuto
501 Followers

Summary

  • Financial integration of countries and financial globalization led to an extraordinary rise of foreign assets and liabilities as a share of GDP...
  • ...followed by stability of total flows since the global financial crisis of 2008-2009.
  • The apparent stability has been marked by an underlying metamorphosis of cross-border finance, with de-banking and rising foreign direct investment and non-banking financial flows. Blind spots and potential instability remain.

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Financial integration of countries and financial globalization led to an extraordinary rise of foreign assets and liabilities as a share of GDP, followed by the stability of total flows since the global financial crisis of

This article was written by

Otaviano Canuto profile picture
501 Followers
Otaviano Canuto, based in Washington, D.C area, is a senior fellow at the Policy Center for the New South, professor at George Washington University, principal of the Center for Macroeconomics and Development and a non-resident senior fellow at Brookings Institution. He is a former vice-president and a former executive director at the World Bank, a former executive director at the International Monetary Fund and a former vice-president at the Inter-American Development Bank. He is also a former deputy minister for international affairs at Brazil’s Ministry of Finance and a former professor of economics at University of São Paulo and University of Campinas, Brazil.He has authored and co-edited 8 books and over 160 book chapters and academic articles, and is a frequent contributor to numerous blogs and periodicals.

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