Some readings on Globalization and Financial Development

Acemoglu, Daron, Simon Johnson, and James A. Robinson (2001). "The Colonial Origins of Comparative Development: An Empirical Investigation," American Economic Review, vol. 91 (December), pp. 1369-1401.

Acemoglu, Daron, Simon Johnson, and James A. Robinson (2005). "Institutions as the Fundamental Cause of Long-Run Growth," in Philippe Aghion and Steven N. Durlauf, eds., Handbook of Economic Growth, vol. 1, part 1. Amsterdam: North Holland, pp. 385-472.

Ades, Alberto, and Rafael Di Tella (1994). "Competition and Corruption," Institute of Economics and Statistics Discussion Paper Series 169. Oxford: University of Oxford.

Alfaro, Laura, and others (2004). "FDI and Economic Growth: The Role of Local Financial Markets," Journal of International Economics, vol. 64 (October), pp. 89-112.

Armendariz de Aghion, Beatriz, and Jonathan Morduch (2005). The Economics of Microfinance. Cambridge, Mass.: MIT Press.

Bekaert, Geert, Campbell R. Harvey and Robin L. Lumsdaine (2002). "Dating the Integration of World Equity Markets," Journal of Financial Economics, vol. 65 (August), pp. 203-47.

Bhagwati, Jagdish N. (2004). In Defense of Globalization. New York: Oxford University Press.

Bourguignon, Francois, Diane Coyle, Raquel Fernandez, Francesco Giavazzi, Dalia Marin, Kevin O’Rourke, Richard Portes, Paul Seabright, Anthony Venables, Thierry Verdier, and L. Alan Winters (2002). Making Sense of Globalization: A Guide to the Economic Issues, CEPR Policy Paper Series 8. London: Centre for Economic Policy Research, July.

Dell’Ariccia, Giovanni, and Robert Marquez (2006). "Lending Booms and Lending Standards," Journal of Finance, vol. 61 (October), pp. 2511-46.

Demirguc-Kunt, Asli, and Enrica Detragiache (2005). "Cross-Country Empirical Studies of Systemic Bank Distress: A Survey (422 KB PDF)," IMF Working Paper Series WP 05/96. Washington: International Monetary Fund, May.

de Soto, Hernando (2000). The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else. New York: Basic Books.

Dollar, David (1992). "Outward-Oriented Developing Economies Really Do Grow More Rapidly: Evidence from 95 LDCs, 1976-1985," Economic Development and Cultural Change, vol. 40 (April), pp. 523-44.

Dollar, David, and Paul Collier (2001). Globalization, Growth, and Poverty: Building an Inclusive World Economy. New York: Oxford University Press.

Easterly, William (2001). The Elusive Quest for Growth: Economists’ Adventures and Misadventures in the Tropics. Cambridge, Mass.: MIT Press.

Easterly, William, and Ross Levine (2001). "It’s Not Factor Accumulation: Stylized Facts and Growth Models," World Bank Economic Review, vol. 15 (2), pp. 177-219.

Easterly, William, and Ross Levine (2003). "Tropics, Germs, and Crops: How Endowments Influence Economic Development," Journal of Monetary Economics, vol. 50 (January), pp. 3-39.

Edwards, Sebastian (1998). "Openness, Productivity, and Growth: What Do We Really Know?" Economic Journal, vol. 108 (March), pp. 383-98.

Eichengreen, Barry (2001). "Capital Account Liberalization: What Do Cross-Country Studies Tell Us?" World Bank Economic Review, vol. 15 (3), pp. 341-65.

Frankel, Jeffrey A., and David Romer (1999). "Does Trade Cause Growth?" American Economic Review, vol. 89 (June), pp. 379-99.

Glaeser, Edward L., Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei Shleifer (2004). "Do Institutions Cause Growth?" NBER Working Paper Series 10568. Cambridge, Mass.: National Bureau of Economic Research, June.

Goldberg, Linda (2004). "Financial-Sector FDI and Host Countries: New and Old Lessons," NBER Working Paper Series 10441. Cambridge, Mass.: National Bureau of Economic Research, April.

Hall, Robert E., and Charles I. Jones (1999). "Why Do Some Countries Produce So Much More Output per Worker Than Others?" Quarterly Journal of Economics, vol. 114 (February), pp. 83-116.

Harrison, Ann (1996). "Openness and Growth: A Time-Series, Cross-Country Analysis for Developing Countries," Journal of Development Economics, vol. 48 (March), pp. 419-47.

Henry, Peter Blair (2000a). "Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices," Journal of Finance, vol. 55 (2), pp. 529-64.

Henry, Peter Blair (2000b). "Do Stock Market Liberalizations Cause Investment Booms?" Journal of Financial Economics 58 (1-2), pp. 301-34.

Jones, Benjamin F., and Benjamin A. Olken (2005). "The Anatomy of Start-Stop Growth," NBER Working Paper Series 11528. Cambridge, Mass.: National Bureau of Economic Research, July.

Kaufmann, Daniel, Aart Kray, and Pablo Zoido-Lobaton (1999). "Governance Matters," Policy Research Working Paper Series 2196. Washington: World Bank, October.

Kearl, James R., Clayne L. Pope, Gordon C. Whiting, and Larry T. Wimmer (1979). "A Confusion of Economists?" American Economic Review, vol. 69 (May, Papers and Proceedings), pp. 28-37.

Klein, Michael W. (2005). "Capital Account Liberalization: Institutional Quality and Economic Growth: Theory and Evidence," NBER Working Paper Series 11112. Cambridge, Mass.: National Bureau of Economic Research, February.

Kose, M. Ayhan, Eswar Prasad, Kenneth Rogoff, and Shang-Jin Wei (2006). "Financial Globalization: A Reappraisal (758 KB PDF)," IMF Working Paper Series WP 06/189. Washington: International Monetary Fund, August.

Lee, Ha Yan, Luca Antonio Ricci, and Roberto Rigobon (2004). "Once Again, Is Openness Good for Growth?" Journal of Development Economics, vol. 75 (December), pp. 451-72.

Levine, Ross (2004). "Finance and Growth," NBER Working Paper Series 10766. Cambridge, Mass.: National Bureau of Economic Research, September; forthcoming in Philippe Aghion and Steven N. Durlauf, eds., Handbook of Economic Growth. Amsterdam: North Holland.

Levine, Ross and Sara Zervos (1998). "Capital Control Liberalization and Stock Market Development," World Development 26, pp. 1169-84.

Mauro, Paolo (1995). "Corruption and Growth," Quarterly Journal of Economics, vol. 110 (August), pp. 681-712.

North, Douglass C. (1990). Institutions, Institutional Change, and Economic Performance. Cambridge: Cambridge University Press.

North, Douglass C., and Robert Paul Thomas (1973). The Rise of the Western World: A New Economic History. Cambridge: Cambridge University Press.

Rajan, Raghuram, and Luigi Zingales (2003). "The Great Reversals: the Politics of Financial Development in the 20th Century," Journal of Financial Economics 69 (1), pp. 5-50.

Rajan, Raghuram, and Luigi Zingales (2004). Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity. Princeton: Princeton University Press.

Rodriguez, Francisco, and Dani Rodrik (2001). "Trade Policy and Economic Growth: A Skeptic’s Guide to the Evidence," in Ben S. Bernanke and Kenneth Rogoff, eds., NBER Macroeconomics Annual 2000. Cambridge, Mass.: MIT Press.

Rodrik, Dani, Arvind Subramanian, and Francesco Trebbi (2002). "Institutions Rule: The Primacy of Institutions over Geography and Integration in Economic Development," NBER Working Paper Series 9305. Cambridge, Mass.: National Bureau of Economic Research, November.

Sachs, Jeffrey D., and Andrew M. Warner (1995). "Economic Reform and the Process of Global Integration," Brookings Papers on Economic Activity, 1995:1, pp. 1-118.

Schmukler, Sergio L. (2004). "Financial Globalization: Gain and Pain for Developing Countries (307 KB PDF)," Federal Reserve Bank of Atlanta, Economic Review, vol. 89 (Q2), pp. 39-66.

Svaleryd, Helena, and Jonas Vlachos (2002). "Markets for Risk and Openness to Trade: How Are They Related?" Journal of International Economics, vol. 57 (August), pp. 369-95.

Temple, Jonathan (1999). "The New Growth Evidence," Journal of Economic Literature, vol. 37 (March), pp. 112-56.

Wei, Shangjin (1997). "How Taxing Is Corruption on International Investors?" NBER Working Paper Series 6030. Cambridge, Mass.: National Bureau of Economic Research, May.

Weil, David N. (2005). Economic Growth. Boston: Addison-Wesley.

Winters, L. Alan, Neil McCulloch, and Andrew McKay (2004). "Trade Liberalization and Poverty: The Evidence So Far," Journal of Economic Literature, vol. 42 (March), pp. 72-115.

Wolf, Martin (2004). Why Globalization Works. New Haven: Yale University Press.

World Bank (2001). Finance for Growth: Policy Choices in a Volatile World. New York: Oxford University Press.

World Bank (2005). Doing Business in 2005: Removing Obstacles to Growth. Washington: World Bank.

From this lecture by Mishkin