Contours of Deepening Financial Globalization in the Emerging Market Economies

Abstract

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.