The Puzzling Lure of Financial Globalization

Arvind Subramanian and Dani Rodrik

Project Syndicate, Sept 25, 2019


Although most of the intellectual consensus behind neoliberalism has collapsed, the idea that emerging markets should throw their borders open to foreign financial flows is still taken for granted in policymaking circles. Until that changes, the developing world will suffer from unnecessary volatility, periodic crises, and lost dynamism.
     

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