Macroeconomy
Muhammad Al-Jasser, Ahmed Banafe , BIS (Bank for international Settlements) , 2005
The essence of globalisation is the integration of markets worldwide and the deepening of various interdependent relations. Financial globalisation (cross-border capital flows) and financial integration (capital market linkages) are closely related. Countries in the early stages of financial integration have been exposed to significant risks in terms of higher volatility of both output and consumption.
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