Financial openness and financial integration
Until now, the economic literature has used the two terms ‘financial openness’ and ‘financial integration’ interchangeably. As a result, problems relating to the mobility of capital across borders, which is associated with financial openness, have been considered one of the costs of the financial integration. Therefore, unlike trade liberalisation, financial integration does not necessarily deliver welfare improvements. This paper, however, argues that financial integration always leads to...[Show more]
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