Front Matter

Front Matter

International Monetary Fund
Published Date:
April 2007
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    Cover, Kim Kyung-Hoon/Reuters/Corbis; p. vi, Joe Raedle/Getty; p. 17, Stephen Shaver/UPI; p. 33, You Sung-Ho/Reuters; p. 36, Claro Cortes IV/Reuters; p. 40, Brian Kersey/UPI Newspictures; p. 45, Enrique Marcarian/Reuters; p. 47, Darren Whiteside/Reuters; p. 59, Claro Cotes IV/Reuters; p. 63, Royalty-free/Corbis; p. 69, Mauricio Lima/Agence France Presse; p. 71, Matthias Schrader/Deutsch Presse Agentur; p. 77, Paulo Whitaker/Reuters; pp. 83 and 85, Massoud Etemadi; p. 86, Hoang Dinh Nam/Agence France Presse; p. 88, Reuters.


    p. 20, Massoud Etemadi; p. 67, Lai Oy Louie.

    © 2007 International Monetary Fund


    Jeremy Clift and Elisa Diehl

    Production: IMF Multimedia Division, Creative Services

    Cover and design: Luisa Menjivar

    Composition: Lijun Li, Noel Albizo, and Lai Oy Louie

    ISBN 9781589065710

    Published April 2007

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    The growing integration of the world economy—one of the main features of globalization—is increasingly affecting the policy choices of IMF member countries. For that reason, Finance & Development magazine has been tracking the trends and consequences of globalization, which refers to the increasing speed and ease with which goods, services, factors of production, the ownership of assets, information, ideas, and consumers themselves move across national borders.

    This compilation of articles published over the past eight years in the pages of F&D examines the economic implications of, and responses to, globalization in an era when porous borders limit the domestic effectiveness of many national decisions while causing their effects to be transmitted internationally. As the title suggests, the focus is on financial globalization, including the policy implications of the huge growth in cross-border capital flows. Since 1995, these flows have tripled to $6.4 trillion, reaching about 14.5 percent of world GDP, after 15 years of staying within a relatively narrow range of 2–6 percent. Should the surge in capital swirling around the globe be cause for joy or alarm? Alarm seemed to dominate in the aftermath of the East Asian financial crisis in the late 1990s. But a major reappraisal is now under way of the costs and benefits of these global flows, especially since many developing countries are grappling with the question of whether they should open up more to these flows or use capital controls to resist them.

    The compilation is the second to be published by F&D, following the collection of articles on health and development. By publishing the articles together, we hope that they will form a useful starting point for those examining the globalization of finance.

    Laura Wallace


    Finance & Development

    April 2007


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