TY - BOOK ID - 84540492 TI - Globalization of Financial Markets and Implications for Pacific Basin Developing Countries AU - Goldsbrough, David. AU - Teja, Ranjit. PY - 1991 SN - 1462310702 1455260568 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Balance of payments KW - Banks and Banking KW - Capital flows KW - Capital movements KW - Current Account Adjustment KW - Current account balance KW - Current account deficits KW - Current account KW - Exports and Imports KW - Finance KW - Financial Markets and the Macroeconomy KW - Financial services KW - Interest rates KW - Interest Rates: Determination, Term Structure, and Effects KW - International economics KW - International Finance: General KW - International Investment KW - Long-term Capital Movements KW - Real interest rates KW - Short-term Capital Movements KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84540492 AB - This paper analyzes the consequences of the growing interdependence of world financial markets for Pacific developing countries. Section I discusses trends in financial integration in the Pacific and the underlying movements in saving and investment. Section II seeks to quantify the increased capital mobility, in terms of rate of return differentials and the degree of correlation between savings and investment rates across countries. Section III focuses on policy implications of increasing integration, including the effectiveness of macroeconomic policy instruments, the usefulness of the current account as a target of policy, and the dangers of excessive taxation of financial intermediation. ER -