Missing Financial Globalization
Missing Financial Globalization
This chapter focuses on the issues of access to the globalized financial system—one dimension of the sacrifices made for the sake of defending the existence of a local currency. It discusses how, while there are some signs of an increasing globalization of financing to the developing countries, most developing countries are still isolated from the process. The share of the official creditors has increased in the total financing of those countries. Within the official creditors, the share of the multilaterals has also increased. In addition, while bonds have increased their participation substantially, they have done so primarily in the financing of the public sector. The ups and downs have been so marked that it is impossible to detect a clear trend. This makes sense because there is no reason why foreign creditors should be expected to take risks that the domestic intermediaries do not want to take.
Keywords: financial system, local currency, globalization, multilaterals, public sector
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