금융세계화 옹호론 (Kose et al. 2007)

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Our findings suggest that financial globalization appears to be neither a magic bullet to spur growth, as some proponents would claim, nor an unmanageable risk, as others have sought to portray it.

쉽게 말해서, 금융시장을 개방할수록 성장률이 높다.
Emerging market economies, the group of developing countries that have actively participated in financial globalization, have clearly registered better growth outcomes, on average, than those countries that have not participated (see Chart 1).

신흥경제에 대한 투자, 대세는 대출보다는 지분투자(equity investment).
Foreign direct investment (FDI) has now become the dominant source of private capital flows to emerging market economies (see Chart 2); equity flows have also risen in importance, whereas debt flows have declined.

지분투자의 자유화는 산출의 성장으로 이어진다.
These papers uniformly suggest that these liberalizations have a significant, positive impact on output growth.

자본시장 개방은 정부와 기업 모두를 경쟁하게 한다. 상호이익(Collateral benefit)
A growing number of studies are showing that financial openness can promote development of the domestic financial sector, impose discipline on macroeconomic policies, generate efficiency gains among domestic firms by exposing them to competition from foreign entrants, and unleash forces that result in better government and corporate governance.