, Volume 24, Issue 3, pp 555-580

Financial Globalisation and the Crisis

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Abstract

The global financial crisis provides an important testing ground for the financial globalisation model. We ask three questions. First, did financial globalisation materially contribute to the origination of the global financial crisis? Second, once the crisis occurred, how did financial globalisation affect the incidence and propagation of the crisis across different countries? Third, how has financial globalisation affected the management of the crisis at national and international levels?

Prepared for the 11th BIS Annual Conference on “The Future of Financial Globalisation,” Lucerne, June 21st–22nd 2012. I thank Michael Curran, Michael O’Grady and Clemens Struck for diligent research assistance. I am grateful to Dani Rodrik and the conference participants for helpful comments. Email: plane@tcd.ie. Tel: +353 1 896 2259. Postal Address: Economics Department, Trinity College Dublin, Dublin 2, Ireland.