Essay heading: "Financial integration without a proper set of preconditions might lead to few growth benefits and more output and consumption volatility." (Prasad, Rogoff, Wei, and Kose, 2003) Discuss.

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May 30, 1997






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According to the study these include sound property rights and rule of law as well as good supervisory frameworks, low levels of corruption, high degree of transparency and good corporate governance (Prasad, Rogoff, Wei, and Kose, 2003). However these conclusions are based on the assumption that these pre conditions must be in place before financial integration...
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Could it not be the case that increasing financial integration leads to better policies and practices, through adoption of best practice from the west or that only some of these pre conditions such as developed financial sector important pre requisites? Is it a case that the countries which have experienced consumption and output volatility have been resistant to change and have ignored the advice of western firms and countries and continued with a "we know best" style approach to policy? Or could these periods of volatility be in effect teething problems and apart of a learning curve? This essay will now analyse economic theory and empirical evidence to see if there is theoretical and empirical evidence to support the views expressed by Prasad, Rogoff, Wei, and Kose, 2003...
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