The Drivers of Financial Globalization

时间与刊物：AER 2008

主要的思维方式：

发现一个和世人观念相左的事实 ，并试图解释。模型简单。结果佐证了金融系统的发展和FG相互促进的功用，并预测了今后FG的趋势。

FG symbol: international trade/foreign exchange reserves/SWF

but, the stylized fact is : global trade and global cross-border holdings of financial instruments that are accounted for by the advanced economies

发达经济体FG的原因：capital account liberalization, financial deregulation, and falling communications costs，financial innovation，SPV，the creation of the euro（substantial reduction in home bias and increased financial trade within the euro area）

之后文章做了文献综述，阐述了接下来要回归的几个变量跟FG的关系：(a) trade openness; (b) domestic financial development; (c) economic development; (d) country size; (e) capital account restrictions; (f) EU integration; and (g) financial centers

回归模型和结果：

结论：a strong complementarity between domestic financial development and external holdings, rather than substitutability between the two. 

预测：FG depends on depends on the deepening of domestic financial systems, overall economic development, as well as the pace of trade integration. 发达经济体和发展中经济体今后的FG特征仍旧不一样。过度宣传金融风险而压抑金融业，是不利于长期发展的。