Financial globalization and capital account liberalization

Prasad and Rajan on Financial globalization. Here is the official view of the IMF. In this paper, Reinhart and Rogoff seem to disagree with the view that financial liberalization does not increase the probability of financial crises. Peter Blair Henry has a much more positive view of capital account and financial liberalization and so do Ranciere, Tornell, and Westermann who say that liberalization is good even if it increases volatility. Rodrik and Subramanian review some of the papers linked above and present a sceptical view of the benefits of financial globalization.
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