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The authors provide a brief review and analysis of recent trends in international financial integration. In particular, they highlight the asymmetric nature of financial globalization, with the scale of cross-border positions among the advanced economies growing more quickly than for emerging market economies and developing countries. They investigate the sources of this divergent pattern and discuss the factors that could shape financial globalization in the coming years. The analysis suggests that the future path for international financial integration depends on the deepening of domestic financial systems, overall economic development, as well as the pace of trade integration.
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