Financial globalisation only good within limits, says Canada’s Lane
Timothy Lane flags the dangers of an open capital account for some countries
Financial globalisation can bring benefits, but only in some circumstances and only when a country is sufficiently prepared, Bank of Canada deputy governor Timothy Lane said on November 16.
"It is striking how perceptions of international capital mobility differ across countries," Lane told an audience at the Centre for International Governance Innovation in Ontario. Many emerging markets have faced "economic devastation" as the result of sudden changes in capital flows, he said.
Furthermore
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