"There has been much interest in understanding various dimensions of the growth and integration of emerging Asia with the rest of the world, particularly with regard to international capital flows and external financing. Nonetheless, serious academic work in this area has lagged somewhat...

"Since the 1990s, several emerging market and developing economies (EMDEs) have, to varying degrees, embraced the process of financial globalisation, broadly defined as a set of policies that involve allowing for greater openness to cross-border capital flows as well as greater market access to...