Annual Meeting Symposium
Financial Globalization: Its Potential for Risk Management
October 12, 2007
While the benefits and costs of globalization have been strenuously debated, the usual focus has been on trade in goods and the employment effects. Meanwhile the steady improvement in access to financial services has opened new possibilities for economic development. Some have called this prospect "The Next Great Globalization."
Growing evidence suggests that institutional defects have delayed financial globalization. Powerful forces, however, are now building a stronger institutional framework for financial services. As concerns for financial stability, regulatory cooperation, corporate governance disciplines, and trade commitments enhance financial sector transparency, they also foster trust in the reliability of financial transactions for ever greater numbers of participants. Moreover, the same reforms that increase the efficiency of banking and capital markets also make insurance markets work better.On October 12 the International Insurance Foundation's Annual Symposium examined financial globalization and its implications for risk management. Experts from industry, government, and the international development community joined leading scholars in exploring financial globalization and its promise of improved management of risks.
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760 Red Oak Terrace Phone: 610/687-8836 | Wayne, PA 19087 Fax: 610/687-8856 Web: www.iifdc.org | |