International banking and finance includes research in the areas of globalization of finance (capital account liberalization and foreign bank entry) as well as research directly related to developing and emerging markets (e.g. access to financial services). The current crisis has shown the benefits but also pitfalls of financial internationalization, with the crisis spreading first through the developed world and then affecting many emerging markets. In spite of being shielded from direct impact of the crisis, many countries that still have a closed financial system, however, lose out on the many benefits that have been documented for financial globalization.
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