Financial globalisation has returned to pre-eurozone crisis levels, as recovery in the US encourages cross-border investment and greater integration.
The flow of foreign money into mature economies is at its highest point since 2011, according to research by the Institute of International Finance.
External capital flows to these economies as a share of gross domestic product have increased from less than4 per cent last year to 5.8 per cent in the second quarter of this year. Inflows to mature economies in the second quarter were $510bn. However, global cross-border flows remain at about a third of their 2007 peak, suggesting that globalisation may be stabilising at a lower level and not returning to the highs achieved in the credit boom before the financial crash.
Charles Collyns, IIF chief economist, said: “The return of some risk appetite has led to a pick-up in capital flows in 2014, but the dramatic collapse in cross-borders flows hasn’t reversed by any means.”
Since the 2008 crisis there has been a sharp contraction in investment by non-residents as stricken banks deleverage and countries toughen regulations. Across the world, capital flows averaged $3tn annually between 2010 and 2013, down from $8.5tn in 2007.
Emerging markets have fared somewhat better, with inflows sustained at about $1tn per year as central banks in developed countries have cut interest rates and expanded their balance sheets. This has encouraged money to move further afield in search of higher returns. However, flows have been volatile as the US Federal Reserve moves toward an interest-rate increase.
Financial globalisation has historically been lauded as an economic growth driver and is credited with enabling millions of households in emerging market countries to achieve higher standards of living.
But the financial crisis sparked by the 2008 collapse of Lehman Brothers has raised questions over lasting benefits.
A paper published this year by the Bank of International Settlements argues that closely integrated financial markets augment economic bubbles, pointing out that foreign credit inflows tend to outgrow domestic credit during financial booms and busts.
The International Monetary Fund has also warned of the dangers of fickle foreign investment and this year released a guide book for sub-Saharan Africa on how to manage volatile capital flows.
A backlash against globalisation has also helped fuel the rise of nationalist political parties in countries including the UK and plagued global trade talks. The countries hit hardest by the financial crisis have also imposed capital and liquidity buffers to mitigate the risks associated with cross-border flows.
But the IIF, which is funded by the financial services industry, says excessive regulation could threaten the benefits of globalisation. Mr Collyns added: “It is important that the global financial system is secure but it is also important that there is adequate financing for long-term projects.”
金融全球化已经恢复到欧元区危机之前的水平，因为美国经济复苏鼓励了跨境投资和进一步的整合。
国际金融协会(Institute of International Finance)的研究显示，外国资金流入成熟经济体的规模处于2011年以来的最高水平。
