249-263 and Lane, P. R., (2019), “Macrofinancial Stability and the Euro”, IMF Economic Review, vol. 67(3), pp. 424-442. [4] Of course, the convergence process is heavily influenced by globalisation through the specialisation gains from international trade and international knowledge spillovers, among many other mechanisms. It is beyond the scope of this lecture to analyse the implications of globalisation for the development process.
[5] Lane, P. R. and Milesi-Ferretti, G.-M. (2018), “The External Wealth of Nations Revisited: International Financial Integration in the Aftermath of the Global Financial Crisis”, IMF Economic Review, vol. 66(1), International Monetary Fund, March, pp. 189-222. [6] McCauley, R. N., Bénétrix, Agustín S., McGuire, P. and von Peter, G., 2019. "Financial deglobalisation in banking?," Journal of International Money and Finance, Elsevier, vol. 94(C), pp.