For financial flows, “high quality” would imply e.g. the tilting of the composition of flows towards less volatile types including equity, thereby reducing the likelihood of sudden stops. This can be achieved, for example, through better corporate governance and better protection of shareholder rights globally. Enduring globalisation also includes environmental sustainability.
The Financial Stability Board has started important work in this area via its task force on climate-related disclosure. In line with the notion that markets can only allocate resources efficiently if risks are adequately priced, this initiative aims to reduce information asymmetries stemming from financial exposures related to climate change. Finally, globalisation cannot be enduring if it does not become more equitable.