This is a global discussion, and one that has evolved significantly over my time working in macroeconomic policy. Twenty or 30 years ago, the mainstream view was that financial globalisation was good. Global markets could provide more financing, at lower rates, than countries could achieve by relying on their own resources.
They would allow for better risk 1  sharing, and they would create better incentives to get policy right. The standard policy recommendation was that controls on capital flows should therefore be liberalised, and where they were being applied, this was probably to cover for some other policy error. 1 Nowadays, the mainstream view has shifted.