Another positive consideration is that globalization helps to discipline policymakers by punishing them promptly when their policy actions are perceived to have harmful consequences.
Globalization has progressed in conjunction with a substantial narrowing of inflation differentials across countries over the past  25  See Eswar Prasad, Kenneth Rogoff, Shang-Jin Wei, and M. Ayhan Kose (2003), "Effects of Financial Globalization on Developing Countries," IMF Occasional Paper 220 (Washington: International Monetary Fund, September).