BIS Review 123/2007  1  This is often one of the key arguments for the part of financial trade known as foreign direct investment or FDI. Another benefit of financial globalization is the increased scope for consumption smoothing for individuals and countries.
“Modern Approaches to Central Banking,” NBER Working Paper Series 5064. Cambridge, Mass. : National Bureau of Economic Research, March. -------- (2015a). “Central Bank Independence,” speech delivered at the 2015 Herbert Stein Memorial Lecture, National Economists Club, Washington, November 4, https://www.federalreserve.gov/newsevents/speech/fischer20151104a.htm. -------- (2015b).