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Financial globalization is the process by which barriers between the financial markets of the different countries of the world are reduced (Westreicher, 2021).

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Financial globalization then consists of a greater mobility of capital worldwide. This means that economic agents are looking for among several countries the best investment alternatives, depending on the expected risk and performance.

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La Globalización y las Finanzas Internacionales

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-Greater possibility of diversifying portfolios.
-The investor has more options to choose from to place their money.
-The number and type of financial products available is increasing.
-Operating costs would tend to fall, taking into account the economies of scale that financial institutions could achieve.
-Due to increased competition, financial institutions would tend to offer higher interest rates to savers and investors, as well as lower interest rates for those who request financing.

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-There is greater complexity because more actors are involved, such as investors and regulators.
-Increases the probability of contagion from financial crises.
-Regulators face a greater challenge in supervising financial operations.
-It becomes difficult to tax financial operations because investors will move their capital to markets where they can collect less taxes.

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-The macroeconomy: Reducing barriers to international capital movements is theoretically thought to improve welfare, analogously to reducing barriers to trade in goods. The standard argument is that opening the capital account would tend to equalize rates of return, leading to more investment and higher growth in developing countries.
-Banking: The small size of banking systems in most developing countries is likely to hinder achievement of economies of scale and scope and tends to reduce competition.
-National Securities Markets: Capital markets are small in developing countries for the same reasons that banking systems are small. GDP is small; costs are high; and the macroeconomic, legal, and accounting frameworks are weak.
-Contractual savings: Pension funds and oher forms of contractual saving in small economies exhibit the same problems of high costs, lack of competition and lack of diversification as banking and capital markets.
-Regulation: The quality of financial regulation and supervision, as well as of information and the legal system are important factors in making the most of the globalization of finance.

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- Acosta, G. & Avilés, B. (2018, agosto). Influencia de la globalización financiera en el mercado de valores ecuatoriano. Revista Ciencia UNEMI, 11(27), 52-65. http://dx.doi.org/10.29076/issn.2528-7737vol11iss27.2018pp52-65p

-Hanson, J. A., Honohan, P. & Majnoni, G. (2003). Globalization and National Financial Systems. World Bank.

- Westreicher, G. (2021, 15 octubre). Globalización financiera. Economipedia. Recuperado 11 de octubre de 2022, de https://economipedia.com/definiciones/globalizacion-financiera.html