The impact of globalization of financial markets is a highly debated topic, particularly in recent months when the issue of globalization and contagion of financial distress has become a focus of intense policy debate. The papers in this volume provide an up-to-date overview of the key issues in this debate. While most of the contributions were prepared after the initial outbreak of the current global turmoil and financial crisis, they identify the relative strengths of the risk diversification and risk transmission processes and examine the empirical evidence to date. The book considers the relative roles of banks, nonbank financial institutions and capital markets in both risk diversification and risk transmission. It then evaluates the current status of crisis resolution in a global context, and speculates where to go from here in terms of understanding, resolution, prevention and public policy.Contents:Current State of Financial GlobalizationGlobalization and Systemic Risk — TheoryGlobalization and Systemic Risk — Nonbank Financial IntermediariesGlobalization and Systemic Risk — BanksGlobalization and Systemic Risk — Capital MarketsCrisis Resolution in a Global ContextWhere to Go from Here — Policy PanelReadership: Advanced undergraduates, researchers and academics in economics or finance; policymakers responsible for financial sector stability (central banks, bank supervisors, deposit insurers); private sector financial institutions.