On multiple dimensions of criteria representing financial globalisation

A prevailing contemporary concept of major researchers in the field of economics suggests that financial globalisation creates positive effect on economic growth. Besides this crucial hypothesis many other related with financial liberalisation hypotheses are being tested. Financial liberalisation is an integral part of globalisation. Quantitative gauging of the level of globalisation creates opportunities for more precise identification of causes of prominence or lagging of the home country or any other country in question in comparison with its peers, and creates possibilities to analyse if the country is fully realising its economic potential. Analysis of criteria and their categories, which reflect the level of financial globalisation, is a compulsory step for any quantitative evaluation. The purpose of the study is to reveal importance of accurate evaluation of the level of financial globalisation for allowing further important research to be carried out on such prime economic processes as economic growth, corruption; income inequality; politics; financial stability; prudential policy, to provide a brief overview of the variety of existing approaches available in the literature, which attempt to quantitatively evaluate the level of financial globalisation.