Financial Globalization in Reverse?
Martin N. Baily, Susan Lund
12 April 2013
Progress on this front would enable equity and bond markets to provide an important alternative to bank lending for the largest companies – and free up capital for banks to lend to SMEs and consumers. Deepening capital markets would also benefit local savers and open new channels for foreign investors to diversify.
Susan Lund is a principal with the McKinsey Global Institute.
Martin N. Baily, Chairman of the US President’s Council of Economic Advisers under Bill Clinton, is Bernard L. Schwartz Chair in Economic Policy Development at the Brookings Institution.