The paper by Hochul Shin and Keun Lee stimulated a wide-raging discussion, encompassing its place within the relevant literature, country coverage, model formulation, econometrics, and the interpretation of the results.

Ninghua Zhong opened the discussion by suggesting that the authors should clearly define the nexus of financial globalization and private investment and its implications for income inequality by drawing on the relevant literate. Mohamed Ariff wanted the authors to place the empirical analysis of the paper in the broader context of the literature of finance and economic development. He specifically mentioned the relevance of pioneering contributions of Joseph Schumpeter on finance development for the analytical context of the paper.

Relating to the country coverage, both Guanghua Wan and Chun-Chien Kuo wanted the authors to clearly explain the rationale behind their exclusive focus on OECD countries. Financial globalization essentially involves shifting financial flows from OECD countries to developing countries. Thus, they...

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