Is financial globalization beneficial?

The global financial crisis gathered steam in US financial markets during 2008. Soon after, Europe, and specifically members of the Eurozone, plunged into an external debt crisis. The global economy fell into the Great Recession, a synchronized and pronounced downturn the world had not seen the like of which since the Great Depression.

Please write an essay to critically weigh the costs and benefits of global financial integration. To guide your thinking, consider the following questions: Is financial globalization on balance beneficial? How should countries regulate their financial systems? What shape should the international financial architecture take? How can the international monetary trilemma or the financial trilemma be addressed? Is there a globalization paradox as outlined by Rodrik, and if so, what are its implications?