The article discusses the benefits and costs of countries opening up their financial systems to the world. It looks at how this can affect things like spending, investing, and economic growth. For smaller developing countries, the advantages of joining the global financial system may take time to show up, while there can be risks in the short term. It's important for these countries to plan carefully to avoid problems. The article also warns that letting foreign banks operate in a country could change how money is lent out, which might not always be good. The evidence on whether foreign investment helps a country grow is not clear-cut, so we should be cautious about drawing conclusions from it.