Answer:

Today is the age of globalization .In all area we can see the effect of global economy so with this flow we can also see integration of  international financial markets .Possible outcome of integration of  international financial markets are as follow

we could say that remarkable technological change has taken place so it has reduced the costs for market participants

with the integration of  international financial markets there is free movement of capital permits a more efficient global allocation of savings  toward their most efficient use

With the integration of  international financial markets  there is  privatization of state assets, growth of institutional investors; and macroeconomic and structural reforms in developing countries took place

It is not only the case of benefit but also risks associated with the greater integration of financial markets.

In the integration of  international financial markets  we can see macroeconomic imbalances were reflected in rising

We can also see unsustainable external current account deficits and with this there is increase in external debt particular in short-term debt

There is nontransparent relationships within government, banks, corporations. the scenario is that, the debt  became a problem when exchange rates increases and corporations became insolvent with large dollar debt.