This work is based on the exploration of four main facts: 1. The process of financial integration is well defined: deregulation and decompartmentalization movements were agreed in the 1980s to make capital much more mobile, The financial component of globalization. Emerging and developing countries have generated incentives for capital mobility. This recent international financial context has changed the nature of economic and monetary interdependence between countries; 2. The impact of financial integration on the macroeconomic volatility of developing and emerging markets is as ambiguous on the theoretical as on the empirical level; 3. The main goal of globalization and financial integration for these countries is to open up new markets, promote specialization, increase competition and enhance their capacity to participate in world trade; 4. A well-integrated financial system promotes the rapid and effective transmission of monetary policy in all emerging and developing countries