There are other channels through which financial integration could be beneficial. It could have direct effects on Total Factor Productivity via financial markets development or institutional changes. It could discipline macroeconomic policies. We still lack convincing empirical evidence on these channels however (see the survey of Jeanne et al. (2012)), which constitutes an interesting agenda for further research. Since the large empirical literature on financial integration is still inconclusive as well, at this stage, one can therefore summarise our view by stating that large gains from financial integration cannot be taken for granted.