Successfulinternationalintegrationhasunderpinnedmostexperiencesofrapidgrowth,sharedprosperity,andreducedpoverty.Perhapsnosectoroftheeconomybetterillustratesthepotentialbenefits--butalsotheperils--ofdeeperintegrationthanbanking.Internationalbankingmaycontributetofastergrowthintwoimportantways:first,bymakingavailablemuchneededcapital,expertise,andnewtechnologies;andsecond,byenablingrisk-sharinganddiversification.Butinternationalbankingisnotwithoutrisks.Theglobalfinancialcrisisvividlydemonstratedhowinternationalbankscantransmitshocksacrosstheglobe.TheGlobalFinancialDevelopmentReport2017/2018bringstobearnewevidenceonthedebateonthebenefitsandcostsofinternationalbanks,particularlyfordevelopingcountries.Itprovidesevidence-basedpolicyguidanceonarangeofissuesthatdevelopingcountriesface.Countriesthatareopentointernationalbankingcanbenefitfromglobalflowsoffunds,knowledge,andopportunity,buttheregulatorychallengesarecomplexand,attimes,daunting.GlobalFinancialDevelopmentReport2017/2018isthefourthinaWorldBankseries.Thereportalsotracksfinancialsystemsinmorethan200economiesbeforeandduringtheglobalfinancialcrisis,includedintheaccompanyingwebsite(www.worldbank.org/financialdevelopment).