Does globalization and the integration of economies and financial markets lead to more or less economic/financial market volatility?

Does globalization and the integration of economies and financial markets lead to more or less economic/financial market volatility? Some would argue that the free flow of capital has led to more hot money that can be moved out of a country, the volume of which puts tremendous pressure on the value of the domestic currency and subsequent health of the economy. Is more regulation of capital/capital controls needed in order to avoid this volatility, or do domestic governments simply need to be more responsible and accountable for their actions?

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