Financial globalisation has increased substantially in recent years. It manifests itself in growing capital flows between developed countries and spread to emerging countries. Thus, gross and net capital flows have increased between the developed and emerging countries (BIS, 2005). The study intends to explore the direction of this capital flows, and find out if the capital actually flows from the developed economies to emerging economies or vice versa, as predicted by theory. The research will focus on establishing the type of relationship that exists between financial integration and economic growth and development. We have fought to establish a beachhead of rigour about evidence, evaluation, complexity in a global financial market.