Download or read book The Evidence and Impact of Financial Globalization written by and published by Academic Press. This book was released on 2012-12-31 with total page 807 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sharp realities of financial globalization become clear during crises, when winners and losers emerge. Crises usher in short- and long-term changes to the status quo, and everyone agrees that learning from crises is a top priority. The Evidence and Impact of Financial Globalization devotes separate articles to specific crises, the conditions that cause them, and the longstanding arrangements devised to address them. While other books and journal articles treat these subjects in isolation, this volume presents a wide-ranging, consistent, yet varied specificity. Substantial, authoritative, and useful, these articles provide material unavailable elsewhere. Substantial articles by top scholars sets this volume apart from other information sources Rapidly developing subjects will interest readers well into the future Reader demand and lack of competitors underline the high value of these reference works

Download or read book Complexities of Financial Globalisation written by Tony Cavoli and published by Routledge. This book was released on 2020-05-07 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1990s, several emerging market and developing economies (EMDEs) have, to varying degrees, embraced the process of financial globalisation, broadly defined as a set of policies that involve allowing for greater openness to cross-border capital flows as well as greater market access to foreign financial institutions. This book provides a systematic empirical analysis on the complex interactions between financial sector development, macroeconomic and financial stability in EMDEs in general and those in the Asian region in particular. The book consists of three sections pertaining to monetary and exchange rate policies under financial globalisation; financial inclusion and macroeconomic policies in the context of financial liberalisation; and finally, the dynamics of foreign direct investment flows and their real impacts in EMDEs. Each of the chapters analyse important economic policy issues of contemporary relevance and is informed by data and rigorous empirical analysis. The book will be appealing to anyone interested in exploring the implications of a key set of issues emanating from financial globalisation on EMDEs in a rigorous but readable manner.

Download or read book Emerging Market Economies and Financial Globalization written by Leonardo E. Stanley and published by Anthem Press. This book was released on 2018-03-15 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past, foreign shocks arrived to national economies mainly through trade channels, and transmissions of such shocks took time to come into effect. However, after capital globalization, shocks spread to markets almost immediately. Despite the increasing macroeconomic dangers that the situation generated at emerging markets in the South, nobody at the North was ready to acknowledge the pro-cyclicality of the financial system and the inner weakness of “decontrolled” financial innovations because they were enjoying from the “great moderation.” Monetary policy was primarily centered on price stability objectives, without considering the mounting credit and asset price booms being generated by market liquidity and the problems generated by this glut. Mainstream economists, in turn, were not majorly attracted in integrating financial factors in their models. External pressures on emerging market economies (EMEs) were not eliminated after 2008, but even increased as international capital flows augmented in relevance thereafter. Initially economic authorities accurately responded to the challenge, but unconventional monetary policies in the US began to create important spillovers in EMEs. Furthermore, in contrast to a previous surge in liquidity, funds were now transmitted to EMEs throughout the bond market. The perspective of an increase in US interest rates by the FED is generating a reversal of expectations and a sudden flight to quality. Emerging countries’ currencies began to experience higher volatility levels, and depreciation movements against a newly strong US dollar are also increasingly observed. Consequently, there are increasing doubts that the “unexpected” favorable outcome observed in most EMEs at the aftermath of the Global Financial Crisis (GFC) would remain.

Download or read book Taming Global Financial Flows written by Kavaljit Singh and published by Zed Books. This book was released on 2000-10 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author enunciates certain guiding principles in order to create a more stable international financial architecture and recommends a series of concrete measures. This most timely and useful follow-up to his very successful previous book, The Globalization of Finance: A Citizen's Guide, contributes greatly to the public understanding of the intricacies of global finance and to the possibilities of effective action by peoples' movements campaigning for a more just and sound financial system."--Jacket.

Download or read book Effects of Financial Globalization on Developing Countries Some Empirical Evidence written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-12-02 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL

Download or read book Reaping the Benefits of Financial Globalization written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2008-12-16 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial globalization has increased dramatically over the past three decades, particularly for advanced economies, while emerging market and developing countries experienced more moderate increases. Divergences across countries stem from different capital control regimes, and factors such as institutional quality and domestic financial development. Although, in principle, financial globalization should enhance international risk sharing, reduce macroeconomic volatility, and foster economic growth, in practice its effects are less clear-cut. This paper envisages a gradual and orderly sequencing of external financial liberalization and complementary reforms in macroeconomic policy framework as essential components of a successful liberalization strategy.

Download or read book Effects of Financial Globalization on Developing Countries written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2003-09-03 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study provides a candid, systematic, and critical review of recent evidence on this complex subject. Based on a review of the literature and some new empirical evidence, it finds that (1) in spite of an apparently strong theoretical presumption, it is difficult to detect a strong and robust causal relationship between financial integration and economic growth; (2) contrary to theoretical predictions, financial integration appears to be associated with increases in consumption volatility (both in absolute terms and relative to income volatility) in many developing countries; and (3) there appear to be threshold effects in both of these relationships, which may be related to absorptive capacity. Some recent evidence suggests that sound macroeconomic frameworks and, in particular, good governance are both quantitatively and qualitatively important in affecting developing countries’ experiences with financial globalization.

Download or read book A Study into Financial Globalization Economic Growth and In Equality written by Fikret Čaušević and published by Springer. This book was released on 2017-03-21 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the impact of financial liberalisation and globalisation on economic growth and inequality worldwide over the past quarter century. It places a particular emphasis on the first fourteen years of this century. It begins by exploring certain assumptions developed as a result of early works in the field, providing a critical review of some of the most important academic works published over the past twenty years. It then goes on to present a comparative measurement of the economic performance of key countries for which data is available in the World Bank database, including G-10 countries, EU countries, and fastest growing countries like China, India, and small-open oil-producing economies.

Download or read book The Next Great Globalization written by Frederic S. Mishkin and published by Princeton University Press. This book was released on 2009-10-08 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many prominent critics regard the international financial system as the dark side of globalization, threatening disadvantaged nations near and far. But in The Next Great Globalization, eminent economist Frederic Mishkin argues the opposite: that financial globalization today is essential for poor nations to become rich. Mishkin argues that an effectively managed financial globalization promises benefits on the scale of the hugely successful trade and information globalizations of the nineteenth and twentieth centuries. This financial revolution can lift developing nations out of squalor and increase the wealth and stability of emerging and industrialized nations alike. By presenting an unprecedented picture of the potential benefits of financial globalization, and by showing in clear and hard-headed terms how these gains can be realized, Mishkin provides a hopeful vision of the next phase of globalization. Mishkin draws on historical examples to caution that mismanagement of financial globalization, often aided and abetted by rich elites, can wreak havoc in developing countries, but he uses these examples to demonstrate how better policies can help poor nations to open up their economies to the benefits of global investment. According to Mishkin, the international community must provide incentives for developing countries to establish effective property rights, banking regulations, accounting practices, and corporate governance--the institutions necessary to attract and manage global investment. And the West must be a partner in integrating the financial systems of rich and poor countries--to the benefit of both. The Next Great Globalization makes the case that finance will be a driving force in the twenty-first-century economy, and demonstrates how this force can and should be shaped to the benefit of all, especially the disadvantaged nations most in need of growth and prosperity.

Download or read book Financial globalization unequal blessings written by Augusto de la Torre and published by World Bank Publications. This book was released on 2002 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: De la Torre, Levy Yeyati, and Schmukler present a framework to analyze financial globalization. They argue that financial globalization needs to take into account the relation between money (particularly in its role as store of value), asset and factor price flexibility, and contractual and regulatory institutions. Countries that have the "blessed trinity" (international currency, flexible exchange rate regime, and sound contractual and regulatory environment) can integrate successfully into the world financial markets. But developing countries normally display the "unblessed trinity" (weak currency, fear of floating, and weak institutional framework). The authors define and discuss two alternative avenues (a "dollar trinity" and a "peso trinity") for developing countries to safely embrace international financial integration while the blessed trinity remains beyond reach. This paper--a product of the Office of the Chief Economist, Latin America and the Caribbean Region, and the Investment Climate Team, Development Research Group--is part of a larger effort in the Bank to assess the implications of financial globalization for emerging economies.

Download or read book Financial Globalization written by D. Das and published by Springer. This book was released on 2010-07-16 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent crisis has redrawn attention to financial globalization. Dilip Das examines under what circumstances it can be welfare-enhancing and lead to rapid economic growth. Written in an accessible style, the book gives the latest insights on the topic.

Download or read book Financial Globalization and Monetary Policy written by Steven B. Kamin and published by DIANE Publishing. This book was released on 2011-05 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reviews the available evidence and previous research on potential effects of financial globalization, that is, the international integration of financial markets. Central banks with floating currencies retain the ability to independently determine short-term interest rates and thus influence broader financial conditions and macro-economic performance in their economies. However, domestic financial conditions appear to have become more vulnerable to a wide range of external shocks, complicating the task of making appropriate monetary policy decisions. Moreover, the financial crisis has highlighted the importance of cross-border channels for the transmission of liquidity and credit shocks. Charts and tables. This is a print on demand report.

Download or read book Financial Globalization in the Emerging Balkans written by Mehmed Ganić and published by Springer Nature. This book was released on 2021-01-05 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores financial trends in the age of financial globalization and explores the changing roles within the global financial industry. At the same time, the book provides a solid foundation for understanding the dramatic process of financial globalization specifically in the emerging Balkans. More elaborately, the book examines financial trends and developments of eight countries in the emerging Balkans defined to include: Albania, B&H, Bulgaria, Croatia, Montenegro, North Macedonia, Serbia, and Romania. Building on this background, this book addresses issues related to the emerging Balkans in terms of financial development compared with the benchmark of mature economies and highlights issues related to the growing impact of financial globalization, global trade, and FDI flows. It brings the focus onto the recent trends in Intra-Balkan trade liberalization and cooperation through the transition process and on the eve of EU membership. It also assesses progress made in banking development, stock market development, and economic growth and critically examines financial trends in the emerging Balkans and changes in its financial landscape.

Download or read book Globalization Financial Markets and Fiscal Policy written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2007-11-16 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how fiscal policy can contribute to realizing the benefits of two important ongoing developments, globalization and financial deepening.

Download or read book Complexities of Financial Globalisation written by Tony Cavoli and published by Routledge. This book was released on 2020-05-07 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1990s, several emerging market and developing economies (EMDEs) have, to varying degrees, embraced the process of financial globalisation, broadly defined as a set of policies that involve allowing for greater openness to cross-border capital flows as well as greater market access to foreign financial institutions. This book provides a systematic empirical analysis on the complex interactions between financial sector development, macroeconomic and financial stability in EMDEs in general and those in the Asian region in particular. The book consists of three sections pertaining to monetary and exchange rate policies under financial globalisation; financial inclusion and macroeconomic policies in the context of financial liberalisation; and finally, the dynamics of foreign direct investment flows and their real impacts in EMDEs. Each of the chapters analyse important economic policy issues of contemporary relevance and is informed by data and rigorous empirical analysis. The book will be appealing to anyone interested in exploring the implications of a key set of issues emanating from financial globalisation on EMDEs in a rigorous but readable manner.

Download or read book Financial Globalization written by Jason H. Cardwell and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial globalisation refers to the ongoing integration of once poorly connected national financial markets. A key aspect of globalisation is a decline in financial home bias -- the tendency for domestic saving to be invested predominantly at home, with domestic portfolios tilted heavily toward home-country assets. Recent years have in fact seen a pronounced decline in home bias, with a record fraction of global saving going to cross-border investments. Indeed, in 2005 and 2006, the share of global saving invested abroad climbed past 50 percent for the first time. The trend toward greater cross-border investment has been world-wide, with the United States, other advanced economies, and emerging economies all investing a markedly higher fraction of saving abroad. Significantly, U.S. external investment as a share of saving has risen less dramatically than the share for other countries. Comparing the mid-1990s with the middle of the current decade, we see that U.S. outflows as a share of domestic saving have risen by roughly 20 percentage points; the increase abroad has been close to 35 percentage points. As a result, the United States now lags the rest of the world by a considerable margin in the share of national saving invested abroad. It is instructive to consider the smaller scale of outflows from the United States in light of the current account balance of payments accounting identity described earlier. In particular, had outflows from the United States risen in line with the global trend, the country would have required that much more inward investment to finance an unchanged sequence of current account deficits. In turn, more robust U.S. demand for foreign assets, and the consequent need to attract additional inflows, would have placed downward pressure on the dollar, leading to at least somewhat smaller deficits. This scenario illustrates a more general point: developments that lead to shifts in gross capital flows have important feedback effects on net flows.

Download or read book Financial Globalisation written by V. Anantha Nageswaran and published by Cambridge University Press. This book was released on 2019-05-23 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the rise of financialisation globally, charting drawbacks and prescribing suggestions for a definitive overhaul of the structure.