Download or read book Financial Globalization and the Emerging Economies written by United Nations. Economic Commission for Latin America and the Caribbean and published by United Nations Publications. This book was released on 2000 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial globalisation has been a dynamic element in recent years, with large capital flows to a number of emerging economies in Latin America and Asia often being followed by financial crises.

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 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 Financial Globalization and Democracy in Emerging Markets written by L. Armijo and published by Springer. This book was released on 1999-01-13 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: When Mexico's peso crisis occurred in December 1994, all of Latin America experienced the 'tequila effect'. In January 1998, after seven months of financial turmoil in East Asia, Alan Greenspan, the usually reticent Chairman of the US Federal Reserve Bank, noted that such 'vicious cycles...may, in fact, be a defining characteristic of the new high-tech international financial system'. This book examines the impact of the new, highly liquid portfolio capital flows on governments, opposition, politicians, business and the workforce in such emerging market countries as Mexico, Brazil, Russia, Indonesia, Vietnam, Thailand and Indonesia. Hailed as 'exemplary and innovative', 'fine-grained and accessible' and 'a must read', this collection of original essays in newly available in paperback.

Download or read book Globalisation and Emerging Economies Brazil Russia India Indonesia China and South Africa written by OECD and published by OECD Publishing. This book was released on 2009-03-19 with total page 457 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses key elements of the trade performance of the so-called BRIICS: Brazil, Russia, India, Indonesia, China and South Africa, in relation to the rest of the world, focusing on trade and other policies influencing that performance. It also presents a separate chapter for each country.

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 Emerging Capital Markets and Globalization written by Augusto de la Torre and published by World Bank Publications. This book was released on 2006-10-20 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.

Download or read book Financial Crises in Emerging Markets written by Alexandre Lamfalussy and published by Yale University Press. This book was released on 2000-01-01 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this text an international banking expert grapples with issues that surround the trend toward financial globalization and its potential impact on financial fragility. He analyzes four major crisis experiences: Latin America, 1982-3; Mexico, 1994-5; East Asia, 1997-8; and Russia since 1998.

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 Emerging Markets and the Global Economy written by Mohammed El Hedi Arouri and published by Academic Press. This book was released on 2013-12-26 with total page 927 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging Markets and the Global Economy investigates analytical techniques suited to emerging market economies, which are typically prone to policy shocks. Despite the large body of emerging market finance literature, their underlying dynamics and interactions with other economies remain challenging and mysterious because standard financial models measure them imprecisely. Describing the linkages between emerging and developed markets, this collection systematically explores several crucial issues in asset valuation and risk management. Contributors present new theoretical constructions and empirical methods for handling cross-country volatility and sudden regime shifts. Usually attractive for investors because of the superior growth they can deliver, emerging markets can have a low correlation with developed markets. This collection advances your knowledge about their inherent characteristics. Foreword by Ali M. Kutan - Concentrates on post-crisis roles of emerging markets in the global economy - Reports on key theoretical and technical developments in emerging financial markets - Forecasts future developments in linkages among developed and emerging economies

Download or read book Globalization and Poverty written by Ann Harrison and published by University of Chicago Press. This book was released on 2007-11-01 with total page 674 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, the percentage of the world’s population living on less than a dollar a day has been cut in half. How much of that improvement is because of—or in spite of—globalization? While anti-globalization activists mount loud critiques and the media report breathlessly on globalization’s perils and promises, economists have largely remained silent, in part because of an entrenched institutional divide between those who study poverty and those who study trade and finance. Globalization and Poverty bridges that gap, bringing together experts on both international trade and poverty to provide a detailed view of the effects of globalization on the poor in developing nations, answering such questions as: Do lower import tariffs improve the lives of the poor? Has increased financial integration led to more or less poverty? How have the poor fared during various currency crises? Does food aid hurt or help the poor? Poverty, the contributors show here, has been used as a popular and convenient catchphrase by parties on both sides of the globalization debate to further their respective arguments. Globalization and Poverty provides the more nuanced understanding necessary to move that debate beyond the slogans.

Download or read book Emerging Markets written by Eswar S. Prasad and published by Rowman & Littlefield. This book was released on 2011-02-01 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging market economies (EMEs) have become the darlings of international investors and the focus of enormous attention in academic, media, and policy circles. M. Ayhan Kose and Eswar Prasad present the definitive account of the evolution of EMEs and use the lens of the global financial crisis to evaluate their strengths and weaknesses. Led by a set of large and dynamic countries—including Brazil, China, India, and Russia—EMEs have become a dominant presence in the world economy. They now account for a substantial share of world output and have been a major driver of global growth during the past decade. They are significant players in international trade and financial flows and are beginning to exert rising clout in global policy debates. However, the financial crisis of 2007–09 and the worldwide recession that followed cast a pall over the notion that EMEs had become self-reliant and "decoupled" from demand conditions in and financial flows from advanced countries. Kose and Prasad, prominent experts on emerging market economies and globalization, draw on their extensive research to assess the resilience of EMEs in the face of the global financial crisis. Their analysis shows that EMEs, as a group, weathered the crisis much better than the advanced countries, and most of these economies have bounced back rapidly from the global recession. The authors track down the reasons for this resilience and explain why some countries in this group have done better than others. Based on this analysis, they draw lessons for the durability and sustainability of these economies' long-term growth. This book is important reading for anyone trying to anticipate the future growth of emerging markets or contemplating business opportunities in these economies.

Download or read book Financial Crises in successful Emerging Economies written by Ricardo Ffrench-Davis and published by Brookings Institution Press. This book was released on 2001 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A Brookings Institution Press and Economic Commission for Latin America and the Caribbean (ECLAC) publication Financial crises in emerging economies are very different today than they were in the past. Between 1940 and the 1970s, such traumas involved large fiscal deficits, repressed domestic financial systems, and balance of payments situations that were associated with a sharp worsening of terms of trade. In recent years, however, a ""new variety"" of crisis has evolved in Asia and Latin America. Many of the emerging economies that have experienced financial trauma have been considered very successful until the crises explode. This collection focuses on such economies. The five contributors provide policy-oriented analysis that seeks to identify crucial variables that affect the probability or intensity of crisis. Joséeacute; Antonio Ocampo (ECLAC) and Ricardo Ffrench-Davis explore the variables that play a part in determining whether a financial crisis is likely to occur. They analyze ""vulnerability zones"" for certain key variables--such as net liquid external liabilities, current-account deficits, and real exchange rates--and examine how and why capital surges have contributed to worsen marcoeconomic fundamentals in emerging economies. Manuel Agosin (University of Chile) draws a parallel between Korea and Taiwan, showing how the two countries had similar histories between the mid-1960s and the early 1990s, then followed different paths during the 1990s. Ricardo Ffrench-Davis (ECLAC) concentrates on Chile's experience with three ""positive"" financial shocks: in the 1970s, in 1991-94, and in 1995-97. Jaime Ros (Notre Dame University) explores contrasting situations in Mexico in 1991-94 and 1996-97, and discusses the variables that explain the marked differences between the two episodes. Ricardo Ffrench-Davis is principal regional adviser at ECLAC and co-founder of the Center for Economic Research on Latin America (CIEPLAN). He is the author or editor of fifteen books on international economics, development, strategies, foreign financial, and Latin American economies, including Reforming the Reforms: Macro, Trade, Finance (Palgrave/Macmillan, 1999). "

Download or read book Financial Globalization written by Eduardo Levy Levy-Yeyati and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a framework to analyze financial globalization. It argues 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 (imperfect) world financial markets. But developing countries normally display the "unblessed trinity" (weak currency, fear of floating, and weak institutional framework). The paper defines and discusses 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.

Download or read book Multipolar Globalization written by Jan Nederveen Pieterse and published by Routledge. This book was released on 2017-09-07 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: Like a giant oil tanker, the world is slowly turning. The rapid growth of economies in Asia and the global South has led to a momentous shift in the world order, leaving much of the traditional literature on globalization behind. Multipolar Globalization: Emerging Economies and Development is the perfect guide to these ongoing 21st-century transformations, combining engaging and wide-ranging coverage with cutting-edge analysis. The rise of China and other emerging economies has led to the emergence of a new geography of trade, new economic and political combinations, new financial actors, investors and donors, and weaker American hegemony. This interdisciplinary volume combines development studies, global political economy, sociology, and cultural studies to ask what this growth means for domestic and global inequality and examines the role of multipolarity in the reshaping of globalization. Renowned globalization scholar Jan Nederveen Pieterse deftly guides the reader through the development of globalization in the West and the East, explaining key topics such as the 2008 crash, trends in inequality, the changing fortunes of the BRICs, and the role of governance and democracy. Accessible and insightful, this book will be an essential guide for both students in the social sciences and for professionals and scholars seeking a fresh perspective.

Download or read book The Aggregate and Distributional Effects of Financial Globalization Evidence from Macro and Sectoral Data written by Davide Furceri and published by International Monetary Fund. This book was released on 2018-04-06 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: We take a fresh look at the aggregate and distributional effects of policies to liberalize international capital flows—financial globalization. Both country- and industry-level results suggest that such policies have led on average to limited output gains while contributing to significant increases in inequality—that is, they pose an equity–efficiency trade-off. Behind this average lies considerable heterogeneity in effects depending on country characteristics. Liberalization increases output in countries with high financial depth and those that avoid financial crises, while distributional effects are more pronounced in countries with low financial depth and inclusion and where liberalization is followed by a crisis. Difference-indifference estimates using sectoral data suggest that liberalization episodes reduce the share of labor income, particularly for industries with higher external financial dependence, those with a higher natural propensity to use layoffs to adjust to idiosyncratic shocks, and those with a higher elasticity of substitution between capital and labor. The sectoral results underpin a causal interpretation of the findings using macro data.

Download or read book Finance Development September 2014 written by International Monetary Fund. External Relations Dept. and published by International Monetary Fund. This book was released on 2014-08-25 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.