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 Financial Globalization the Democratic Deficit and Recurrent Crises in Emerging Markets written by C. Emre Alper and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial globalization offers both risks and benefits for countries of the semi-periphery orthe so-called "emerging markets". Politics within the national space matters, yet acquires a new meaning, in the age of financial globalization. "Weak democracies" are characterized by limited accountability and transparency of the state and other key political institutions. Such democracies tend to suffer from populist cycles, which result in low capacity to carry out economic reform. Financial globalization, in turn, magnifies populist cycles and renders their consequences more severe. Hence "weak democracies" are confronted with the predominantly negative side of financial globalization which includes over-dependence on short-term capital flows, speculative attacks and recurrent financial crises leading to slow growth and a more regressive income distributional profile. The relevance of these set of propositions are illustrated with reference to the case of Turkey which, indeed, experienced recurrent financial crises in the post-capital account liberalization era with costly consequences for the real economy. Two general conclusions follow. Firstly, there is a need to strengthen democracy in the developing world. Secondly, since this is hard to accomplish over a short space of time serious question marks are raised concerning the desirability of early exposure to financial globalization given the current state of the world.

Download or read book The Globalization Paradox Democracy and the Future of the World Economy written by Dani Rodrik and published by W. W. Norton & Company. This book was released on 2012-02-28 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discusses how democracy and national self-determination cannot be pursued simultaneously with economic globalization and instead promotes customizable globalization with international rules to achieve balanced prosperity.

Download or read book The Globalization Paradox written by Dani Rodrik and published by OUP Oxford. This book was released on 2012-05-17 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: For a century, economists have driven forward the cause of globalization in financial institutions, labour markets, and trade. Yet there have been consistent warning signs that a global economy and free trade might not always be advantageous. Where are the pressure points? What could be done about them? Dani Rodrik examines the back-story from its seventeenth-century origins through the milestones of the gold standard, the Bretton Woods Agreement, and the Washington Consensus, to the present day. Although economic globalization has enabled unprecedented levels of prosperity in advanced countries and has been a boon to hundreds of millions of poor workers in China and elsewhere in Asia, it is a concept that rests on shaky pillars, he contends. Its long-term sustainability is not a given. The heart of Rodrik’s argument is a fundamental 'trilemma': that we cannot simultaneously pursue democracy, national self-determination, and economic globalization. Give too much power to governments, and you have protectionism. Give markets too much freedom, and you have an unstable world economy with little social and political support from those it is supposed to help. Rodrik argues for smart globalization, not maximum globalization.

Download or read book Financial Globalization Democracy written by Raphael C. Cunha and published by . This book was released on 2017 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: Existing approaches to financial globalization have often assumed that global capital markets are a monolithic entity consisting of homogeneous investors with the same interests and information. This project challenges this assumption by disaggregating the market responses of international and local portfolio investors to political events in emerging markets. I argue that, despite the increasing globalization of capital, domestic financial investors remain key in financial market-government relations. First, local investors lead the way in market responses to political events. Less well-informed foreign investors take cues from better-informed domestic investors, following the lead of locals who are "on the ground." Second, domestic investors respond more vigorously to political events, as insufficient international risk sharing makes them especially sensitive to local political risk. These two factors put local investors at the forefront of capital market responses to political events. I test this argument empirically using pricing data for closed-end country funds and capital flow data for onshore and offshore investment funds -- which afford a unique opportunity to examine interactions between international and local investors. Multivariate time series analyses of financial contagion and event study estimates of the impact of national elections on financial markets find that local investors are particularly sensitive to political uncertainty and that political shocks propagate from local to international markets. The findings demonstrate that a model that places local investors front and center improves our understanding of financial market discipline in the emerging world.

Download or read book Emerging Market Economies written by Grzegorz W. Kołodko and published by Ashgate Publishing. This book was released on 2003 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging Market Economies: Globalization and Development is the result of a comprehensive international research project co-ordinated within the TIGER (Transformation, Integration and Globalization Economic Research). It deals with economic, social and political implications of globalization for the development of emerging market economies and is authored by a host of international scholars from the USA, Chile, Tanzania, the UK, Italy, Hungary, Poland, Romania, China and Japan. globalization on the markets for capital, goods and labour and for the growth and development in emerging markets including post-communist countries. The study includes a number of comprehensive and compatible works which deal especially with the chances for and mechanism of catching-up on these emerging markets.

Download or read book Emerging Market Democracies written by Laurence Whitehead and published by JHU Press. This book was released on 2002-09-16 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the 1980s Latin America made great strides in democratization, while East Asia led the world in economic growth. Are the two converging toward a model that combines economic and political liberalization? This text examines increased scope for mutual support among aspiring democratic forces.

Download or read book Globalization and Austerity Politics in Latin America written by Stephen B. Kaplan and published by Cambridge University Press. This book was released on 2013-01-28 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an age of financial globalization, are markets and democracy compatible? For developing countries, the dramatic internationalization of financial markets over the last two decades deepens tensions between politics and markets. Notwithstanding the rise of left-leaning governments in regions like Latin America, macroeconomic policies often have a neoliberal appearance. When is austerity imposed externally and when is it a domestic political choice? By combining statistical tests with extensive field research across Latin America, this book examines the effect of financial globalization on economic policymaking. Kaplan argues that a country's structural composition of international borrowing and its individual technocratic understanding of past economic crises combine to produce dramatically different outcomes in national policy choices. Incorporating these factors into an electoral politics framework, the book then challenges the conventional wisdom that political business cycles are prevalent in newly democratizing regions. This book is accessible to a broad audience and scholars with an interest in the political economy of finance, development and democracy, and Latin American politics.

Download or read book Financial Openness Democracy and Redistributive Policy written by Mansoor Dailami and published by World Bank Publications. This book was released on 2000 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: What explains the spread of both democracy and financial openness at this time in history, given the constraining impact of financial market integration on national policy autonomy? International policy coordination is part of the answer, but not all. Also important is the presence of cost-effective redistributive schemes that provide insurance against the risk of financial instability.

Download or read book Mixed Blessings written by Leslie Elliott Armijo and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1980s and early 1990s many countries-in Latin America, Eastern Europe, East Asia, and elsewhere--replaced authoritarian governments with political democracy. Leaders of new democracies everywhere faced weak institutions, the challenge of inculcating unfamiliar democratic practices and ideals, and soaring popular expectations. Also during these years the trends jointly known as financial globalization dramatically altered the character of capital flows between advanced industrial and developing, or 'emerging,' economies. Previous to the late 1980s, official capital flows had bulked large, most flows were long-term, and most recipients were governments or state enterprises. From the early 1990s, private capital flows dominated, at least a third of net flows were short-term or potentially so, and a growing number of in-country borrowers were private firms, making individual financial decisions without deference to national plans or supposed strategic priorities. This essay maps some of the consequences of the new types of flows for democratic development. Among the likely benefits are a more efficient use of scarce capital resources, as allocation conforms more closely to market, rather than political, demands. Another benefit is pressure on corrupt, authoritarian states to allow a freer press and create a more honest and neutral regulatory framework. Likely costs of these financial trends include a more rapid transmission of externally generated financial crises, a structural bias toward enhancing the political power of capital as compared to that of workers, and a deepening of income inequalities during periods of orthodox structural adjustment. The political power of private business is likely to be enhanced, while that of government technocrats decreases; the implications of this trend for democracy depend greatly on prior conditions in each country.

Download or read book Saving Globalization written by Mike Moore and published by John Wiley & Sons. This book was released on 2011-11-09 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globalization is not new, nor is it a policy, it’s a process that has existed as long as man looked over the horizon, travelled and traded. It can’t be stopped but it can be slowed. It came to a grinding halt in August 1914 and the Marxist detour cost millions of lives and lost three generations their opportunity and hope in many countries. More wealth has been created in the past 60 years than in all of history. After the most successful decade of sustained economic growth in history, this progress is threatened. Extreme inequality, corruption and environmental degradation threaten the stability and legitimacy of many developing countries’ regimes. Anti-globalization and anti-capitalist campaigners’ confidence has been emboldened due to the present economic crisis. Protectionist rhetoric is growing as are the arguments to control and regulate markets. Leaders are meeting to discuss how to face these problems and create a new international architecture. How did we get to this position? What should we do? What is it that determines why some contemporary states are successful while others have failed? Saving Globalization departs from its analysis of the globalised economy in the twenty-first century to answer these question by tracing the development of what Moore considers to be ‘the big ideas of history’: democracy, independent courts, the separation of church and state, property rights, independent courts, a professional civil service, and civil society. Democratic capitalism has worked for most people. Why? It is a remarkable story, from the Greeks to the Geeks, encompassing technological progress and the corrections and contradictions between liberty and equality, technology, growth and the environment. In defence of the many virtues and opportunities that globalisation offers, Mike Moore makes the case for a fresh and new approach to our international Institutions and for domestic policies that promote equity and fairness. The book controversially attacks the new enemies of reason and evidence. The threats now come from all sides, especially workers in developed countries who fear for their jobs. Mike Moore is a political practitioner turned theoretician.

Download or read book Governing the Global Economy written by Dag Harald Claes and published by Routledge. This book was released on 2011-04-29 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governing the Global Economy explores the dynamic interaction between politics and economics, between states and markets and between international and domestic politics. The contributors study how the governance of the global economy is shaped by interaction between international institutions, domestic politics and multinational enterprises, from a wide range of theoretical perspectives and methods. Presenting a fresh approach to the study of international political economy, this volume covers: the systemic characteristics of the liberal world order, the role of international institutions, domestic economic politics and policies the strategies and behaviour of multinational enterprises. The volume also includes topical discussion of the challenges to the global economy from the recent financial crisis and analysis of economic politics, in particular the regions of Africa and Europe as well as the countries of Japan and South Korea. With contributions from prominent scholars in political science, economics and business studies, who have all contributed greatly to advancing the study of political economy over the last decade, Governing the Global Economy aims to bridge the gap between undergraduate textbooks and advanced theory. It is essential reading for all students and scholars of international political economy and globalization.

Download or read book Brave New World Economy written by Wilhelm Hankel and published by John Wiley & Sons. This book was released on 2011-02-09 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: An engaging look at the road to a sustained economic recovery The global finance system can be regulated to prevent massive credit fraud, tame capitalism, confront the sovereign debt crisis, and move towards investing in the real economy and full employment. "Obamanomics", and American reinvention can lead to a sustained economic recovery but only together with major domestic, European, and global monetary reforms in cooperation with emerging nations. For decades, the U.S. dollar has served as the world's reserve currency. But after the global market meltdown and the resulting massive stimulus spending meant to keep the Great Recession from becoming an even Greater Depression, confidence in America's ability to make good on its growing debt is at all-time lows. In Brave New World Economy: Global Finance Threatens Our Future, Wilhelm Hankel and Robert Isaak—two extremely controversial, yet highly respected experts on international economics and management—describe how "Obamanomics," the Euro crisis, and shift of economic growth from the West to emerging economies, if handled properly, can lead to true economic stability and job creation. Highlights America's 'Great Bluff' bail-out strategy to cope with the crisis and the reforms Obamanomics must make to bring about sustainable job recovery Describes the risks and rewards of borrowing from future generations—in the United States, Europe, and the developing world—to save the current generation Details how money became separated from government control and why the interbanking credit system threatens western nations with bankruptcy, undermining pensions, and the human right to work Points out why nation-states need to go back to helping themselves and not rely on the false promises of regional integration and globalization Shows how legalizing underground labor will create more jobs How we arrived at this economic crossroads isn't as important as the decision as to which path to take. The Brave New World Economy points us in the right direction.

Download or read book The Politics of Market Discipline in Latin America written by Daniela Campello and published by . This book was released on 2015 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Politics of Market Discipline in Latin America uses a multi-method approach to challenge the conventional wisdom that financial markets impose broad and severe constraints over leftist economic policies in emerging market countries. It shows, rather, that in Latin America, this influence varies markedly among countries and over time, depending on cycles of currency booms and crises exogenous to policy making. Market discipline is strongest during periods of dollar scarcity, which, in low-savings commodity-exporting countries, occurs when commodity prices are high and international interest rates low. In periods of dollar abundance, when the opposite happens, the market's capacity to constrain leftist governments is very limited. Ultimately, Daniela Campello argues that financial integration should force the Left toward the center in economies less subject to these cycles, but not in those most vulnerable to them. Multi-method approach that includes formal modeling, statistical analyses, and in-depth case studies Covers two phenomena closely studied by students of Latin American economics: leftist government's embrace of neoliberal policies in the 1990s, and the resurgence of a leftist agenda in the 2000s A solid text for those interested in the globalization of finance in emerging markets, understudied in comparison with the OECD.--

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 Markets and the State written by Christopher Wylde and published by Springer. This book was released on 2017-07-27 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, through an analysis of case studies in Latin America and Southeast Asia, sets out to understand the form and function of contemporary states seeking to guide and cajole markets, hoping to stimulate economic growth and generate robust development outcomes. In the context of contemporary globalization, and the hegemony of a neoliberal mode of capital accumulation, independent state-directed development has moved away from the reach of many emerging markets. Wylde’s analysis reveals that, contrary to much of the literature espousing the ‘end of the state’, the role of the state in the 21st century development process continues to be of pivotal importance.

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.