A Critical Analysis Of The Re Emergence Of International Capital Mobility

Author : Matthias Baumgarten
Publisher : GRIN Verlag
Page : 25 pages
File Size : 47,7 Mb
Release : 2011-11-23
Category : Business & Economics
ISBN : 9783656064992

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A critical analysis of the re-emergence of international capital mobility by Matthias Baumgarten Pdf

Seminar paper from the year 2011 in the subject Economics - Finance, grade: 1.0 (83 %), University of Warwick (Politics and International Studies), language: English, abstract: From the days of the Bretton Woods Agreements to the beginning of the subprime crisis, the world witnessed an impressive resurrection of global finance and with it the re-emergence of international capital mobility (ICM). But the phenomenon of ICM is a contested issue among commentators. While some almost go as far as denying its existence, the most widespread discourse portrays ICM as a powerful external force, putting pressure on the state to adopt capital-friendly policies and reduce welfare expenditures. This notion of forced competition among states is manifested in the “capital mobility hypothesis”, which draws a parallel between the rise of ICM and its structural power to constrain the state. The following essay argues that this functional connection is not necessarily given, as the mobility of capital is derived from technical, financial and regulatory sources, while its power originates from discursive mechanisms. By looking at historical developments, it is shown that ICM did indeed re-emerge. But a close examination of the constraints it poses on the different categories of the state reveals that the latter retains significant “room to move”. To understand where the premise of the “capital mobility hypothesis” comes from, ICM is analyzed through discursive institutionalism. A number of relevant discourses are examined and it is concluded that the state itself plays a substantial role in creating and maintaining the idea of ICM’s power.

Author : Martin Feldstein
Publisher : University of Chicago Press
Page : 500 pages
File Size : 50,8 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226241807

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International Capital Flows by Martin Feldstein Pdf

Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.

Author : Maurice Obstfeld,Alan M. Taylor
Publisher : Cambridge University Press
Page : 386 pages
File Size : 54,9 Mb
Release : 2004
Category : Business & Economics
ISBN : 0521671795

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Global Capital Markets by Maurice Obstfeld,Alan M. Taylor Pdf

This book is an economic survey of international capital mobility from the late nineteenth century to the present.

Author : National Intelligence Council
Publisher : Cosimo Reports
Page : 158 pages
File Size : 43,5 Mb
Release : 2021-03
Category : Electronic
ISBN : 1646794974

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Global Trends 2040 by National Intelligence Council Pdf

"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.

Author : Michael D. Bordo,Alan M. Taylor,Jeffrey G. Williamson
Publisher : University of Chicago Press
Page : 598 pages
File Size : 52,7 Mb
Release : 2007-11-01
Category : Business & Economics
ISBN : 9780226065991

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Globalization in Historical Perspective by Michael D. Bordo,Alan M. Taylor,Jeffrey G. Williamson Pdf

As awareness of the process of globalization grows and the study of its effects becomes increasingly important to governments and businesses (as well as to a sizable opposition), the need for historical understanding also increases. Despite the importance of the topic, few attempts have been made to present a long-term economic analysis of the phenomenon, one that frames the issue by examining its place in the long history of international integration. This volume collects eleven papers doing exactly that and more. The first group of essays explores how the process of globalization can be measured in terms of the long-term integration of different markets-from the markets for goods and commodities to those for labor and capital, and from the sixteenth century to the present. The second set of contributions places this knowledge in a wider context, examining some of the trends and questions that have emerged as markets converge and diverge: the roles of technology and geography are both considered, along with the controversial issues of globalization's effects on inequality and social justice and the roles of political institutions in responding to them. The final group of essays addresses the international financial systems that play such a large part in guiding the process of globalization, considering the influence of exchange rate regimes, financial development, financial crises, and the architecture of the international financial system itself. This volume reveals a much larger picture of the process of globalization, one that stretches from the establishment of a global economic system during the nineteenth century through the disruptions of two world wars and the Great Depression into the present day. The keen analysis, insight, and wisdom in this volume will have something to offer a wide range of readers interested in this important issue.

Author : M. Watson
Publisher : Springer
Page : 254 pages
File Size : 44,8 Mb
Release : 2007-07-03
Category : Political Science
ISBN : 9780230592667

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The Political Economy of International Capital Mobility by M. Watson Pdf

Matthew Watson draws a distinction between the spatial and the functional mobility of capital, allowing fresh insights into existing work on the subject whilst repoliticizing the very idea of capital being 'in motion'. The dynamics of capital mobility and the patterns of risk exposure are illustrated through four detailed global case studies.

Author : Masahiro Kawai,Mario B. Lamberte
Publisher : Edward Elgar Publishing
Page : 465 pages
File Size : 46,9 Mb
Release : 2010-01-01
Category : Business & Economics
ISBN : 9781849806879

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Managing Capital Flows by Masahiro Kawai,Mario B. Lamberte Pdf

Managing Capital Flows provides analyses that can help policymakers develop a framework for managing capital flows that is consistent with prudent macroeconomic and financial sector stability. While capital inflows can provide emerging market economies with invaluable benefits in pursuing economic development and growth, they can also pose serious policy challenges for macroeconomic management and financial sector supervision. The expert contributors cover a wide range of issues related to managing capital flows and analyze the experience of emerging Asian economies in dealing with surges in capital inflows. They also discuss possible policy measures to manage capital flows while remaining consistent with the goals of macroeconomic and financial sector stability. Building on this analysis, the book presents options for workable national policies and regional policy cooperation, particularly in exchange rate management. Containing chapters that bring in international experiences relevant to Asia and other emerging market economies, this insightful book will appeal to policymakers in governments and financial institutions, as well as public and private finance experts. It will also be of great interest to advanced students and academic researchers in finance.

Author : Benjamin Braun,Kai Koddenbrock
Publisher : Taylor & Francis
Page : 265 pages
File Size : 43,9 Mb
Release : 2022-12-23
Category : Political Science
ISBN : 9781000801996

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Capital Claims: Power and Global Finance by Benjamin Braun,Kai Koddenbrock Pdf

Capital Claims: Power and Global Finance analyses how global financialized capitalism operates and reproduces itself, exploring the remarkable ability of the financial sector to maintain its dominance through even the most severe economic crises. The book defines international financialization as a process by which the number and value, the tradability, and the enforceability of cross-border financial claims increase and are successfully defended against competing social or political agendas. By focusing on financial claims, the volume develops a conceptual toolkit for the study of the political economy of global finance and the inequalities it sustains. The book brings together leading researchers whose work is geared towards opening the black box of cross-border finance. The authors suggest shifting the analytical focus from capital flows to capital claims – credit–debt relations between identifiable actors, embedded in social and political institutions, and infused with power and hierarchy. They show how financial actors wield leverage power, infrastructural power, and enforcement power, both vis-à-vis other private actors and vis-à-vis the state. This book will be of great interest to students, teachers, and researchers of international political economy, critical political economy, and international relations, as well as those in the fields of finance, capitalism studies, activism, policymaking, and advocacy. An Online Appendix for Chapter 11 is available at: www.routledge.com/9781032111193

Author : Richard M. Levich
Publisher : Springer Science & Business Media
Page : 498 pages
File Size : 42,6 Mb
Release : 1998-01-31
Category : Business & Economics
ISBN : 0792399765

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Emerging Market Capital Flows by Richard M. Levich Pdf

In a little over one decade, the spread of market-oriented policies has turned the once so-called lesser developed countries into emerging markets. Many forces have been responsible for the tremendous growth in emerging markets. Trends toward market-oriented policies that permit private ownership of economic activities, such as public utilities and telecommunications, are part of the explanation. Corporate restructuring, following the debt crisis of the early 1980's has permitted many emerging market companies to gain international competitiveness. And an essential condition, a basic sea-change in economic policy, has opened up many emerging markets to international investors. This growth in emerging markets has been accompanied by volatility in individual markets, and a sector-wide shock after the meltdown in the Mexican Bolsa and Mexican peso, resulting in heated debate over the nature of these markets. Emerging market capital flows continue to be the subject of intense discussion around the world among investors, academics, and policymakers. Emerging Market Capital Flows examines the issues of emerging market capital flows from several distinct perspectives, addressing a number of related questions about emerging markets.

Author : Guillermo Calvo
Publisher : Wiley-Blackwell
Page : 462 pages
File Size : 43,8 Mb
Release : 1989-01-01
Category : Business & Economics
ISBN : 0631156852

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Debt, Stabilization, and Development by Guillermo Calvo Pdf

Author : Rupert Taylor
Publisher : Kumarian Press
Page : 225 pages
File Size : 50,8 Mb
Release : 2004
Category : History
ISBN : 9781565491885

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Creating a Better World by Rupert Taylor Pdf

* Takes an interdisciplinary approach to interpreting global civil society * Contributors are some of the leading theoreticians in the field * A sound handbook for activism The term "global civil society" has become a catchphrase of our times. But efforts to define and interpret what global civil society actually is have led to ambiguity and dispute. This major work of scholarship and advocacy pierces through the generalizations and debates. It presents cogent examples of groups within civil society--from the Seattle and Genoa protesters to transnational grassroots movements, such as Slum/Shack Dwellers International--that are creatively meeting the challenges and opportunities of an increasingly interconnected world. The contributors offer clarity and the hope that another world is possible--one in which civil society’s global networks can effectively create a free, fair, and just global order. Scholars, students, and anyone interested in understanding new forces influencing contemporary world politics will want to have this book on their shelves.

Author : Youssef Cassis,Richard S. Grossman,Catherine Ruth Schenk
Publisher : Oxford University Press
Page : 561 pages
File Size : 42,9 Mb
Release : 2016
Category : Business & Economics
ISBN : 9780199658626

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The Oxford Handbook of Banking and Financial History by Youssef Cassis,Richard S. Grossman,Catherine Ruth Schenk Pdf

The financial crisis of 2008 aroused widespread interest in banking and financial history. In an attempt to better understand the magnitude of the shock, there was a demand for historical parallels. This volume provides the material for such a reflection by presenting the state of the art in banking and financial history. Contributions to this volume analyse banking and financial history in a long-term comparative perspective. Lessons drawn from these analyses may well help future generations of policy makers avoid a repeat of the financial turbulence that erupted in 2008.

Author : James Petras,Henry Veltmeyer
Publisher : Zed Books
Page : 194 pages
File Size : 52,7 Mb
Release : 2001-07
Category : Business & Economics
ISBN : 1856499391

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Globalization Unmasked by James Petras,Henry Veltmeyer Pdf

Perhaps no word today is used and misused more than globalization. It generally serves to refer to worldwide epoch-defining changes in the organization of societies, economies and politics. But as Petras and Veltmeyer demonstrate, the term globalization obscures much more than it reveals. In practice, globalization provides a cover for a new form of imperialist exploitation and the institution of US hegemony over a global process of capital accumulation. In the last decade, capitalists in Europe and the United States have created favourable conditions for the takeover and recolonization of economies across the developing world. International capital has managed to restore highly profitable returns on investments and operations as never before, creating islands of opulent prosperity within a sea of growing poverty and misery. In effect, this book argues that the terms globalization and imperialism are widely used as alternative frameworks for understanding the dynamics of the same worldwide developments and trends. Employing an imperialist analytical framework over that of globalization not only provides a better understanding but also points towards forces of resistance and opposition that through political action may bring about necessary change.

Author : Ms.Ratna Sahay,Mr.Vivek B. Arora,Mr.Athanasios V Arvanitis,Mr.Hamid Faruqee,Mr.Papa N'Diaye,Mr.Tommaso Mancini Griffoli
Publisher : International Monetary Fund
Page : 29 pages
File Size : 41,9 Mb
Release : 2014-10-02
Category : Business & Economics
ISBN : 9781484356005

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Emerging Market Volatility by Ms.Ratna Sahay,Mr.Vivek B. Arora,Mr.Athanasios V Arvanitis,Mr.Hamid Faruqee,Mr.Papa N'Diaye,Mr.Tommaso Mancini Griffoli Pdf

Accommodative monetary policies in advanced economies have spurred increased capital inflows into emerging markets since the global financial crisis. Starting in May 2013, when the Federal Reserve publicly discussed its plans for tapering unconventional monetary policies, these emerging markets have experienced financial turbulence at the same that their domestic economic activity has slowed. This paper examines their experiences and policy responses and draws broad policy lessons. For emerging markets, good macroeconomic fundamentals matter, and early and decisive measures to strengthen macroeconomic policies and reduce vulnerabilities help dampen market reactions to external shocks. For advanced economies, clear and effective communication about the exit from unconventional monetary policy can and did help later to reduce the risk of excessive market volatility. And for the global community, enhanced global cooperation, including a strong global financial safety net, offers emerging markets effective protection against excessive volatility.

Author : Catherine R. Schenk
Publisher : Routledge
Page : 154 pages
File Size : 40,9 Mb
Release : 2021-06-16
Category : Business & Economics
ISBN : 9781351183567

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International Economic Relations since 1945 by Catherine R. Schenk Pdf

This second edition has been updated to include an assessment of economic relations up to the COVID-19 pandemic. It focuses on three main threads that tie national economies together: flows of goods, of people and of finance. Since the end of the Second World War, the international economy transformed from a tightly controlled trading system to the financial globalization of the late 20th century. This book traces the organisation of international economic relations from the 1944 Bretton Woods conference through to the 2008 financial crisis and its aftermath. By outlining the development of economic policy of both national and international institutions like the International Monetary Fund and the European Union, this volume examines how the global system was constructed and explores the sources of inequality and instability. The changing political context is also emphasised, especially the Cold War and its end, the rise of China and other emerging market economies and the prospect of a retreat from globalisation in the wake of the 2008 crisis. Using non-technical language and providing clear examples and evidence, the book is an accessible introduction to international economic relations that will be useful for all students of modern world history since 1945.