Financial Globalisation

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The Evidence and Impact of Financial Globalization

Anonim
The Evidence and Impact of Financial Globalization Book PDF

Author : Anonim
Publisher : Academic Press
Page : 800 pages
File Size : 40,8 Mb
Release : 2012-12-31
Category : Business & Economics
ISBN : 9780124058996

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The Evidence and Impact of Financial Globalization by Anonim Pdf

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

Complexities of Financial Globalisation

Tony Cavoli,Sasidaran Gopalan,Ramkishen S. Rajan
Complexities of Financial Globalisation Book PDF

Author : Tony Cavoli,Sasidaran Gopalan,Ramkishen S. Rajan
Publisher : Routledge
Page : 331 pages
File Size : 47,7 Mb
Release : 2020-05-07
Category : Business & Economics
ISBN : 9781000067415

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Complexities of Financial Globalisation by Tony Cavoli,Sasidaran Gopalan,Ramkishen S. Rajan Pdf

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.

Financial Globalization

Jason H. Cardwell
Financial Globalization Book PDF

Author : Jason H. Cardwell
Publisher : Unknown
Page : 0 pages
File Size : 50,8 Mb
Release : 2010
Category : Globalization
ISBN : 1606921908

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Financial Globalization by Jason H. Cardwell Pdf

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.

Financial Globalization and Democracy in Emerging Markets

L. Armijo
Financial Globalization and Democracy in Emerging Markets Book PDF

Author : L. Armijo
Publisher : Springer
Page : 348 pages
File Size : 49,5 Mb
Release : 1999-01-13
Category : Business & Economics
ISBN : 9780333994894

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Financial Globalization and Democracy in Emerging Markets by L. Armijo Pdf

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.

The Next Great Globalization

Frederic S. Mishkin
The Next Great Globalization Book PDF

Author : Frederic S. Mishkin
Publisher : Princeton University Press
Page : 321 pages
File Size : 50,8 Mb
Release : 2009-10-08
Category : Business & Economics
ISBN : 9781400829446

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The Next Great Globalization by Frederic S. Mishkin Pdf

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.

Taming Global Financial Flows

Kavaljit Singh
Taming Global Financial Flows Book PDF

Author : Kavaljit Singh
Publisher : Zed Books
Page : 260 pages
File Size : 49,9 Mb
Release : 2000-10
Category : Business & Economics
ISBN : 1856497844

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Taming Global Financial Flows by Kavaljit Singh Pdf

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.

Reaping the Benefits of Financial Globalization

Mr.Ayhan Kose,Mr.Julian Di Giovanni,Mr.Andre Faria,Mr.Martin Schindler,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro,Mr.Jonathan David Ostry,Mr.Marco Terrones
Reaping the Benefits of Financial Globalization Book PDF

Author : Mr.Ayhan Kose,Mr.Julian Di Giovanni,Mr.Andre Faria,Mr.Martin Schindler,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro,Mr.Jonathan David Ostry,Mr.Marco Terrones
Publisher : International Monetary Fund
Page : 46 pages
File Size : 48,8 Mb
Release : 2008-12-16
Category : Business & Economics
ISBN : 9781589067486

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Reaping the Benefits of Financial Globalization by Mr.Ayhan Kose,Mr.Julian Di Giovanni,Mr.Andre Faria,Mr.Martin Schindler,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro,Mr.Jonathan David Ostry,Mr.Marco Terrones Pdf

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.

Financial Globalization

D. Das
Financial Globalization Book PDF

Author : D. Das
Publisher : Springer
Page : 304 pages
File Size : 55,7 Mb
Release : 2010-07-16
Category : Business & Economics
ISBN : 9780230289949

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Financial Globalization by D. Das Pdf

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.

Effects of Financial Globalization on Developing Countries

Mr.Ayhan Kose,Mr.Kenneth Rogoff,Mr.Eswar Prasad,Shang-Jin Wei
Effects of Financial Globalization on Developing Countries Book PDF

Author : Mr.Ayhan Kose,Mr.Kenneth Rogoff,Mr.Eswar Prasad,Shang-Jin Wei
Publisher : International Monetary Fund
Page : 68 pages
File Size : 49,9 Mb
Release : 2003-09-03
Category : Business & Economics
ISBN : 1589062213

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Effects of Financial Globalization on Developing Countries by Mr.Ayhan Kose,Mr.Kenneth Rogoff,Mr.Eswar Prasad,Shang-Jin Wei Pdf

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.

Financial globalization : unequal blessings

Augusto de la Torre,Eduardo Levy Yeyati
Financial globalization unequal blessings Book PDF

Author : Augusto de la Torre,Eduardo Levy Yeyati
Publisher : World Bank Publications
Page : 28 pages
File Size : 48,6 Mb
Release : 2002
Category : Dolarizacion
ISBN : 8210379456XXX

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Financial globalization : unequal blessings by Augusto de la Torre,Eduardo Levy Yeyati Pdf

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.

Financial Crises in Emerging Markets

Alexandre Lamfalussy,Sándor Lámfalussy
Financial Crises in Emerging Markets Book PDF

Author : Alexandre Lamfalussy,Sándor Lámfalussy
Publisher : Yale University Press
Page : 230 pages
File Size : 49,6 Mb
Release : 2000-01-01
Category : Business & Economics
ISBN : 0300082304

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Financial Crises in Emerging Markets by Alexandre Lamfalussy,Sándor Lámfalussy Pdf

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.

Governing Financial Globalization

Andrew Baker,David Hudson,Richard Woodward
Governing Financial Globalization Book PDF

Author : Andrew Baker,David Hudson,Richard Woodward
Publisher : Routledge
Page : 259 pages
File Size : 51,6 Mb
Release : 2005-02
Category : Business & Economics
ISBN : 9781134296149

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Governing Financial Globalization by Andrew Baker,David Hudson,Richard Woodward Pdf

Money, finance and credit are literally the lifeblood of the modern economy. The distribution of money and credit are essential to productive investment in trade and industry, to the maintenance of consumer purchasing power and demand, to individuals' social status and standard of living, and ultimately to public order. This importnat new volume provides a wide-ranging discussion of both the potential and the problems arising from the application of multi-level governance literature to the monetary and financial domain. The contributors achieve this through a range of case studies and conceptual discussions of the issues raised by financial and monetary governance, acknowledging that multi-level governance has to take the form of a framework which recognizes a fluid range of scales, and the significance of non-formal institutional and social nodes of authority.

Complexities of Financial Globalisation

Tony Cavoli,Sasidaran Gopalan,Ramkishen S. Rajan
Complexities of Financial Globalisation Book PDF

Author : Tony Cavoli,Sasidaran Gopalan,Ramkishen S. Rajan
Publisher : Routledge
Page : 275 pages
File Size : 43,9 Mb
Release : 2020-05-07
Category : Business & Economics
ISBN : 9781000067477

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Complexities of Financial Globalisation by Tony Cavoli,Sasidaran Gopalan,Ramkishen S. Rajan Pdf

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.

Financial Globalization

International Monetary Fund
Financial Globalization Book PDF

Author : International Monetary Fund
Publisher : IMF
Page : 108 pages
File Size : 51,6 Mb
Release : 2007-04-27
Category : Business & Economics
ISBN : UCSD:31822034242560

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Financial Globalization by International Monetary Fund Pdf

This publication gathers together articles, that have appeared in Finance & Development over the past eight years, which dealt with the inplications of, and responses to, globalization. The focus is on financial globalization, including the policy implications of the huge growth in cross-border capital flows.