Financial Globalization

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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 : 50,6 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

Emerging Market Economies and Financial Globalization

Leonardo E. Stanley
Emerging Market Economies and Financial Globalization Book PDF

Author : Leonardo E. Stanley
Publisher : Anthem Press
Page : 260 pages
File Size : 45,9 Mb
Release : 2018-03-15
Category : Business & Economics
ISBN : 9781783086757

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Emerging Market Economies and Financial Globalization by Leonardo E. Stanley Pdf

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.

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 : 47,9 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.

Financial Globalization

Jason H. Cardwell
Financial Globalization Book PDF

Author : Jason H. Cardwell
Publisher : Unknown
Page : 0 pages
File Size : 41,7 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.

Economic Globalization and Governance

Luís Brites Pereira,Maria Eugénia Mata,Miguel Rocha de Sousa
Economic Globalization and Governance Book PDF

Author : Luís Brites Pereira,Maria Eugénia Mata,Miguel Rocha de Sousa
Publisher : Springer Nature
Page : 339 pages
File Size : 47,6 Mb
Release : 2020-10-16
Category : Business & Economics
ISBN : 9783030532659

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Economic Globalization and Governance by Luís Brites Pereira,Maria Eugénia Mata,Miguel Rocha de Sousa Pdf

Reflecting the diverse and profound changes triggered by the latest wave of economic globalization, this book highlights various governance responses at national, regional and global levels. The topics covered are wide-ranging and include economic history and development, European integration, exchange rate arrangements, industrial and labor economics, international cooperation and multilateralism, and public choice. The book is divided into three parts: The first part, which contains contributions by Barry Eichengreen and Marc Flandreau, is devoted to economic history. The second part examines open economy macroeconomics with a focus on Europe, including contributions by Jurgen von Hagen and Paul Krugman. The third part presents contributions to international political economy, and related interdisciplinary topics. This Festschrift is written in honor of Jorge Braga de Macedo, Professor Emeritus of Economics at the Nova School of Business and Economics and a distinguished Portuguese academic whose work has an impressive global reach. The contributions, written by a selection of international authors, deal with his oeuvre covering the wide range of topics broached in this book, as his publication record amply attests.

Financial Globalization

D. Das
Financial Globalization Book PDF

Author : D. Das
Publisher : Springer
Page : 304 pages
File Size : 47,7 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.

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 : 41,8 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.

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 : 55,8 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.

Globalization of Financial Institutions

Hasan Dincer,Ümit Hacioglu
Globalization of Financial Institutions Book PDF

Author : Hasan Dincer,Ümit Hacioglu
Publisher : Springer Science & Business Media
Page : 275 pages
File Size : 51,8 Mb
Release : 2013-11-23
Category : Business & Economics
ISBN : 9783319011257

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Globalization of Financial Institutions by Hasan Dincer,Ümit Hacioglu Pdf

This peer-reviewed volume from the Society for the Study of Business and Finance, discusses current issues in globalization and financial system from an international political and economic perspective. Contemporary instruments and actors in the global financial system are specially analyzed and the discussion of managerial and financial issues of the global financial strategies offers novelty to readers and researchers in the field.

Financial Services, Globalization and Domestic Policy Change

William D. Coleman
Financial Services Globalization and Domestic Policy Change Book PDF

Author : William D. Coleman
Publisher : Springer
Page : 301 pages
File Size : 51,7 Mb
Release : 2016-07-27
Category : Business & Economics
ISBN : 9781349247141

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Financial Services, Globalization and Domestic Policy Change by William D. Coleman Pdf

The global scope of the changes in the international financial and monetary systems ensured that no nation-state could protect itself from their effects. The quarter-century, 1970-95, included the most extensive legislative overhaul of financial services policy since the Great Depression, if not the greatest set of changes ever. This book examines how five such states - Canada, France, Germany, UK, USA - adapted by reforming their financial services policies.

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 : 42,6 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.

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 : 50,8 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.

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 : 51,9 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.

Emerging Markets and Financial Globalization

Paolo Mauro,Nathan Sussman,Yishay Yafeh
Emerging Markets and Financial Globalization Book PDF

Author : Paolo Mauro,Nathan Sussman,Yishay Yafeh
Publisher : Oxford University Press
Page : 204 pages
File Size : 40,7 Mb
Release : 2006-03-16
Category : Business & Economics
ISBN : 9780199272693

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Emerging Markets and Financial Globalization by Paolo Mauro,Nathan Sussman,Yishay Yafeh Pdf

The frequency and virulence of recent financial crises have led to calls for reform of the current international financial architecture. In an effort to learn more about today's international financial environment, the authors turn to an earlier era of financial globalization between 1870 and 1913. By examining data on sovereign bonds issued by borrowing developing countries in this earlier period and in the present day, the authors are able to identify the characteristics ofsuccessful borrowers in the two periods. They are then able to show that global crises or contagion are a feature of the 1990s which was hardly known in the previous era of globalization. Finally, the authors draw lessons for today from archival data on mechanisms used by British investors in the 19thcentury to address sovereign defaults. Using new qualitative and quantitative data, the authors skilfully apply a variety of approaches in order to better understand how problems of volatility and debt crises are dealt with in international financial markets.