Financial Globalization And The Emerging Market Economy

Author : Leonardo E. Stanley
Publisher : Anthem Press
Page : 260 pages
File Size : 50,9 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.

Author : Dilip K. Das (Wirtschaftswissenschaftler)
Publisher : Unknown
Page : 128 pages
File Size : 53,5 Mb
Release : 2004
Category : Capital movements
ISBN : 0203672046

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Financial Globalization and the Emerging Market Economies by Dilip K. Das (Wirtschaftswissenschaftler) Pdf

Author : Dilip K. Das
Publisher : Routledge
Page : 374 pages
File Size : 43,9 Mb
Release : 2004-01-22
Category : Business & Economics
ISBN : 9781134333165

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Financial Globalization and the Emerging Market Economy by Dilip K. Das Pdf

The whirlwind of financial globalization has descended upon emerging market economies and rapid change has brought both benefits and problems upon a dynamic group of nations.This book examines the impact of ever increasing financial globalization on emerging market economies, both in the former communist countries of Eastern Europe and the developi

Author : L. Armijo
Publisher : Springer
Page : 348 pages
File Size : 43,8 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.

Author : Mohammed El Hedi Arouri,Sabri Boubaker,Duc Khuong Nguyen
Publisher : Academic Press
Page : 927 pages
File Size : 50,8 Mb
Release : 2013-12-26
Category : Business & Economics
ISBN : 9780124115637

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Emerging Markets and the Global Economy by Mohammed El Hedi Arouri,Sabri Boubaker,Duc Khuong Nguyen Pdf

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

Author : Grzegorz W. Kolodko
Publisher : Routledge
Page : 292 pages
File Size : 43,7 Mb
Release : 2018-04-27
Category : Business & Economics
ISBN : 9781351775830

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Emerging Market Economies by Grzegorz W. Kolodko Pdf

This title was first published in 2003. 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, UK/Italy, Hungary, Poland, Romania, China and Japan. Kolodko et al examine the fundamental issues of the influences of 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.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 87 pages
File Size : 50,5 Mb
Release : 2003-12-02
Category : Business & Economics
ISBN : 9781498329835

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Effects of Financial Globalization on Developing Countries - Some Empirical Evidence by International Monetary Fund Pdf

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Author : United Nations. Economic Commission for Latin America and the Caribbean
Publisher : United Nations Publications
Page : 354 pages
File Size : 41,8 Mb
Release : 2000
Category : Business & Economics
ISBN : UCSD:31822031566615

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Financial Globalization and the Emerging Economies by United Nations. Economic Commission for Latin America and the Caribbean Pdf

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.

Author : OECD
Publisher : OECD Publishing
Page : 457 pages
File Size : 46,6 Mb
Release : 2009-03-19
Category : Electronic
ISBN : 9789264044814

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Globalisation and Emerging Economies Brazil, Russia, India, Indonesia, China and South Africa by OECD Pdf

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.

Author : Paolo Mauro,Nathan Sussman,Yishay Yafeh
Publisher : Oxford University Press
Page : 204 pages
File Size : 43,7 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.

Author : M. Ayhan Kose,Eswar Prasad,Marco Terrones
Publisher : International Monetary Fund
Page : 48 pages
File Size : 45,5 Mb
Release : 2007-10
Category : Business & Economics
ISBN : UCSD:31822036080695

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How Does Financial Globalization Affect Risk Sharing? Patterns and Channels by M. Ayhan Kose,Eswar Prasad,Marco Terrones Pdf

In theory, one of the main benefits of financial globalization is that it should allow for more efficient international risk sharing. This paper provides a comprehensive empirical evaluation of the patterns of risk sharing among different groups of countries and examines how international financial integration has affected the evolution of these patterns. Using a variety of empirical techniques, we conclude that there is at best a modest degree of international risk sharing, and certainly nowhere near the levels predicted by theory. In addition, only industrial countries have attained better risk sharing outcomes during the recent period of globalization. Developing countries have, by and large, been shut out of this benefit. The most interesting result is that even emerging market economies, which have experienced large increases in cross-border capital flows, have seen little change in their ability to share risk. We find that the composition of flows may help explain why emerging markets have not been able to realize this presumed benefit of financial globalization. In particular, our results suggest that portfolio debt, which has dominated the external liability stocks of most emerging markets until recently, is not conducive to risk sharing.

Author : Harinder S Kohli
Publisher : SAGE Publications Pvt. Limited
Page : 380 pages
File Size : 53,9 Mb
Release : 2008-05-09
Category : Business & Economics
ISBN : UCSD:31822035338607

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Growth and Development in Emerging Market Economies by Harinder S Kohli Pdf

This compilation helps understand the basic forces that are now determining the performance and prospects of emerging market economies (EMEs) around the world. In the past few years, there has been a sharp rise in private capital flows to well performing developing countries, commonly referred to as EMEs. With a drop in net transfers from official sources, the private capital flows in these countries now dwarf official flows. Growth and Development in Emerging Market Economies: International Private Capital Flows, Financial Markets and Globalization encapsulates in one volume the understanding of the inter-related topics of global imbalances, finance, investment, trade, and infrastructure. Such assemblage is difficult to find in the existing literature in this field. Many chapters discuss the situations in Asia and Latin America, drawing parallels and pointing out contrasts. The papers in this collection were discussed at the Emerging Markets Forum meeting held in Jakarta, Indonesia in September 2006. The contributors include highly experienced former policy makers and senior officials of multilateral institutions who have lifelong experience in policy formulation at the highest level. The collection would be of value to policy makers in developing countries, officials of multilateral development institutions and researchers and academicians in the field of EMEs.

Author : Mohamed El Hedi Arouri,Sabri Boubaker,Duc Khuong Nguyen
Publisher : Unknown
Page : 875 pages
File Size : 45,7 Mb
Release : 2014
Category : Developing countries
ISBN : OCLC:1065675943

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Emerging Markets and the Global Economy by Mohamed El Hedi Arouri,Sabri Boubaker,Duc Khuong Nguyen Pdf

Author : Todd A. Knoop
Publisher : Routledge
Page : 330 pages
File Size : 46,6 Mb
Release : 2013
Category : Business & Economics
ISBN : 9780415501217

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Global Finance in Emerging Market Economies by Todd A. Knoop Pdf

This title focuses on the important characteristics of financial systems in emerging market economies and their differences from those in developed countries. The book surveys both theoretical and empirical research on finance in emerging economies, as well as reviewing numerous case studies.

Author : Frederic S. Mishkin
Publisher : Princeton University Press
Page : 321 pages
File Size : 42,5 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.