Financial Globalization Unequal Blessings

Author : Eduardo Levy Levy-Yeyati,Augusto de la Torre,Sergio L. Schmukler
Publisher : Unknown
Page : 0 pages
File Size : 55,8 Mb
Release : 2004
Category : Electronic
ISBN : OCLC:1375340470

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Financial Globalization by Eduardo Levy Levy-Yeyati,Augusto de la Torre,Sergio L. Schmukler Pdf

This paper presents a framework to analyze financial globalization. It argues 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 (imperfect) world financial markets. But developing countries normally display the "unblessed trinity" (weak currency, fear of floating, and weak institutional framework). The paper defines and discusses 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.

Author : Augusto de la Torre,Eduardo Levy Yeyati
Publisher : World Bank Publications
Page : 28 pages
File Size : 52,6 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.

Author : Cally Jordan,Giovanni Majnoni
Publisher : World Bank Publications
Page : 32 pages
File Size : 52,6 Mb
Release : 2002
Category : Disclosure of information
ISBN : 8210379456XXX

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Financial Regulatory Harmonization and the Globalization of Finance by Cally Jordan,Giovanni Majnoni Pdf

In the globalizing economy, national policymakers are often forced to accept the challenge of financial integration. Faced with the potentially destabilizing effects of international financial markets, they have to strengthen financial regulation, importing international best practices and aligning domestic with foreign regulation, to avoid destabilizing phenomena of regulatory arbitrage. The authors explore the main features of the ongoing process of worldwide financial regulatory convergence and the role played by the global dissemination of financial standards and codes. They analyze the reasons behind the generalized acceptance of international best practices and the limits of the standards and codes approach to financial regulatory harmonization.

Author : D. Das
Publisher : Springer
Page : 214 pages
File Size : 45,7 Mb
Release : 2003-12-18
Category : Business & Economics
ISBN : 9781403938671

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The Economic Dimensions of Globalization by D. Das Pdf

Dilip K. Das succintly covers the principal normative and positive strands that one needs to be properly familiar with in the area of economic globalization. The selection and rejection of themes for coverage in the book has been carefully done. The picture of globalization has been painted with a broad brush. The unique feature that distinguishes it from the competition is its succinct coverage of numerous, carefully selected, thematic issues that falls under the rubric of globalization. The book is easy to access for the target readership because of its descriptive analysis style.

Author : A. Barrera
Publisher : Springer
Page : 286 pages
File Size : 52,5 Mb
Release : 2007-12-09
Category : Political Science
ISBN : 9780230609761

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Globalization and Economic Ethics by A. Barrera Pdf

What is the appropriate criterion to use for distributive justice? Is it efficiency, need, contribution, entitlement, equality, effort, or ability? This book maintains that far from being rival principles of distributive justice, efficiency and need satisfaction are, in fact, complementary norms in our emerging knowledge economy.

Author : Augusto de la Torre,Sergio Schmukler
Publisher : World Bank Publications
Page : 228 pages
File Size : 52,9 Mb
Release : 2006-10-20
Category : Business & Economics
ISBN : 0821365444

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Emerging Capital Markets and Globalization by Augusto de la Torre,Sergio Schmukler Pdf

Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.

Author : Frederic S. Mishkin
Publisher : Princeton University Press
Page : 321 pages
File Size : 52,8 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.

Author : José Antonio Ocampo,Joseph E. Stiglitz
Publisher : OUP Oxford
Page : 388 pages
File Size : 53,6 Mb
Release : 2008-05-01
Category : Business & Economics
ISBN : 9780191528156

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Capital Market Liberalization and Development by José Antonio Ocampo,Joseph E. Stiglitz Pdf

Capital market liberalization has been a key battle in the debate on globalization for much of the previous two decades. Many developing countries, often at the behest of international financial institutions such as the IMF, opened their capital accounts and liberalized their domestic financial markets as part of the wave of liberalization that characterized the 1980s and 1990s and in doing so exposed their economies to increased risk and volatility. Now with even the IMF acknowledging the risks inherent in capital market liberalization, the central intellectual battle over the effects of capital market liberalization has for the most part ended. Though this new understanding of the consequences of capital market liberalization is reshaping many policy discussions among academics and international institutions, ideological and vested interests remain. Critical policy debates also remain, such as how much government should intervene and what tools are available. Although capital market liberalization might not produce the promised benefits, many economists and policymakers still worry about the costs of intervention. Do these costs exceed the benefits? What are the best kinds of interventions, under what circumstances? To answer these questions, we have to understand why capital market liberalization has failed to enhance growth, why it has resulted in greater instability, why the poor appear to have borne the greatest burden, and why the advocates of capital market liberalization were so wrong. Bringing together some of the leading researchers and practitioners in the field, this volume provides an analysis of both the risks associated with capital market liberalization and the alternative policy options available to enhance macroeconomic management.

Author : Rajib Bhattacharyya
Publisher : Emerald Group Publishing
Page : 201 pages
File Size : 49,7 Mb
Release : 2019-11-26
Category : Business & Economics
ISBN : 9781838670061

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The Gains and Pains of Financial Integration and Trade Liberalization by Rajib Bhattacharyya Pdf

Geared towards policy makers, researchers, academics, and business and management professionals, The Gains and Pains of Financial Integration and Trade Liberalization helps readers develop new theories and models for analysing the future trends in finance and trade-related issues.

Author : Pierre Richard Agenor
Publisher : World Bank Publications
Page : 64 pages
File Size : 47,9 Mb
Release : 2002
Category : Free trade
ISBN : 8210379456XXX

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Does Globalization Hurt the Poor? by Pierre Richard Agenor Pdf

Agenor attempts to examine analytically and empirically the extent to which globalization affects the poor in low- and middle-income countries. He begins with a description of various channels through which trade openness and financial integration may have an adverse effect on poverty. However, the author also stresses the possible nonlinearities involved-possibilities that have seldom been recognized in the ongoing debate. Agenor then presents cross-country regressions that relate measures of real and financial integration to poverty. The regressions control for changes in income per capita and output growth rates, as well as various other macroeconomic and structural variables, such as the inflation tax, changes in the real exchange rate and the terms of trade, health and schooling indicators, and macroeconomic volatility. The author uses not only individual indicators of trade and financial openness but also a "globalization index" based on principal components analysis, and tests for both linear and nonlinear effects. The results suggest the existence of a nonmonotonic, Laffer-type relationship between globalization and poverty. At low levels, globalization appears to hurt the poor; but beyond a certain threshold, it seems to reduce poverty-possibly because it brings with it renewed impetus for reform. So, globalization may hurt the poor not because it went too far, but rather because it did not go far enough.

Author : Paul Hirst,Grahame Thompson,Simon Bromley
Publisher : John Wiley & Sons
Page : 304 pages
File Size : 43,9 Mb
Release : 2015-01-28
Category : Political Science
ISBN : 9780745697345

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Globalization in Question by Paul Hirst,Grahame Thompson,Simon Bromley Pdf

'Globalization' is one of the key concepts of our time. It is used by both the right and the left as the cornerstone of their analysis of the international economy and polity. In both political and academic discussions, the assumption is commonly made that the process of economic globalization is well under way and that this represents a qualitatively new stage in the development of international capitalism. But is there in fact such a thing as a genuinely global economy? Globalization in Question investigates this notion, providing a very different account of the international economy and stressing the possibilities for its continued and extended governance. The new edition of this best-selling text has been thoroughly revised and updated to take into account new issues which have become salient in the period since the first and second editions were published. Several new chapters have been added and others combined or re-written to assess the growing supra-national regionalization of the international economy, the emergence of India and China as new super-powers, and the possibilities for the continued governance of the global system. A new author has been added to strengthen the analytical embrace of the book given the untimely death of Paul Hirst in 2003. Globalization in Question's third edition is a continuing intervention into current discussions about the nature and prospects of globalization. The book has far-reaching implications which will be of interest to students and academics in a number of disciplines including politics, sociology, economics and geography, as well as to journalists and policy-makers.

Author : Marga Peeters,Nidal Sabri,Wassim Shahin
Publisher : Springer Science & Business Media
Page : 234 pages
File Size : 47,5 Mb
Release : 2013-09-21
Category : Business & Economics
ISBN : 9783642356971

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Financial Integration by Marga Peeters,Nidal Sabri,Wassim Shahin Pdf

The Arab upheaval and the world's biggest financial crisis after the Great Depression were almost simultaneous in their occurrence. The Mediterranean economies now face a dual challenge of a political and financial restructuring in the light of a shaky economic pedestal on which they stand. In light of this socio-political and economic shift in both inland and in world markets, this book offers a thorough analysis on problems, prospects and the way ahead for the financial integration of the South-Mediterranean region. Several perspectives on financial integration and policy recommendations are put forward from a leading group of researchers specializing on the Mediterranean region.

Author : Augusto de la Torre,Juan Carlos Gozzi
Publisher : World Bank Publications
Page : 43 pages
File Size : 44,6 Mb
Release : 2006
Category : Crisis financiera - America Latina
ISBN : 8210379456XXX

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Financial Development in Latin America by Augusto de la Torre,Juan Carlos Gozzi Pdf

"This paper argues that the dominant policy paradigm on financial development is increasingly insufficient to address big emerging issues that are particularly relevant for financial systems in Latin America. This paradigm was shaped over the past decades by a fundamental shift in thinking toward market-based financial development and a complex process of financial crises interpretation. The result has been a richly textured policy paradigm focused on promoting financial stability and the convergence to international standards. It argues, however, that there is a growing dissonance between the current paradigm and the emerging issues, which is illustrated by discussing challenges in three areas: stock markets, small and medium enterprise loans, and defined-contribution pension funds. The paper concludes that the dominant policy paradigm is ill-suited to provide significant guidance in relation to the big emerging issues. It emphasizes the need to take a fresh look at the evidence, improve the diagnoses, revisit expectations, and revise the paradigm. "--World Bank web site.

Author : Anonim
Publisher : World Bank Publications
Page : 52 pages
File Size : 44,5 Mb
Release : 2024-06-03
Category : Electronic
ISBN : 8210379456XXX

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Financial Development, Property Rights, and Growth by Anonim Pdf

Author : Inessa Love,Lea Zicchino
Publisher : World Bank Publications
Page : 40 pages
File Size : 40,6 Mb
Release : 2002
Category : Business enterprises
ISBN : 8210379456XXX

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Financial Development and Dynamic Investment Behavior by Inessa Love,Lea Zicchino Pdf

The authors apply vector autoregression to firm-level panel data from 36 countries to study the dynamic relationship between firms' financial conditions and investment. They argue that by using orthogonalized impulse-response functions they are able to separate the "fundamental factors" (such as marginal profitability of investment) from the "financial factors" (such as availability of internal finance) that influence the level of investment. The authors find that the impact of the financial factors on investment, which they interpret as evidence of financing constraints, is significantly larger in countries with less developed financial systems. The finding emphasizes the role of financial development in improving capital allocation and growth.