International Financial Integration And Economic Growth

Author : Hali J. Edison
Publisher : Unknown
Page : 36 pages
File Size : 41,5 Mb
Release : 2002
Category : Developing countries
ISBN : UCSD:31822032146847

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International Financial Integration and Economic Growth by Hali J. Edison Pdf

This paper uses new data and new econometric techniques to investigate the impact of international financial integration on economic growth and also to assess whether this relationship depends on the level of economic development, financial development, legal system development, government corruption, and macroeconomic policies. Using a wide array of measures of international financial integration on 57 countries and an assortment of statistical methodologies, we are unable to reject the null hypothesis that international financial integration does not accelerate economic growth even when controlling for particular economic, financial, institutional, and policy characteristics.

Author : Mr.Gian Milesi-Ferretti,Mr.Philip R. Lane
Publisher : International Monetary Fund
Page : 46 pages
File Size : 45,7 Mb
Release : 2003-04-01
Category : Business & Economics
ISBN : 9781451850901

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International Financial Integration by Mr.Gian Milesi-Ferretti,Mr.Philip R. Lane Pdf

In recent decades, the foreign assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. This paper describes the broad trends in international financial integration for a sample of industrial countries and seeks to explain the cross-country and time-series variation in the size of international balance sheets. It also examines the behavior of the rates of return on foreign assets and liabilities, relating them to "market" returns.

Author : Sergi, Bruno,Fidanoski, Filip,Ziolo, Magdalena,Naumovski, Vladimir
Publisher : IGI Global
Page : 383 pages
File Size : 41,9 Mb
Release : 2018-04-06
Category : Business & Economics
ISBN : 9781522540274

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Regaining Global Stability After the Financial Crisis by Sergi, Bruno,Fidanoski, Filip,Ziolo, Magdalena,Naumovski, Vladimir Pdf

The prosperity and stability of any economic structure is reliant upon a foundation of secure systems that regulate the movement of money across the globe. These structures have become an integral part of contemporary society by reducing monetary risk and increasing financial security. Regaining Global Stability After the Financial Crisis is a critical scholarly publication that examines the after-effects of the economic slowdown and the steps that have been taken to overcome the consequences of the slowdown as well as strategies to reduce its impact on economies and societies. Highlighting a wide range of topics including economic convergence, risk management, and public policy for financial stability, this book is geared toward academicians, practitioners, students, managers, and professionals in the financial sector seeking current research on regaining a sense of safety and security after a time of economic crisis.

Author : Pierre-Richard Agénor
Publisher : World Bank Publications
Page : 68 pages
File Size : 47,6 Mb
Release : 2001
Category : Capital movements
ISBN : 8210379456XXX

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Benefits and Costs of International Financial Integration by Pierre-Richard Agénor Pdf

This literature review joins with recent studies in arguing that financial integration must be carefully prepared and managed to ensure that the benefits outweigh the short-run risks. But in contrast with some other studies, it adopts a more skeptical view of the benefits of capital flows other than foreign direct investment.

Author : Rajib Bhattacharyya
Publisher : Emerald Group Publishing
Page : 201 pages
File Size : 47,6 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 : Sanjay Sehgal,Wasim Ahmad,Piyush Pandey,Sakshi Saini
Publisher : Taylor & Francis
Page : 215 pages
File Size : 53,6 Mb
Release : 2020-10-25
Category : Business & Economics
ISBN : 9781000202656

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Economic and Financial Integration in South Asia by Sanjay Sehgal,Wasim Ahmad,Piyush Pandey,Sakshi Saini Pdf

This book analyses the current state and potential of economic and financial integration in South Asia, which has emerged as one of the most dynamic regions of the world. It looks at how regional convergences and cooperation would reinforce ties amongst the diverse economies of South Asia in the changing global economic landscape. Drawing on empirical research, the book looks at the degree of economic and financial integration in South Asia, which according to the World Bank includes the least integrated regions in the world, and explores the fundamental factors that drive integration amongst these countries. It offers important insights into the financial landscape of the region, as well as the dynamics of the interlinkages in the banking system, the stock markets, and the debt markets. The book examines the role of bilateral trade in augmenting regional economic ties, the opportunities for growth these will foster, and the major challenges and roadblocks for the leaders of the region. It also provides an overview of China’s role in South Asia’s financial integration and the interdependence of these economies for economic opportunities, macroeconomic and financial stability, jobs, sustainable growth, and inclusive development. Detailed and insightful, this book will be of great interest to investors and regional policymakers. It will also be of interest to researchers and students of economics, public and foreign policy, finance, international relations, and South Asia studies.

Author : Luc Eyraud,Ms.Diva Singh,Mr.Bennett W Sutton
Publisher : International Monetary Fund
Page : 32 pages
File Size : 54,7 Mb
Release : 2017-01-18
Category : Business & Economics
ISBN : 9781475568684

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Benefits of Global and Regional Financial Integration in Latin America by Luc Eyraud,Ms.Diva Singh,Mr.Bennett W Sutton Pdf

The timing is ripe to pursue greater regional financial integration in Latin America given the withdrawal of some global banks from the region and the weakening of growth prospects. Important initiatives are ongoing to foster financial integration. Failure to capitalize on this would represent a significant missed opportunity. This paper examines the scope for further global and regional financial integration in Latin America, based on economic fundamentals and comparisons to other emerging regions, and quantifies the potential macroeconomic gains that such integration could bring. The analysis suggests that closing the financial integration gap could boost GDP growth be 1⁄4 - 3⁄4 percentage point in these countries, on average.

Author : David T. Llewellyn
Publisher : New York : Wiley
Page : 244 pages
File Size : 48,9 Mb
Release : 1980
Category : Business & Economics
ISBN : STANFORD:36105035989313

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International Financial Integration by David T. Llewellyn Pdf

Author : Lars Oxelheim
Publisher : Springer Verlag
Page : 389 pages
File Size : 41,6 Mb
Release : 1990
Category : Business & Economics
ISBN : 0387526293

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International Financial Integration by Lars Oxelheim Pdf

There is widespread agreement in the current social and economic debate that the nations of the world are becoming increasingly integrated. Many structural signs in society also suggest that this is so. Integration has become a catchword in the prepara tions for the internal market of the EC, and a keynote in the debate about association for the European countries which do not belong to the Community. But when we turn to the question of how this integration should be measured, there is very little con sensus. Instead there are numerous problems, not only about how to measure integra tion but even about how to define it. In this book I shall discuss the import and implications of a particular type of integration, namely financial integration, and then look at the most important problems connected with measuring it. In the empirical investigation reported below I felt the need for an integrated micro-macro approach. Further, I decided to illustrate the measurement problems by studying a small and relatively open economy where exchange controls have been imposed by the government in an attempt to reduce the flow of interest-sensitive capital out of the country, and thus to acquire autonomy for the national monetary policy. An interview study has been carried out with a view to illustrating among other things how expectations are formed among the major actors on the financial market, and this provided additional input for an analysis of the level of financial integration.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 87 pages
File Size : 42,6 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 : International Monetary Fund
Publisher : International Monetary Fund
Page : 141 pages
File Size : 51,6 Mb
Release : 2006-05-09
Category : Business & Economics
ISBN : 9781589064928

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Central America by International Monetary Fund Pdf

Intraregional financial activity in Central America has grown substantially in the past decade, contributing to efficiency and economic development. At the same time, the expansion of activities by regional conglomerates has increased the challenges to supervisory authorities of containing the risks of contagion. Prepared as part of the Central America Financial Sector Regional Project by an IMF and World Bank staff team, this book outlines trends in the region's financial sector integration, supervisory responses, development of the insurance sector, payment and securities settlement arrangements, and worker remittances. It addresses the many common policy challenges facing Central American countries--Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama--in financial sector reform. The book offers key policy recommendations.

Author : Mr.Philip R. Lane,Mr.Gian M Milesi-Ferretti
Publisher : International Monetary Fund
Page : 53 pages
File Size : 48,7 Mb
Release : 2017-05-10
Category : Business & Economics
ISBN : 9781484300336

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International Financial Integration in the Aftermath of the Global Financial Crisis by Mr.Philip R. Lane,Mr.Gian M Milesi-Ferretti Pdf

This paper documents the evolution of international financial integration since the global financial crisis using an updated dataset on external assets and liabilities, covering over 210 economies for the period 1970-2015. It finds that the growth in cross-border positions in relation to world GDP has come to a halt. This reflects much weaker capital flows to and from advanced economies, with diminished cross-border banking activity, and an increase in the weight of emerging economies in global GDP, as these economies have lower external assets and liabilities than advanced economies. Cross-border FDI positions have continued to expand, unlike positions in portfolio instruments and other investment. This expansion reflects primarily positions vis-à-vis financial centers, suggesting that the complexity of the corporate structure of large multinational corporations is playing an important role. The paper also explores the cross-country drivers of foreign ownership of domestic debt securities, highlighting in particular the role of the euro debt crisis in explaining its evolution.

Author : Sławomir Ireneusz Bukowski
Publisher : Routledge
Page : 126 pages
File Size : 51,9 Mb
Release : 2019-11-21
Category : Business & Economics
ISBN : 9780429575617

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Financial Integration in the European Monetary Union by Sławomir Ireneusz Bukowski Pdf

This book introduces readers to the world of international financial markets and their integration on a global and regional scale. The author presents the theoretical and practical issues concerning the processes of financial market integration, with a particular focus on the monetary union. The empirical research results are based on econometric modeling, thus simplifying them for a non-specialist audience, who can instead concentrate on the author’s conclusions, which comprise the results of these complicated research methods. The author outlines the role and functions of financial markets in the economy, in particular the relationship between financial intermediaries and financial markets and tackles the question of integration of new EU member countries’ financial markets within the eurozone. The integration of financial markets in an international context is inevitable, and the author argues that we must learn how to benefit from it from in terms of economic growth. This book will be a valuable resource for students of economics and finance, particularly those studying financial management and international business and finance, as well as professionals in these fields. Further, this book will be of interest to anyone looking to discover more about the problems of globalization and the integration of financial markets into the modern economy.

Author : Mr.Ayhan Kose,Mr.Kenneth Rogoff,Mr.Eswar Prasad,Shang-Jin Wei
Publisher : International Monetary Fund
Page : 68 pages
File Size : 40,9 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.

Author : Roman Matoušek,Daniel Stavárek
Publisher : Routledge
Page : 361 pages
File Size : 40,9 Mb
Release : 2012-03-15
Category : Business & Economics
ISBN : 9781136339691

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Financial Integration in the European Union by Roman Matoušek,Daniel Stavárek Pdf

This edited collection assesses the level of financial integration in the European Union (EU) and the differences across the countries and segments of the EU financial system. Progress in financial integration is key to the EU’s economic growth and competitiveness and although it has advanced substantially, the process is still far from completion. This book focuses on the pace of financial integration in the EU with special emphasis on the new EU Member States and investigates their progress in comparison with ‘old’ EU countries. The book is the first of its kind to include and evaluate the effects of the global financial crisis on the process of EU financial integration. In particular, the book’s contributors address the issue of whether a high degree of financial integration contributed to the intensification of the financial crisis, or whether a low level of integration prevented countries and financial industries from some of the negative effects of the crisis. Although most of the chapters apply contemporary econometric tools, the technical part is always reduced to indispensable minimum and the emphasis is given to economic interpretation of the results. The book aims to offer an up to date and insightful examination of the process of financial integration in the EU today.