Macroeconomic Consequences Of Financial Liberalisation
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A. Blundell-Wignall,Frank Browne,Organisation for Economic Co-operation and Development. Department of Economics and Statistics
Author : A. Blundell-Wignall,Frank Browne,Organisation for Economic Co-operation and Development. Department of Economics and Statistics Publisher : OECD Page : 74 pages File Size : 44,9 Mb Release : 1991 Category : Banks and banking, International ISBN : STANFORD:36105035201925
Macroeconomic Consequences of Financial Liberalisation by A. Blundell-Wignall,Frank Browne,Organisation for Economic Co-operation and Development. Department of Economics and Statistics Pdf
Financial Liberalisation by Philip Arestis,Malcolm Sawyer Pdf
This book is the thirteenth volume in the International Papers in Political Economy (IPPE) series which explores the latest developments in political economy. A collection of eight papers, the book concentrates on the deregulation of domestic financial markets and discusses financial liberalisation in terms of its past performance, current progress and future developments. The chapters have been written by expert contributors in the field and focus on topics such as past records of financial liberalisation, future policies of regulation, and current account imbalances. Other papers examine capital account regulations in developing and emerging countries, and capital controls in the Eurozone after the 2007 financial crisis. This collection of papers invites readers to consider the impact of financial liberalisation both during and after the global economic crisis. Scholars and students with an interest in political economy, financialisation, and economic performance will find this collection stimulating and informative.
Author : John Williamson,Molly Mahar Publisher : Princeton University International Finance Section, Department of Econmics Page : 86 pages File Size : 47,7 Mb Release : 1998 Category : Business & Economics ISBN : STANFORD:36105029106536
Financial Liberalization and Financial Fragility by Asli Demirgüç-Kunt,Enrica Detragiache Pdf
A study of 53 countries during 1980-95 finds that financial liberalization increases the probability of a banking crisis, but less so where the institutional environment is strong. In particular, respect for the rule of law, a low level of corruption, and good contract enforcement are relevant institutional characteristics. the data also show that, after liberalization, financially repressed countries tend to have improved financial development even if they experience a banking crisis. This is not true for financially restrained countries. This paper’s results support a cautious approach to financial liberalization where institutions are weak, even if macroeconomic stabilization has been achieved.
Financial Liberalization, Credit Market Imperfections and Financial System Stability by Tim Niepel Pdf
Master's Thesis from the year 2013 in the subject Business economics - Investment and Finance, grade: 1,5, Utrecht University (Utrecht School of Economics), language: English, abstract: Financial liberalization stimulates competition and thereby supposedly increases the efficiency of investment. A simple credit market model is developed to show that such efficiency improvements may be disturbed by competition-induced incentives for banks to accept higher default rates, which result in instability of the financial system. Thereby we offer a complementary explanation to the relationship between competition and stability in financial markets. Consequently we argue that government intervention, in the form of intelligent regulation, is necessary to ensure the development of sustainable financial markets.
Financial Liberalization by P. Arestis,M. Sawyer Pdf
The financial liberalization thesis emerged in the 1970s and has been of considerable importance ever since, not merely in terms of its theoretical influence but, perhaps more importantly, in terms of its impact on policy makers and policy debates. Although it has encountered increasing scepticism over the years, it nevertheless had a relatively early impact on development policy, which still continues unabated, through the work of the IMF and the World Bank. The latter two institutions, perhaps in their traditional role as promoters of what were claimed to be free market conditions, were keen to encourage financial liberalization policies as part of more general reforms or stabilization programmes. This book explores what we have learned from the vast experience of the theoretical and policy aspects of the financial liberalization.
Author : Abdullahi Dahir Ahmed,Sardar M. N. Islam Publisher : Springer Science & Business Media Page : 303 pages File Size : 55,5 Mb Release : 2009-10-03 Category : Business & Economics ISBN : 9783790821680
Financial Liberalization in Developing Countries by Abdullahi Dahir Ahmed,Sardar M. N. Islam Pdf
The recent global ?nancial crisis has made ?nancial liberalization a topic of great academic and practical interest. This book makes new contributions to the topic by combining fact-?nding, empirical analysis, and theory to examine the relationship between ?nancial liberalization and economic growth. Among its contributions, the book provides detailed country assessments on the effects of ?nancial liberalization, including its striking impact on the banking sector. Although an important goal of ?nancial deregulation has been to help ?nancial institutions better perform their role in intermediating resources, the book models how deregulation may fail to achieve that goal in countries with underdeveloped ?nancial markets and institutions. For that purpose, the book draws on actual experience in Kenya, Malawi, Botswana, and Thailand. This book should constitute important reading for students of ?nancial economics, researchers and general academics, ?nancial practitioners, policymakers, and teachers of economics. North Carolina, USA Steven L. Schwarcz December 2008 Stanley A. Star Professor of Law & Business, Duke University Founding Director, Duke Global Capital Markets Center Durham vii Abstract and Preface The latest global ?nancial and economic crisis of 2008 shows the need to - examine the desirability of ?nancial liberalization and the basis for the view that ?nancial deregulation by itself cannot be considered as a substitute for better economic management. The literature on ?nancial liberalization has identi?ed various mechanisms through which removing controls on interest rates may impact economic growth.
Author : P. Arestis,L. de Paula,Luiz Fernando de Paula Publisher : Springer Page : 221 pages File Size : 42,5 Mb Release : 2008-07-24 Category : Business & Economics ISBN : 9780230227743
Financial Liberalization and Economic Performance in Emerging Countries by P. Arestis,L. de Paula,Luiz Fernando de Paula Pdf
This book discusses the relationship between financial liberalization, financial deepening and economic performance from both a theoretical and a policy perspective, comparing several 'big' emerging countries: Argentina, Brazil, China, India, Russia, South Africa and India, amongst others.
Experiences with Financial Liberalization by K. L. Gupta Pdf
Experiences with Financial Liberalization provides a broad spectrum of policy experiences relating to financial liberalization around the globe since the 1960s. There is a sizable body of theoretical and aggregative empirical literature in this area, but there is little work documenting and analyzing the experiences of individual countries and/or sets of countries. This book is divided into four parts by geographical region - Africa, Asia and Latin America, Central and Eastern Europe, and the Middle East. Aggregative econometric studies cannot substitute for country-wide studies in allowing the researcher to draw lessons for the future, and this volume adds to this relatively small body of literature.
Short-Run Pain, Long-Run Gain by Mr.Sergio L. Schmukler,Graciela Laura Kaminsky Pdf
We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging market economies since 1973. We also construct an algorithm to identify booms and busts in stock market prices. Our results indicate that financial liberalization is followed by more pronounced boom-bust cycles in the short run. However, financial liberalization leads to more stable markets in the long run. Finally, we analyze the sequencing of liberalization and institutional reforms to understand the contrasting short- and long-run effects of liberalization.
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.
The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data by Davide Furceri,Mr.Prakash Loungani,Mr.Jonathan David Ostry Pdf
We take a fresh look at the aggregate and distributional effects of policies to liberalize international capital flows—financial globalization. Both country- and industry-level results suggest that such policies have led on average to limited output gains while contributing to significant increases in inequality—that is, they pose an equity–efficiency trade-off. Behind this average lies considerable heterogeneity in effects depending on country characteristics. Liberalization increases output in countries with high financial depth and those that avoid financial crises, while distributional effects are more pronounced in countries with low financial depth and inclusion and where liberalization is followed by a crisis. Difference-indifference estimates using sectoral data suggest that liberalization episodes reduce the share of labor income, particularly for industries with higher external financial dependence, those with a higher natural propensity to use layoffs to adjust to idiosyncratic shocks, and those with a higher elasticity of substitution between capital and labor. The sectoral results underpin a causal interpretation of the findings using macro data.
Financial Liberalization and the Reconstruction of State-Market Relations by Robert B. Packer Pdf
In this study, the author hopes to add to the literature concerning the distributional consequences of financial integration by focusing on the rise of non-state actors within a transformed international system. In it, he argues that structural change brought on by transnational production and post-industrialization has created space for non-state actors to acquire autonomy from sovereign entities. While finance is by no means the only specialized sector to achieve autonomy, it has perhaps the most immediate impact on the ability of governments to pursue policy. First published in 1999. Routledge is an imprint of Taylor & Francis, an informa company.
International Finance in Emerging Markets by Songporn Hansanti,Sardar M. N. Islam,Peter Sheehan Pdf
This book reviews the contemporary issues in international monetary and financial economics (such as financial liberalisation, crisis, exchange rate determination, capital control, domestic capital market reform, etc.) in an emerging financial market such as Thailand from a welfare economic p- spective, highlighting the social welfare implications of these issues. This 3 book also suggests a normative social approach (as formalised in the new welfare economics paradigm) (see Islam 2001a,b for a discussion of this ; concept) for analysing and addressing these issues and formulating appr- riate policies. Undertaking the above tasks, the asymmetric information paradigm 3 and other elements of the new welfare economics paradigm are adapted in analysing the international financial issues of Thailand, their causes and economic and social welfare consequences. The last two decades have been a critical period for Thailand’s dev- opment. From the mid-1980s to the beginning of the 1990s, the Thai economy performed remarkably well and was a showcase for the world economy. Having achieved a double-digit growth rate for a brief period, Thailand in the late 1980s was regarded as the fastest growing economy in the world by the World Bank and the IMF. With prospects of further rapid economic growth, the Thai government accepted Article VIII of the IMF, which required Thailand to liberalise and deregulate its financial system.
Economic Growth and Financial Development by Muhammad Shahbaz,Alaa Soliman,Subhan Ullah Pdf
This book looks into the relationship between financial development, economic growth, and the possibility of a potential capital flight in the transmission process. It also examines the important role that financial institutions, financial markets, and country-level institutional factors play in economic growth and their impact on capital flight in emerging economies. By presenting new theoretical insights and empirical country studies as well as econometric approaches, the authors focus on the relationship between financial development and economic growth with capital flight in the era of financial crisis. Therefore, this book is a must-read for researchers, scholars, and policy-makers, interested in a better understanding of economic growth and financial development of emerging economies alike.
