Trade Liberalization And The Politics Of Financial Development

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Trade Liberalization and the Politics of Financial Development

Matias Braun,Claudio E. Raddatz
Trade Liberalization and the Politics of Financial Development Book PDF

Author : Matias Braun,Claudio E. Raddatz
Publisher : World Bank Publications
Page : 47 pages
File Size : 49,7 Mb
Release : 2005
Category : Finance
ISBN : 8210379456XXX

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Trade Liberalization and the Politics of Financial Development by Matias Braun,Claudio E. Raddatz Pdf

"A well developed financial system enhances competition in the industrial sector by allowing easier entry. The impact varies across industries, however. For some, small changes in financial development quickly induce entry and dissipate incumbents' rents, generating strong incentives to oppose improvement of the financial system. In other sectors incumbents may even benefit from increased availability of external funds. The relative strength of promoters and opponents determines the political equilibrium level of financial system development. This may be perturbed by the effect of trade liberalization in the strength of each group. Using a sample of 41 trade liberalizers Braun and Raddatz conduct an event study and show that the change in the strength of promoters vis--̉vis opponents is a very good predictor of subsequent financial development. The result is not driven by changes in demand for external funds, or by the success of the trade policy. The relationship is mediated by policy reforms, the kind that induces competition in the financial sector, in particular. Real effects follow not so much from capital deepening but mainly through improved allocation. The effect is stronger in countries with high levels of governance, suggesting that incumbents resort to this costly but more subtle way of restricting entry where it is difficult to obtain more blatant forms of anti-competitive measures from politicians. This paper--a product of the Investment and Growth Team, Development Research Group--is part of a larger effort in the group to understand the relation between finance and the macroeconomy"--World Bank web site.

Trade Liberalization and the Politics of Financial Development

Matias Braun,Claudio Raddatz
Trade Liberalization and the Politics of Financial Development Book PDF

Author : Matias Braun,Claudio Raddatz
Publisher : Unknown
Page : 128 pages
File Size : 44,5 Mb
Release : 2012
Category : Electronic
ISBN : OCLC:931674435

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Trade Liberalization and the Politics of Financial Development by Matias Braun,Claudio Raddatz Pdf

A well developed financial system enhances competition in the industrial sector by allowing easier entry. The impact varies across industries, however. For some, small changes in financial development quickly induce entry and dissipate incumbents' rents, generating strong incentives to oppose improvement of the financial system. In other sectors incumbents may even benefit from increased availability of external funds. The relative strength of promoters and opponents determines the political equilibrium level of financial system development. This may be perturbed by the effect of trade liberalization in the strength of each group. Using a sample of 41 trade liberalizers the authors conduct an event study and show that the change in the strength of promoters vis-a-vis opponents is a very good predictor of subsequent financial development. The result is not driven by changes in demand for external funds, or by the success of the trade policy. The relationship is mediated by policy reforms, the kind that induces competition in the financial sector, in particular. Real effects follow not so much from capital deepening but mainly through improved allocation. The effect is stronger in countries with high levels of governance, suggesting that incumbents resort to this costly but more subtle way of restricting entry where it is difficult to obtain more blatant forms of anti-competitive measures from politicians.

The Gains and Pains of Financial Integration and Trade Liberalization

Rajib Bhattacharyya
The Gains and Pains of Financial Integration and Trade Liberalization Book PDF

Author : Rajib Bhattacharyya
Publisher : Emerald Group Publishing
Page : 296 pages
File Size : 46,8 Mb
Release : 2019-11-26
Category : Business & Economics
ISBN : 9781789739992

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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.

The Order of Economic Liberalization

Ronald I. Mckinnon
The Order of Economic Liberalization Book PDF

Author : Ronald I. Mckinnon
Publisher : JHU Press
Page : 260 pages
File Size : 54,8 Mb
Release : 1993-10
Category : Business & Economics
ISBN : 0801847435

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The Order of Economic Liberalization by Ronald I. Mckinnon Pdf

Can knowledge of financial policies in developing countries over four decades help the socialist economies of Asia and Eastern Europe become open market economies in the 1990s? In all these countries the loss of fiscal and monetary control has often resulted in high inflation that undermines the liberalization process itself. In the second edition of The Order of Economic Liberalization, Ronald McKinnon builds on his influential work on the liberalization of financial markets in less developed countries and outlines the progression necessary to move from a "repressed" to an open economy. New to this edition are chapters that contrast the gradual Chinese approach to liberalizing domestic and foreign trade with the "big bang" approach followed by some Eastern European countries and republics of the former Soviet Union. Financial control and macroeconomic stability, McKinnon argues, are more critical to a successful transition than is any crash program to privatize state-owned industrial assets and the banking system.

Financial Liberalization

P. Arestis,M. Sawyer
Financial Liberalization Book PDF

Author : P. Arestis,M. Sawyer
Publisher : Springer
Page : 172 pages
File Size : 40,6 Mb
Release : 2005-09-08
Category : Political Science
ISBN : 9780230522381

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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.

Liberalization, Financial Instability and Economic Development

Yılmaz Akyüz
Liberalization Financial Instability and Economic Development Book PDF

Author : Yılmaz Akyüz
Publisher : Anthem Press
Page : 338 pages
File Size : 52,8 Mb
Release : 2014-05-01
Category : Business & Economics
ISBN : 9781783082292

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Liberalization, Financial Instability and Economic Development by Yılmaz Akyüz Pdf

Weighing up the costs and benefits of economic interdependence in a finance-driven world, this book argues that globalization, understood and promoted as absolute freedom for all forms of capital, has been oversold to the Global South, and that the South should be as selective about globalization as the North. ‘Liberalization, Financial Instability and Economic Development’ challenges the orthodoxy on the link between financial deepening and economic growth, as well as that between the efficiency of financial markets and the benefits of liberalization. Ultimately, the author urges developing countries to control capital flows and asset bubbles, preventing financial fragility and crises, and recommends regional policy options for managing capital flows and exchange rates.

The Political Economy of Trade Reform in Emerging Markets

Peter Draper,Phil Alves,Razeen Sally
The Political Economy of Trade Reform in Emerging Markets Book PDF

Author : Peter Draper,Phil Alves,Razeen Sally
Publisher : Edward Elgar Publishing
Page : 299 pages
File Size : 45,9 Mb
Release : 2009-01-01
Category : Political Science
ISBN : 9781848447295

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The Political Economy of Trade Reform in Emerging Markets by Peter Draper,Phil Alves,Razeen Sally Pdf

. . . few if any other recent volumes offer a historical perspective on evolving trade policy in several countries, this well-written, well-edited volume. . . is suitable for graduate and research libraries. M. Larudee, Choice This book is a refreshing reminder of the benefits of unilateral trade liberalisation in countries whose leaders dare. An important story told with clarity and authority. Ross Garnaut, The Australian National University, Australia That trade liberalization is good for emerging market economies, and not just for the rich ones, is now widely accepted by both economists and policy-makers. But the question remains: how can these reforms be implemented in practice? The answer to that important question lies in understanding the political economy of each reforming country. This book makes a splendid contribution to our understanding of this issue by examining the experience of several countries. It is therefore an important book to be read by, not just students and researchers, but also policy-makers worldwide. Jagdish Bhagwati, Columbia University, US This timely book brings fresh analysis to the important issue of trade policy reform in emerging markets. The subject matter and its significance are comprehensively introduced with a review of developing country liberalization since the 1980s providing an analytical framework for the seven country case studies that follow. The case studies (Australia, Brazil, Chile, India, Malaysia, New Zealand, and South Africa) cover a wide variety of political, historical and economic issues, but all make clear the important role that crisis, or the threat of it, plays in meaningful trade policy reform. This is of particular relevance in the current global financial crisis. These studies, together with the conclusions which are drawn from them, show how important the trade liberalization agenda remains in the 21st century. Written by a combination of both experts and practitioners, this highly topical book will make productive reading for policy makers concerned with trade policy in developed and developing countries, as well as scholars working in trade policy. Postgraduate students studying international business, international relations, economics, politics, and international law should not be without this book.

Political Economy Aspects of Trade and Financial Liberalization

Ms.Rina Bhattacharya
Political Economy Aspects of Trade and Financial Liberalization Book PDF

Author : Ms.Rina Bhattacharya
Publisher : International Monetary Fund
Page : 25 pages
File Size : 49,8 Mb
Release : 1999-11-01
Category : Business & Economics
ISBN : 9781451857658

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Political Economy Aspects of Trade and Financial Liberalization by Ms.Rina Bhattacharya Pdf

This paper integrates a two-period overlapping generations model with a standard two-sector Hecksher-Ohlin trade model and analyzes the impact of uncertainty on domestic investment in the exportable and importable sectors, the political economy linkages between trade and financial liberalization, and the implications for sequencing. Under certain assumptions financial liberalization leads to a movement of resources in the opposite direction to that implied by trade liberalization, thus defeating one of the objectives of tariff reform. When political economy linkages are taken into account, however, the indirect effects of financial liberalization may offset the direct effects and encourage a movement of resources in the desired direction.

Measuring Services Trade Liberalization and Its Impact on Economic Growth

Aaditya Mattoo,Randeep Rathindran,Arvind Subramanian
Measuring Services Trade Liberalization and Its Impact on Economic Growth Book PDF

Author : Aaditya Mattoo,Randeep Rathindran,Arvind Subramanian
Publisher : World Bank Publications
Page : 40 pages
File Size : 54,7 Mb
Release : 2001
Category : Desarrollo economico
ISBN : 8210379456XXX

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Measuring Services Trade Liberalization and Its Impact on Economic Growth by Aaditya Mattoo,Randeep Rathindran,Arvind Subramanian Pdf

Countries that fully liberalize their telecommunications and financial services sectors may be able to expect economic growth rates up to 1.5 percentage point higher than rates in other countries.

Financial Liberalization and Economic Development in Korea, 1980-2020

Anonim
Financial Liberalization and Economic Development in Korea 1980 2020 Book PDF

Author : Anonim
Publisher : BRILL
Page : 336 pages
File Size : 48,7 Mb
Release : 2022-03-07
Category : Business & Economics
ISBN : 9781684176304

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Financial Liberalization and Economic Development in Korea, 1980-2020 by Anonim Pdf

Since the early 1980s, Korea’s financial development has been a tale of liberalization and opening. After the 1997 financial crisis, great strides were made in building a market-oriented financial system through sweeping reforms for deregulation and the opening of financial markets. However, the new system failed to steer the country away from a credit card boom and bust in 2003, a liquidity crisis in 2008, and a run on its savings banks in 2011, and has been severely tested again by the ongoing COVID-19 pandemic crisis. Financial liberalization, clearly, has been no panacea. This study analyzes the deepening of and structural changes in Korea’s financial system since the early 1980s and presents the empirical results of the effects of financial development on economic growth, stability, and the distribution of income. It finds that, contrary to conventional wisdom, financial liberalization has contributed little to fostering the growth and stability of the Korean economy and has exacerbated income distribution problems. Are there any merits in financial liberalization? The authors answer this query through empirical examinations of the theories of finance and growth. They point to a clear need to further improve the efficiency, soundness, and stability of Korean financial institutions and markets.

Explaining Liberalization Commitments in Financial Services Trade

Ludger Schuknecht,Philipp Harms,Aaditya Mattoo
Explaining Liberalization Commitments in Financial Services Trade Book PDF

Author : Ludger Schuknecht,Philipp Harms,Aaditya Mattoo
Publisher : World Bank Publications
Page : 48 pages
File Size : 52,6 Mb
Release : 2003
Category : Financial services industry
ISBN : 8210379456XXX

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Explaining Liberalization Commitments in Financial Services Trade by Ludger Schuknecht,Philipp Harms,Aaditya Mattoo Pdf

The authors examine the determinants of market access commitments in international financial services trade in the General Agreement on Trade in Services (GATS). Based on a theoretical model, they investigate empirically the role of domestic political economy forces, international bargaining considerations, and the state of complementary policy. The empirical results confirm the relevance of the authors' model in explaining banking and (to a somewhat lesser degree) securities services liberalization commitments. The findings imply that those who seek greater access to developing country markets for financial services must do more to counter protectionism at home in areas of export interest for developing countries.

Capital Ungoverned

Michael Maurice Loriaux
Capital Ungoverned Book PDF

Author : Michael Maurice Loriaux
Publisher : Cornell University Press
Page : 254 pages
File Size : 55,9 Mb
Release : 1997
Category : Business & Economics
ISBN : 080148281X

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Capital Ungoverned by Michael Maurice Loriaux Pdf

Japan, South Korea, Mexico, France, and Spain once exercised significant control over the allocation of credit, and used that control to facilitate economic adjustment and industrial development. In the 1980s all that changed. Why and how these states dismantled their activist credit policies is the subject of Capital Ungoverned. The volume brings together five specialists in the economics and politics of these various states to assess the internal and global changes that prompted them to adopt financial liberalization.Comparison reveals the distinctive political and institutional logic that guided liberalization in each country--from the role of a newly dominant capitalist class in Korea to the replacement of state financing by private financing and self-financing in Japan, from the maneuvers of the banking establishment in Spain to attempts to attract foreign capital in Mexico. At the same time, these cases clarify the importance of international factors, in particular the shifts that occurred in U.S. policy as it sought to respond to the effects of uneven growth in the world economy.

Trade, Development and Political Economy

D. Lal,R. Snape
Trade Development and Political Economy Book PDF

Author : D. Lal,R. Snape
Publisher : Springer
Page : 312 pages
File Size : 48,8 Mb
Release : 2001-03-28
Category : Business & Economics
ISBN : 9780230523685

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Trade, Development and Political Economy by D. Lal,R. Snape Pdf

Trade, Development and Political Economy takes fundamental issues in trade and development policy and subjects them to well-based economic analysis in a form that is easily accessible to the non-specialist. Distinguished contributors address some of the following questions: Are critics of outward-orientated development wrong? What caused the financial crisis of East Asia? Who supports trade and aid in the US? And, what are the conditions needed to promote growth? They also look forward to what trade policies and agreements will be needed in the future.

Governing the World Economy

Diane Coyle
Governing the World Economy Book PDF

Author : Diane Coyle
Publisher : Polity
Page : 176 pages
File Size : 50,9 Mb
Release : 2000-12-19
Category : Political Science
ISBN : 0745623638

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Governing the World Economy by Diane Coyle Pdf

The global financial crisis of 1997-8 revealed that emerging market nations as well as the developed economies are vulnerable to the forces of globalization. It highlighted the need for the governance of the world economy to catch up with the pace and degree of integration through trade and financial markets. This book argues passionately in favour of the benefits of free markets, despite the crisis. Coyle argues that the freedom to exchange and invest is valuable in itself, like other freedoms, and that it is also the only sure route to economic development. Further liberalization of trade and investment, appropriately regulated, is essential if developing countries are to attain higher living standards. Economic growth, in turn, will slow population growth and create a constituency for environmental action in the developing world. Coyle also makes the case for a reassessment of the role and capabilities of the international financial institutions. She argues that these need to reflect a more even balance of power, despite the dominance of the US in today's world economy, and that they need to live up to their own rhetoric of transparency and accountability. Chapters on trade and financial markets look in particular at the role of the WTO and IMF, the key villains on the world stage in the eyes of many progressive development campaigners. The book also addresses the shifting political economy of international governance, looking at the way information technology has led to the development of a global opposition to the inter-governmental organizations. This book will be read by students of economics and politics, and all those interested in debates about the nature and trajectory of the world economy.

China’s Financial Opening

Yu Wai Vic Li
China s Financial Opening Book PDF

Author : Yu Wai Vic Li
Publisher : Routledge
Page : 212 pages
File Size : 42,5 Mb
Release : 2018-03-13
Category : Social Science
ISBN : 9781351750165

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China’s Financial Opening by Yu Wai Vic Li Pdf

The twenty-first century has not only seen China become one of the world’s largest trading nations, but also its gradual integration into the global financial system. Chinese-sponsored project financing schemes, such as the Belt-and-Road Initiative and the Asian Infrastructure Investment Bank, and the expanding international footprint of the renminbi, have raised the specter of Beijing shaping established market rules and practices with its financial firepower. These dramatic developments beyond the "Great Wall of Money" have overshadowed the equally remarkable opening of China’s domestic capital markets. These include initiatives that make cross-border equity trade and investment easier; attempts to internationalize exclusively domestic-oriented equity markets; and creation of the first offshore renminbi hub in Hong Kong, paving the way for the "big bang" of renminbi use worldwide. Li interrogates the domestic political dynamics underlying the dizzying switches between liberalization and restriction. This book argues that the interplay between the pro-opening coalitions and dissenting parties has been central to the policymaking process. Financial opening has not only been driven by central bureaucratic actors, but also by financial industry interests and the local authorities of financial centers acting in concert as coalitions. The local and financial constituents have shaped policy agendas and priorities, and defined and framed liberalizing initiatives in ways that appealed to bureaucratic entities. They also sought wider political support by capitalizing on connections with top decision-making elites. To allay opposition and maintain political and technical consensus, the coalition constituents have offered concessions to dissenting parties over implementation specifics. This, however, has not always succeeded. Dissenting parties who recognized adverse distributional and policy risk implications inherent in the opening initiatives might decline concessionary offers, leading to policy tendencies other than opening. As one of the very first political economy contributions to studies of China’s financial opening from the 2000s, this book will appeal to researchers of international political economy, East Asia and China specialists, and financial practitioners and policymakers wanting to make sense of the country’s liberalizing logic.