Emerging Economies and the Global Financial System

Emerging Economies and the Global Financial System
Author: Bruno Bonizzi,Annina Kaltenbrunner,Raquel A. Ramos
Publsiher: Routledge
Total Pages: 290
Release: 2021-05-05
Genre: Business & Economics
ISBN: 9780429658358

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This book provides a comprehensive overview of the financial integration of emerging economies through an in-depth analysis of the international monetary system, how it impacts capital flows and exchange rates, and its implications for policy making. The financial integration of emerging economies has been a remarkable development of the past two decades. The growth of cross-border transactions and asset ownership, not least through the accumulation of foreign exchange reserves, has put many of these countries in a more prominent, if still peripheral, position within the global financial system. This has not been a smooth process, as integration has been marked by cyclical waves of capital flows, with financial and currency instability often accompanying the acute phases of these cycles. While conventional economic theory traditionally sees financial integration as a positive development, Post-Keynesian economists, working in the tradition of Keynes, Minsky and Kalecki, have long taken a more sceptical viewpoint. By centring the analysis of financial dynamics on concepts as liquidity, uncertainty, balance-sheet structures and institutions, Post-Keynesian theory highlights the intrinsic character of shocks imposed by financial integration upon emerging economies, and their implications for economic growth and distribution. This book demonstrates that these analyses can be fruitfully used to gain a better understanding of financial (in)stability and economic development in emerging economies as they integrate into the global financial system. This work provides key reading for students and scholars of economics, political economy and finance that are interested in the financial integration of emerging economies, and how the heterodox tradition of Post-Keynesian economics contributes to its analysis.

Global Finance in Emerging Market Economies

Global Finance in Emerging Market Economies
Author: Todd A. Knoop
Publsiher: Routledge
Total Pages: 330
Release: 2013
Genre: Business & Economics
ISBN: 9780415501217

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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.

The Financial Landscape of Emerging Economies

The Financial Landscape of Emerging Economies
Author: Aswini Kumar Mishra,Vairam Arunachalam,Sanket Mohapatra,Dennis Olson
Publsiher: Springer Nature
Total Pages: 191
Release: 2020-11-25
Genre: Business & Economics
ISBN: 9783030600082

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This volume presents current developments in the field of finance from an emerging markets perspective. Featuring most of the contributions presented at the second International Conference on Economics and Finance (ICEF-2020), Goa, India, this volume serves as a valuable forum for discussing financial performance and well-being, economic policy uncertainty, efficiency of commodity markets and various recent trends in the banking and financial sector. It provides an analysis of the current state of the financial sector and proposes solutions to challenging topics including bankruptcy, audit quality and liquidity crises. Popular topics such as cryptocurrency, stock market volatility and board governance are also covered.

Creating an Efficient Financial System

Creating an Efficient Financial System
Author: Thorsten Beck
Publsiher: World Bank Publications
Total Pages: 43
Release: 2006
Genre: Capital market
ISBN: 9182736450XXX

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Financial sector development fosters economic growth and reduces poverty by widening and broadening access to finance and allocating society's savings more efficiently. The author first discusses three pillars on which sound and efficient financial systems are built: macroeconomic stability and effective and reliable contractual and informational frameworks. He then describes three different approaches to government involvement in the financial sector: the laissez-faire view, the market-failure view and the market-enabling view. Finally, the author analyzes the sequencing of financial sector reforms and discusses the benefits and challenges that emerging markets face when opening their financial systems to international capital markets.

Global Finance in Emerging Market Economies

Global Finance in Emerging Market Economies
Author: Todd Knoop
Publsiher: Routledge
Total Pages: 329
Release: 2013-02-11
Genre: Business & Economics
ISBN: 9781135082277

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Emerging market economies have accounted for three quarters of world economic growth and more than half of world output over the last decade. But the energy and ideas inherent in emerging economies cannot generate growth by themselves without resources to support them — and first among these resources is money which is needed to purchase the capital and knowhow that turn ideas and initiative into income. How do emerging economies rich in resources other than money get money? This question encapsulates what emerging market finance is all about, and why finance is absolutely crucial to economic development. In emerging countries, most of the population does not have access to bank accounts or financial markets to save or borrow. The result is that many firms cannot get access to financial resources to grow, while households cannot borrow and save in ways that could reduce the riskiness and poverty of their lives. Even those that do have access to formal finance find that credit is unreliable and expensive. These financial failures limit growth and also increase the frequency of costly financial crises. These issues, and many more like them, mean that finance in emerging economies is different and often more complex than the view presented in most textbooks, where finance is only considered from the perspective of wealthy, developed economies. This book addresses this failure by focusing on the important characteristics of financial systems in emerging market economies and their differences from those in developed countries. This book surveys both theoretical and empirical research on finance in emerging economies, as well as reviewing numerous case studies. The final chapters describe and compare financial systems within the four different regions that encompass most emerging economies: Sub-Saharan Africa, the Middle East, Asia, and South America.

Dealing with the Challenges of Macro Financial Linkages in Emerging Markets

Dealing with the Challenges of Macro Financial Linkages in Emerging Markets
Author: Otaviano Canuto,Swati Ghosh
Publsiher: World Bank Publications
Total Pages: 307
Release: 2013-10-29
Genre: Business & Economics
ISBN: 9781464800030

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This book deals with the challenges of macro financial linkages in the emerging markets.

Unexpected Outcomes

Unexpected Outcomes
Author: Carol Wise,Leslie Elliott Armijo,Saori N. Katada
Publsiher: Brookings Institution Press
Total Pages: 258
Release: 2015-03-10
Genre: Political Science
ISBN: 9780815724773

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This volume documents and explains the remarkable resilience of emerging market nations in East Asia and Latin America when faced with the global financial crisis in 2008-2009. Their quick bounceback from the crisis marked a radical departure from the past, such as when the 1982 debt shocks produced a decade-long recession in Latin America or when the Asian financial crisis dramatically slowed those economies in the late 1990s. Why? This volume suggests that these countries' resistance to the initial financial contagion is a tribute to financial-sector reforms undertaken over the past two decades. The rebound itself was a trade-led phenomenon, favoring the countries that had gone the farthest with macroeconomic restructuring and trade reform. Old labels used to describe "neoliberal versus developmentalist" strategies do not accurately capture the foundations of this recovery. These authors argue that policy learning and institutional reforms adopted in response to previous crises prompted policymakers to combine state and market approaches in effectively coping with the global financial crisis. The nations studied include Korea, China, India, Mexico, Argentina, and Brazil, accompanied by Latin American and Asian regional analyses that bring other emerging markets such as Chile and Peru into the picture. The substantial differences among the nations make their shared success even more remarkable and worthy of investigation. And although 2012 saw slowed growth in some emerging market nations, the authors argue this selective slowing suggests the need for deeper structural reforms in some countries, China and India in particular.

Financial Market Regulation and Reforms in Emerging Markets

Financial Market Regulation and Reforms in Emerging Markets
Author: Masahiro Kawai,Eswar Prasad
Publsiher: Brookings Institution Press
Total Pages: 441
Release: 2011
Genre: Business & Economics
ISBN: 9780815704898

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"In the wake of the global financial crisis that began in 2008, offers a systematic overview of recent developments in regulatory frameworks in advanced and emerging-market countries, outlining challenges to improving regulation, markets, and access in developing economies"--Provided by publisher.