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The Evidence and Impact of Financial Globalization

The Evidence and Impact of Financial Globalization
A Book

by Anonim

  • Publisher : Academic Press
  • Release : 2012-12-31
  • Pages : 800
  • ISBN : 012405899X
  • Language : En, Es, Fr & De
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The sharp realities of financial globalization become clear during crises, when winners and losers emerge. Crises usher in short- and long-term changes to the status quo, and everyone agrees that learning from crises is a top priority. The Evidence and Impact of Financial Globalization devotes separate articles to specific crises, the conditions that cause them, and the longstanding arrangements devised to address them. While other books and journal articles treat these subjects in isolation, this volume presents a wide-ranging, consistent, yet varied specificity. Substantial, authoritative, and useful, these articles provide material unavailable elsewhere. Substantial articles by top scholars sets this volume apart from other information sources Rapidly developing subjects will interest readers well into the future Reader demand and lack of competitors underline the high value of these reference works

Handbooks in Financial Globalization: 3-Volume Set

Handbooks in Financial Globalization: 3-Volume Set
A Book

by Gerard Caprio

  • Publisher : Academic Press
  • Release : 2012-11-16
  • Pages : 2188
  • ISBN : 9780124072268
  • Language : En, Es, Fr & De
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These three volumes present the full complexity of the history, practices, and outlook of 21st century global financial integration. The Handbook of Key Global Financial Markets, Institutions, and Infrastructure explores the growth of markets, intermediaries, rights, practices, and standards worldwide. The Evidence and Impact of Financial Globalization devotes separate articles to specific crises, the conditions that cause them, and the longstanding arrangements devised to address them. The Handbook of Safeguarding Global Financial Stability examines our political economy, particularly the ways in which formal and informal policies as well as financial theories and technical models inhabit our institutions, strategies, and tactics. For those seeking substantial, authoritative descriptions and summaries, these volumes will replace books, journals, and other information sources with a coherent, easy-to-use reference work. Reveals and analyzes examples of financial integration in both triumph and crisis Features international perspectives on strategies and tactics for resolving crises Concentrates on economic and financial topics without introducing broader cultural subjects

Effects of Financial Globalization on Developing Countries

Effects of Financial Globalization on Developing Countries
Some Empirical Evidence

by Mr.Ayhan Kose,Mr.Kenneth Rogoff,Mr.Eswar Prasad,Shang-Jin Wei

  • Publisher : International Monetary Fund
  • Release : 2003-09-03
  • Pages : 64
  • ISBN : 9781589062214
  • Language : En, Es, Fr & De
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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.

Financial Globalization, Growth and Volatility in Developing Countries

Financial Globalization, Growth and Volatility in Developing Countries
A Book

by Eswar Prasad

  • Publisher : Unknown Publisher
  • Release : 2004
  • Pages : 67
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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This paper provides a comprehensive assessment of empirical evidence about the impact of financial globalization on growth and volatility in developing countries. The results suggest that it is difficult to establish a robust causal relationship between financial integration and economic growth. Furthermore, there is little evidence that developing countries have been consistently successful in using financial integration to stabilize fluctuations in consumption growth. However, we do find that financial globalization can be beneficial under the right circumstances. Empirically, good institutions and quality of governance are crucial in helping developing countries derive the benefits of globalization. Similarly, macroeconomic stability appears to be an important prerequisite for ensuring that financial globalization is beneficial for developing countries. Finally, countries that employ relatively flexible exchange rate regimes and succeed in maintaining fiscal discipline are more likely to enjoy the potential growth and stabilization benefits of financial globalization.

Financial Globalization

Financial Globalization
The Impact on Trade, Policy, Labor, and Capital Flows

by International Monetary Fund

  • Publisher : International Monetary Fund
  • Release : 2007-04-27
  • Pages : 90
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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This publication gathers together articles, that have appeared in Finance & Development over the past eight years, which dealt with the inplications of, and responses to, globalization. The focus is on financial globalization, including the policy implications of the huge growth in cross-border capital flows.

Financial Globalization in the Emerging Balkans

Financial Globalization in the Emerging Balkans
Exploring Financial Trends on the Eve of EU Membership

by Mehmed Ganić

  • Publisher : Springer Nature
  • Release : 2021-01-05
  • Pages : 151
  • ISBN : 303065009X
  • Language : En, Es, Fr & De
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This book explores financial trends in the age of financial globalization and explores the changing roles within the global financial industry. At the same time, the book provides a solid foundation for understanding the dramatic process of financial globalization specifically in the emerging Balkans. More elaborately, the book examines financial trends and developments of eight countries in the emerging Balkans defined to include: Albania, B&H, Bulgaria, Croatia, Montenegro, North Macedonia, Serbia, and Romania. Building on this background, this book addresses issues related to the emerging Balkans in terms of financial development compared with the benchmark of mature economies and highlights issues related to the growing impact of financial globalization, global trade, and FDI flows. It brings the focus onto the recent trends in Intra-Balkan trade liberalization and cooperation through the transition process and on the eve of EU membership. It also assesses progress made in banking development, stock market development, and economic growth and critically examines financial trends in the emerging Balkans and changes in its financial landscape.

Financial Globalization

Financial Globalization
A Reappraisal

by M. Ayhan Kose

  • Publisher : Unknown Publisher
  • Release : 2006
  • Pages : 92
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels with a variety of apparently conflicting results. We attempt to provide a unified conceptual framework for organizing this vast and growing literature. This framework allows us to provide a fresh synthetic perspective on the macroeconomic effects of financial globalization, both in terms of growth and volatility. Overall, our critical reading of the recent empirical literature is that it lends some qualified support to the view that developing countries can benefit from financial globalization, but with many nuances. On the other hand, there is little systematic evidence to support widely-cited claims that financial globalization by itself leads to deeper and more costly developing country growth crises.

Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword

Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword
A Book

by Mr.Barry J. Eichengreen,Mr.Balazs Csonto,Ms.Asmaa A ElGanainy,Zsoka Koczan

  • Publisher : International Monetary Fund
  • Release : 2021-01-08
  • Pages : 37
  • ISBN : 1513566385
  • Language : En, Es, Fr & De
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We review the debate on the association of financial globalization with inequality. We show that the within-country distributional impact of capital account liberalization is context specific and that different types of flows have different distributional effects. Their overall impact depends on the composition of capital flows, their interaction, and on broader economic and institutional conditions. A comprehensive set of policies – macroeconomic, financial and labor- and product-market specific – is important for facilitating wider sharing of the benefits of financial globalization.

Does Financial Integration Spur Economic Growth?

Does Financial Integration Spur Economic Growth?
New Evidence from the First Era of Financial Globalization

by Moritz Schularick,Thomas M. Steger

  • Publisher : Unknown Publisher
  • Release : 2006
  • Pages : 20
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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Foreign Investors Under Stress

Foreign Investors Under Stress
Evidence from India

by Ila Patnaik,Ajay Shah,Mr.Nirvikar Singh

  • Publisher : International Monetary Fund
  • Release : 2013-05-22
  • Pages : 31
  • ISBN : 148436452X
  • Language : En, Es, Fr & De
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Emerging market policy makers have been concerned about the financial stability implications of financial globalization. These concerns are focused on behavior under stressed conditions. Do tail events in the home country trigger off extreme responses by foreign investors – are foreign investors `fair weather friends'? In this, is there asymmetry between the response of foreign investors to very good versus very bad days? Do foreign investors have a major impact on domestic markets through large inflows or outflows – are they ‘big fish in a small pond’? Do extreme events in world markets induce extreme behavior by foreign investors, thus making them vectors of crisis transmission? We propose a modified event study methodology focused on tail events, which yields evidence on these questions. The results, for India, do not suggest that financial globalization has induced instability on the equity market.

Globalization and Systemic Risk

Globalization and Systemic Risk
A Book

by Douglas Darrell Evanoff,David S. Hoelscher,George G. Kaufman

  • Publisher : World Scientific
  • Release : 2009
  • Pages : 442
  • ISBN : 9812833374
  • Language : En, Es, Fr & De
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The impact of globalization of financial markets is a highly debated topic, particularly in recent months when the issue of globalization and contagion of financial distress has become a focus of intense policy debate. The papers in this volume provide an up-to-date overview of the key issues in this debate. While most of the contributions were prepared after the initial outbreak of the current global turmoil and financial crisis, they identify the relative strengths of the risk diversification and risk transmission processes and examine the empirical evidence to date. The book considers the relative roles of banks, nonbank financial institutions and capital markets in both risk diversification and risk transmission. It then evaluates the current status of crisis resolution in a global context, and speculates where to go from here in terms of understanding, resolution, prevention and public policy.

Reaping the Benefits of Financial Globalization

Reaping the Benefits of Financial Globalization
A Book

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

  • Publisher : International Monetary Fund
  • Release : 2008-12-16
  • Pages : 52
  • ISBN : 1589067487
  • Language : En, Es, Fr & De
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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.

Globalization and Systemic Risk

Globalization and Systemic Risk
A Book

by Anonim

  • Publisher : Unknown Publisher
  • Release : 2021
  • Pages : 129
  • ISBN : 9814470317
  • Language : En, Es, Fr & De
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Globalization and Emerging Markets

Globalization and Emerging Markets
With Or Without Crash?

by Hélène Rey,Philippe J. Martin

  • Publisher : Unknown Publisher
  • Release : 2005
  • Pages : 29
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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"This paper develops a theory of financial crisis based on the demand side of the economy. We analyze the impact of financial and trade globalizations on asset prices, investment and the possibility of self-fulfilling financial crashes. In a two-country model, we show that financial and trade globalizations have different effects on asset prices, investment and income in the emerging market and in the industrialized country. Whereas trade globalization always has a positive effect on the emerging market, financial globalization may not, especially when trade costs are high. For intermediate levels of financial transaction costs and high levels of trade costs, pessimistic expectations can be self-fulfilling and may lead to a collapse in demand for goods and assets of the emerging market. Such a crash in asset prices is accompanied by a current account reversal, a drop in income and investment and more market incompleteness. We show that countries with lower income are more prone to such demand-based financial crashes. Our model can replicate the main stylized facts of financial crashes in emerging markets. Our results strongly suggest that emerging markets should liberalize trade in goods before trade in assets"--NBER website

Who Needs to Open the Capital Account

Who Needs to Open the Capital Account
A Book

by Olivier Jeanne,Arvind Subramanian,John Williamson

  • Publisher : Peterson Institute
  • Release : 2012
  • Pages : 147
  • ISBN : 0881326488
  • Language : En, Es, Fr & De
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Most countries emerged from the Second World War with capital accounts that were closed to the rest of the world. Since then, a process of capital account opening has occurred, with the result that all developed and many emerging-market countries now have capital accounts that are both de facto and de jure open, while many developing countries also have de facto openness. This study examines this in part by considering some of the first lessons from the current global financial crisis. This crisis may change the terms of the debate on capital account liberalization in a deeper and more lasting way than any of the crises of the past two decades because it may mark a reversal in the secular trend of financial liberalization at the core of the international financial system. The current crisis also raises new questions about the appropriate policy responses to boom-bust dynamics in domestic credit and in international credit flows. Intellectual consistency is needed between the domestic and international dimensions of financial regulation and the policies aimed at dealing with boom-bust dynamics in domestic and international credit.

Financial Globalization and the Welfare State

Financial Globalization and the Welfare State
A Book

by Assaf Razin,Efraim Sadka

  • Publisher : Unknown Publisher
  • Release : 2018
  • Pages : 18
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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The economic link between globalization and income distribution has been rigorously studied from the perspectives of the international-trade paradigm. However, the international-trade viewpoint does not address the impact of globalization on inequality-reducing redistribution policies. Financial globalization, not much studied in relation to income inequality, has first-order effects on international allocation of capital. Consequently it may trigger tax competition, which is directly related to redistribution policy. To understand a key mechanism which links financial globalization to redistribution policy, this paper develops a stripped-down model, where easing the country access to the world capital markets induces political-economy based policy changes that impact income inequality. We motivate the model's assumptions and predictions with evidence on financial globalization, international tax competition, and changes in the generosity of the welfare state.

Accounting and Financial Globalization

Accounting and Financial Globalization
A Book

by Joshua Ronen,Joshua Livnat

  • Publisher : Praeger
  • Release : 1991
  • Pages : 167
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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This volume examines the accounting issues raised by the trend toward globalization of information in world financial markets and explores in depth such key topics as the influence of the globalization of information on real interest rate spreads, the effect of management forecasts of earnings on stock prices in Japan, optimal foreign currency hedging under conditions of imperfect information, and the welfare effects of public information in an asymmetric information market. Each paper is followed by detailed comments from an expert in the field.

Globalization and the State: Volume II

Globalization and the State: Volume II
Trade Agreements, Inequality, the Environment, Financial Globalization, International Law and Vulnerabilities

by C. Peláez

  • Publisher : Springer
  • Release : 2008-10-31
  • Pages : 235
  • ISBN : 0230228291
  • Language : En, Es, Fr & De
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This book analyzes the issues surrounding globalization and explores the prospects of the global economy, as well as the potential vulnerabilities. Issues covered include trade agreements, poverty and inequality, financial globalization, the environment, international economic law and threats to the future of globalization.

Foreign Investors Under Stress

Foreign Investors Under Stress
Evidence from India

by Ila Patnaik,Ajay Shah,Mr. Nirvikar Singh

  • Publisher : International Monetary Fund
  • Release : 2013-05-22
  • Pages : 31
  • ISBN : 1484340345
  • Language : En, Es, Fr & De
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Emerging market policy makers have been concerned about the financial stability implications of financial globalization. These concerns are focused on behavior under stressed conditions. Do tail events in the home country trigger off extreme responses by foreign investors – are foreign investors `fair weather friends'? In this, is there asymmetry between the response of foreign investors to very good versus very bad days? Do foreign investors have a major impact on domestic markets through large inflows or outflows – are they ‘big fish in a small pond’? Do extreme events in world markets induce extreme behavior by foreign investors, thus making them vectors of crisis transmission? We propose a modified event study methodology focused on tail events, which yields evidence on these questions. The results, for India, do not suggest that financial globalization has induced instability on the equity market.

The Next Great Globalization

The Next Great Globalization
How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich

by Frederic S. Mishkin

  • Publisher : Princeton University Press
  • Release : 2006
  • Pages : 310
  • ISBN : 9780691121543
  • Language : En, Es, Fr & De
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