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A Survey Of Financial Liberalization
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Author :John Williamson Publisher :Princeton University International Finance Section, Department of Econmics ISBN 13 : Total Pages :86 pages Book Rating :4.F/5 ( download)
Book Synopsis A Survey of Financial Liberalization by : John Williamson
Download or read book A Survey of Financial Liberalization written by John Williamson and published by Princeton University International Finance Section, Department of Econmics. This book was released on 1998 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Liberalization and Economic Development in Korea, 1980-2020 by :
Download or read book Financial Liberalization and Economic Development in Korea, 1980-2020 written by and published by BRILL. This book was released on 2022-03-07 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Financial Liberalization and Financial Fragility by : Asli Demirgüç-Kunt
Download or read book Financial Liberalization and Financial Fragility written by Asli Demirgüç-Kunt and published by World Bank Publications. This book was released on 1998-06-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Gains and Pains of Financial Integration and Trade Liberalization by : Rajib Bhattacharyya
Download or read book The Gains and Pains of Financial Integration and Trade Liberalization written by Rajib Bhattacharyya and published by Emerald Group Publishing. This book was released on 2019-11-26 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Financial Liberalization by : P. Arestis
Download or read book Financial Liberalization written by P. Arestis and published by Springer. This book was released on 2005-09-08 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Financial Liberalization and the Reconstruction of State-Market Relations by : Robert B. Packer
Download or read book Financial Liberalization and the Reconstruction of State-Market Relations written by Robert B. Packer and published by Routledge. This book was released on 2019-03-11 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Financial Liberalization by : Gerard Caprio
Download or read book Financial Liberalization written by Gerard Caprio and published by Cambridge University Press. This book was released on 2001-10-08 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides a rounded view of financial liberalization after the collapses in East Asia.
Book Synopsis China’s Financial Opening by : Yu Wai Vic Li
Download or read book China’s Financial Opening written by Yu Wai Vic Li and published by Routledge. This book was released on 2018-03-13 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Financial Liberalization and Its Impact on Monetary Policy by : Christina Stahn
Download or read book Financial Liberalization and Its Impact on Monetary Policy written by Christina Stahn and published by . This book was released on 2000 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The focus of this study is to identify similarities and differences of monetary policy in Korea, Indonesia, Malaysia, Chile, Argentina, and Mexico following diverging financial liberalization strategies. The evolution of monetary transmission channels, targets and instruments is examined in connection with the timing and sequencing of financial reforms. Money demand functions are analyzed with respect to stability, causality, and structural breaks. It is shown that the gradual (Asian) liberalization strategy affected monetary policy in a different way than the big-bang (Latin American) approach. Constraints on monetary management are imposed by complex monetary transmission channels changing in view of financial sector crises, alterations in exchange rate regimes, and the increasing globalization of financial markets.
Book Synopsis Financial Liberalization in Developing Countries by : Trevor M. Sikorski
Download or read book Financial Liberalization in Developing Countries written by Trevor M. Sikorski and published by World Bank Publications. This book was released on 1996 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Liberalisation by : Philip Arestis
Download or read book Financial Liberalisation written by Philip Arestis and published by Springer. This book was released on 2016-11-26 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Financial Liberalization in Developing Countries by : Abdullahi Dahir Ahmed
Download or read book Financial Liberalization in Developing Countries written by Abdullahi Dahir Ahmed and published by Springer Science & Business Media. This book was released on 2009-10-03 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Interest Rate Liberalization by : Mr.Bart Turtelboom
Download or read book Interest Rate Liberalization written by Mr.Bart Turtelboom and published by International Monetary Fund. This book was released on 1991-12-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper undertakes a survey of theoretical considerations and an analysis of the experience of five African countries with interest rate liberalization. Despite substantial progress in monetary policy reforms, liberalization has only partially affected the level and variability of interest rates. Several factors—macroeconomic instability, oligopolistic financial markets, the absence of developed capital markets, as well as the sequencing of the liberalization programs and the asymmetric availability of information—explain the increase in the spread between lending and deposit rates as well as the rather inflexible pattern of interest rates during the transition to a market-based financial system.
Book Synopsis Finance and Development by : Christopher J. Green
Download or read book Finance and Development written by Christopher J. Green and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this new book a group of 18 distinguished authors presents comprehensive surveys of current issues in the field of finance and development. . . This book nicely bridges the gap between general research on the role of finance for economic growth and the role finance plays for developing economies and poverty reduction. . . Moreover, the authors identify a great number of promising ideas for future research. . . Ryszard Kokoszczynski, SUERF Newsletter The European Money & Finance Forum In the last two decades, the role of finance in the development process has become a major topic of research and debate. Although it is widely agreed that there is an important link between the two, there is much less consensus on the exact nature of the relationship. Is financial development a prerequisite for general economic development, or is it a more passive by-product of the development process? In this valuable new book, a distinguished group of authors takes stock of the existing state of knowledge in the field of finance and the development process. Each chapter offers a comprehensive survey and synthesis of current issues. These include such critical subjects as savings, financial markets and the macroeconomy, stock market development, financial regulation, foreign investment and aid, financing livelihoods, microfinance, rural financial markets, small and medium enterprises, corporate finance and banking. This book will be accessible to postgraduate and advanced undergraduate students of finance and development. It will also be an essential reference source for all professionals and academics working in this area who want to learn how finance can contribute to the development process and poverty reduction.
Book Synopsis Financial Liberalization and Economic Performance in Emerging Countries by : Philip Arestis
Download or read book Financial Liberalization and Economic Performance in Emerging Countries written by Philip Arestis and published by Palgrave MacMillan. This book was released on 2008-07-24 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Empirical research has shown that there is little relationship between financial liberalization and economic growth in emerging countries. Although international financial integration should, in principle, help countries to reduce macroeconomic instability and enhance economic growth, the available evidence suggests that developing countries have not always reaped these potential benefits. This volume discusses the relationship between financial liberalisation, financial deepening and economic performance from both a theoretical and a policy perspective, comparing several 'big' emerging countries - Argentina, Brazil, China, India, Russia and South Africa - as well as presenting case studies. Its main contribution is to analyse issues that are related to financial liberalisation in emerging countries focusing on recent experiences, with a particular focus on the policy dimension of financial liberalisation: the degree of autonomy of domestic economic policy, and the different policy responses by countries to deal with issues caused by the international financial integration. This volume includes contributions from a wide range of experts on finance liberalisation and the economics of developing countries, and will be of great interest to scholars and policymakers in these crucial areas."--Book cover.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :9781557757791 Total Pages :412 pages Book Rating :4.7/5 (577 download)
Book Synopsis Sequencing Financial Sector Reforms by : International Monetary Fund
Download or read book Sequencing Financial Sector Reforms written by International Monetary Fund and published by International Monetary Fund. This book was released on 1991-03-15 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial sector liberalization can spur economic growth and development, but reforms to liberalize the financial sector can also entail risks if they are not properly designed and implemented. One of the central questions for countries reforming their financial systems is how to sequence the reforms so as to maximize the benefits of liberalization and contain its risks. Edited by R. Barry Johnston and V. Sundararajan of the IMF's Monetary and Exchange Affairs Department, this book attempts to answer this and related questions by drawing lessons from financial sector reforms in selected countries. In particular, the book surveys financial sector reforms in Indonesia, Thailand, and Korea between the mid-1980s and mid-1990s.
Book Synopsis Short-run Pain, Long-run Gain by : Graciela Laura Kaminsky
Download or read book Short-run Pain, Long-run Gain written by Graciela Laura Kaminsky and published by . This book was released on 2002 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 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.
