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Author : Hernán Rincón C.
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (318 download)
Download or read book Financial Globalization, Economic Growth, and Macroeconomic Volatility written by Hernán Rincón C. and published by . This book was released on 2007 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Ayhan Kose
Publisher : International Monetary Fund
ISBN 13 : 1589067487
Total Pages : 46 pages
Book Rating : 4.5/5 (89 download)
Download or read book Reaping the Benefits of Financial Globalization written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2008-12-16 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Mr.Ayhan Kose
Publisher : International Monetary Fund
ISBN 13 : 1451875878
Total Pages : 39 pages
Book Rating : 4.4/5 (518 download)
Download or read book Volatility and Comovement in a Globalized World Economy written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2003-12-01 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the evolution of volatility and cross-country comovement in output, consumption, and investment fluctuations using two distinct datasets. The results suggest that there has been a significant decline in the volatility of business cycle fluctuations and a slight increase in the degree of cyclical comovement among industrialized countries over time. However, for emerging market economies, financial globalization appears to have been associated, on average, with an increase in macroeconomic volatility as well as declines in the degree of comovement of output and consumption growth with their corresponding world aggregates.
Author : Mr.Ayhan Kose
Publisher : International Monetary Fund
ISBN 13 : 9781589062214
Total Pages : 68 pages
Book Rating : 4.0/5 (622 download)
Download or read book Effects of Financial Globalization on Developing Countries written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2003-09-03 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498329837
Total Pages : 87 pages
Book Rating : 4.4/5 (983 download)
Download or read book Effects of Financial Globalization on Developing Countries - Some Empirical Evidence written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-12-02 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Author : Mr.Ayhan Kose
Publisher : International Monetary Fund
ISBN 13 : 1451846991
Total Pages : 29 pages
Book Rating : 4.4/5 (518 download)
Download or read book Financial Integration and Macroeconomic Volatility written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2003-03-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of international financial integration on macroeconomic volatility in a large group of industrial and developing economies over the period 1960-99. We report two major results: First, while the volatility of output growth has, on average, declined in the 1990s relative to the three preceding decades, we also document that, on average, the volatility of consumption growth relative to that of income growth has increased for more financially integrated developing economies in the 1990s. Second, increasing financial openness is associated with rising relative volatility of consumption, but only up to a certain threshold. The benefits of financial integration in terms of improved risk-sharing and consumption-smoothing possibilities appear to accrue only beyond this threshold.
Author : Michael Böhl
Publisher : Europaischer Hochschulverlag Gmbh & Company Kg
ISBN 13 : 9783941482180
Total Pages : 72 pages
Book Rating : 4.4/5 (821 download)
Download or read book Globalisation and Macroeconomic Volatility written by Michael Böhl and published by Europaischer Hochschulverlag Gmbh & Company Kg. This book was released on 2009 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does globalisation affect economic stability? And if so, how? The interest of the book is in supposed effects of globalisation on macroeconomic volatility. Globalisation in economic terms can be defined as international integration of goods and factor markets. During the last decades, goods trade and financial flows have risen strikingly. Macroeconomic volatility can refer to several aggregates such as output and its components, prices and employment. During the "Great Moderation," variability of economic growth and inflation rates has changed significantly. The first part focuses on the possible effect of international goods market integration on output volatility. Three candidate mechanisms are theoretically introduced and empirically tested. Those channels relate to external risk, offshoring and sudden stops. The second part describes other potential determinants of output volatility, such as the international integration of financial markets, monetary and fiscal policy, and shocks. Each determinant is theoretically described and empirically revised. The importance of globalisation relative to other sources in affecting output volatility is evaluated. The summarised findings of the analysis: A careful thesis about effects of globalisation on output volatility should be differentiated along several dimensions. Firstly, globalisation of goods and financial markets must be distinguished. Secondly, even for international goods trade various mechanisms affect the volatility of output differently. Thirdly, for each channel the direction and weight of the effect depend on country characteristics. In a conclusion the author offers alternative ways of interpretation for economic policy.
Author : Eswar Prasad
Publisher :
ISBN 13 :
Total Pages : 67 pages
Book Rating : 4.:/5 (254 download)
Download or read book Financial Globalization, Growth and Volatility in Developing Countries written by Eswar Prasad and published by . This book was released on 2004 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Ann Harrison
Publisher : University of Chicago Press
ISBN 13 : 0226318001
Total Pages : 674 pages
Book Rating : 4.2/5 (263 download)
Download or read book Globalization and Poverty written by Ann Harrison and published by University of Chicago Press. This book was released on 2007-11-01 with total page 674 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, the percentage of the world’s population living on less than a dollar a day has been cut in half. How much of that improvement is because of—or in spite of—globalization? While anti-globalization activists mount loud critiques and the media report breathlessly on globalization’s perils and promises, economists have largely remained silent, in part because of an entrenched institutional divide between those who study poverty and those who study trade and finance. Globalization and Poverty bridges that gap, bringing together experts on both international trade and poverty to provide a detailed view of the effects of globalization on the poor in developing nations, answering such questions as: Do lower import tariffs improve the lives of the poor? Has increased financial integration led to more or less poverty? How have the poor fared during various currency crises? Does food aid hurt or help the poor? Poverty, the contributors show here, has been used as a popular and convenient catchphrase by parties on both sides of the globalization debate to further their respective arguments. Globalization and Poverty provides the more nuanced understanding necessary to move that debate beyond the slogans.
Author : Cevdet Denizer
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4./5 ( download)
Download or read book Finance and Marcoeconomic Volatility written by Cevdet Denizer and published by World Bank Publications. This book was released on 2000 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries with more developed financial sectors, experience fewer fluctuations in real per capita output, consumption, and investment growth. But the manner in which the financial sector develops matters. The relative importance of banks in the financial system is important in explaining consumption, and investment volatility. The proportion of credit provided to the private sector, best explains volatility of consumption, and output. The authors generate their main results using fixed-effects estimates with panel data from seventy countries for the years 1956-98. Their general findings suggest that the risk management, and information processing provided by banks, maybe especially important in reducing consumption, and investment volatility. The simple availability of credit to the private sector, probably helps smooth consumption, and GDP.
Author : M. Ayhan Kose
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (129 download)
Download or read book Volatility and Comovement in a Globalized World Economy An Empirical Exploration written by M. Ayhan Kose and published by . This book was released on 2006 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the evolution of volatility and cross-country comovement in output, consumption, and investment fluctuations using two distinct datasets. The results suggest that there has been a significant decline in the volatility of business cycle fluctuations and a slight increase in the degree of cyclical comovement among industrialized countries over time. However, for emerging market economies, financial globalization appears to have been associated, on average, with an increase in macroeconomic volatility as well as declines in the degree of comovement of output and consumption growth with their corresponding world aggregates.
Author : M. Ayhan Kose
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)
Download or read book How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility? written by M. Ayhan Kose and published by International Monetary Fund. This book was released on 2005 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The influential work of Ramey and Ramey (1995) highlighted an empirical relationship that has now come to be regarded as conventional wisdom-that output volatility and growth are negatively correlated. We reexamine this relationship in the context of globalization-a term typically used to describe the phenomenon of growing international trade and financial integration that has intensified since the mid-1980s. Using a comprehensive new data set, we document that, while the basic negative association between growth and volatility has been preserved during the 1990s, both trade and financial integration significantly weaken this negative relationship. Specifically, we find that, in a regression of growth on volatility and other controls, the estimated coefficient on the interaction between volatility and trade integration is significantly positive. We find a similar, although less significant, result for the interaction of financial integration with volatility.
Author : Mr.Kenneth Rogoff
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451864496
Total Pages : 0 pages
Book Rating : 4.8/5 (644 download)
Download or read book Financial Globalization written by Mr.Kenneth Rogoff and published by INTERNATIONAL MONETARY FUND. This book was released on 2006-08-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels and with a variety of apparently conflicting results. For instance, there is still little robust evidence of the growth benefits of broad capital account liberalization, but a number of recent papers in the finance literature report that equity market liberalizations do significantly boost growth. Similarly, evidence based on microeconomic (firm- or industry-level) data shows some benefits of financial integration and the distortionary effects of capital controls, while the macroeconomic evidence remains inconclusive. 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, in terms of both 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.
Author : Maurice Obstfeld
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (318 download)
Download or read book Globalization, Macroeconomic Performance, and the Exchange Rates of Emerging Economies written by Maurice Obstfeld and published by . This book was released on 2004 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Among the developing countries of the world, those emerging markets that have sought some degree of integration into world finance are characterized by higher per capita incomes, higher long-run growth rates, and lower output and consumption volatility. These characteristics are more likely to be causes than effects of financial integration. The measurable gains from financial integration appear to be lower for emerging markets than for higher-income countries, and appear to have been limited by recent crises. One factor limiting the gains from financial integration is the difficulty emerging economies face in resolving the open-economy trilemma. Given their structural and institutional features, many emerging economies cannot live comfortably either with fixed or with freely floating exchange rates. Most recently, the exchange rates of several emerging countries display attempts at stabilization punctuated by high volatility in periods of market stress"--NBER website
Author : Thorsten Beck
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4./5 ( download)
Download or read book Creating an Efficient Financial System written by Thorsten Beck and published by World Bank Publications. This book was released on 2006 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Tony Cavoli
Publisher : Routledge
ISBN 13 : 1000067416
Total Pages : 331 pages
Book Rating : 4.0/5 ( download)
Download or read book Complexities of Financial Globalisation written by Tony Cavoli and published by Routledge. This book was released on 2020-05-07 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1990s, several emerging market and developing economies (EMDEs) have, to varying degrees, embraced the process of financial globalisation, broadly defined as a set of policies that involve allowing for greater openness to cross-border capital flows as well as greater market access to foreign financial institutions. This book provides a systematic empirical analysis on the complex interactions between financial sector development, macroeconomic and financial stability in EMDEs in general and those in the Asian region in particular. The book consists of three sections pertaining to monetary and exchange rate policies under financial globalisation; financial inclusion and macroeconomic policies in the context of financial liberalisation; and finally, the dynamics of foreign direct investment flows and their real impacts in EMDEs. Each of the chapters analyse important economic policy issues of contemporary relevance and is informed by data and rigorous empirical analysis. The book will be appealing to anyone interested in exploring the implications of a key set of issues emanating from financial globalisation on EMDEs in a rigorous but readable manner.
Author : Fikret Čaušević
Publisher : Springer
ISBN 13 : 3319514032
Total Pages : 184 pages
Book Rating : 4.3/5 (195 download)
Download or read book A Study into Financial Globalization, Economic Growth and (In)Equality written by Fikret Čaušević and published by Springer. This book was released on 2017-03-21 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the impact of financial liberalisation and globalisation on economic growth and inequality worldwide over the past quarter century. It places a particular emphasis on the first fourteen years of this century. It begins by exploring certain assumptions developed as a result of early works in the field, providing a critical review of some of the most important academic works published over the past twenty years. It then goes on to present a comparative measurement of the economic performance of key countries for which data is available in the World Bank database, including G-10 countries, EU countries, and fastest growing countries like China, India, and small-open oil-producing economies.
