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Globalization Of Capital Markets And Monetary Policy
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Book Synopsis Financial Deregulation and the Globalization of Capital Markets by : Eugene Versluysen
Download or read book Financial Deregulation and the Globalization of Capital Markets written by Eugene Versluysen and published by World Bank Publications. This book was released on 1988 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rapid financial deregulation and the globalization of capital markets have led to dangerous financial volatility that could have a destabilizing impact on major economies. To reduce this volatility, new regulation may be needed.
Book Synopsis Following the Money by : National Research Council
Download or read book Following the Money written by National Research Council and published by National Academies Press. This book was released on 1995-11-12 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many questions have been raised about America's status in the increasingly interconnected global economy. Yet key factsâ€"such as the amount of foreign assets abroad owned by U.S. citizensâ€"are not known. The crucial data needed to assess the U.S. position are unavailable. This volume explores significant shortcomings in U.S. data on international capital transactions and their implications for policymakers. The volume offers clearcut recommendations for U.S. agencies to bring data collection and analyses of the global economy into the twenty-first century. The volume explores: How factors emerging since the early 1980s have shaped world financial markets and revealed shortcomings in data collection and analysis. How the existing U.S. data system works and where it fails how measurements of international financial transactions are recorded; and how swaps, options, and futures present special reporting problems. How alternative methods, such as collecting data, from sources such as global custodians and international clearinghouses, might improve coverage and accuracy.
Book Synopsis Globalization of Capital Markets and Monetary Policy by : Jens Hölscher
Download or read book Globalization of Capital Markets and Monetary Policy written by Jens Hölscher and published by Anglo-German Foundation. This book was released on 2005-08-09 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on a conference held in Berlin during 2004, this book covers the globalization of capital markets in recent years, including the changes that have resulted from the collapse of socialism & the opening of huge new markets in China, India & elsewhere.
Book Synopsis Globalization in Historical Perspective by : Michael D. Bordo
Download or read book Globalization in Historical Perspective written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2007-11-01 with total page 598 pages. Available in PDF, EPUB and Kindle. Book excerpt: As awareness of the process of globalization grows and the study of its effects becomes increasingly important to governments and businesses (as well as to a sizable opposition), the need for historical understanding also increases. Despite the importance of the topic, few attempts have been made to present a long-term economic analysis of the phenomenon, one that frames the issue by examining its place in the long history of international integration. This volume collects eleven papers doing exactly that and more. The first group of essays explores how the process of globalization can be measured in terms of the long-term integration of different markets-from the markets for goods and commodities to those for labor and capital, and from the sixteenth century to the present. The second set of contributions places this knowledge in a wider context, examining some of the trends and questions that have emerged as markets converge and diverge: the roles of technology and geography are both considered, along with the controversial issues of globalization's effects on inequality and social justice and the roles of political institutions in responding to them. The final group of essays addresses the international financial systems that play such a large part in guiding the process of globalization, considering the influence of exchange rate regimes, financial development, financial crises, and the architecture of the international financial system itself. This volume reveals a much larger picture of the process of globalization, one that stretches from the establishment of a global economic system during the nineteenth century through the disruptions of two world wars and the Great Depression into the present day. The keen analysis, insight, and wisdom in this volume will have something to offer a wide range of readers interested in this important issue.
Book Synopsis Global Capital Markets by : Maurice Obstfeld
Download or read book Global Capital Markets written by Maurice Obstfeld and published by Cambridge University Press. This book was released on 2004 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an economic survey of international capital mobility from the late nineteenth century to the present.
Book Synopsis International Dimensions of Monetary Policy by : Jordi Galí
Download or read book International Dimensions of Monetary Policy written by Jordi Galí and published by University of Chicago Press. This book was released on 2010-03-15 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
Book Synopsis Globalization and Capital Markets by : Maurice Obstfeld
Download or read book Globalization and Capital Markets written by Maurice Obstfeld and published by . This book was released on 2002 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Looks at international capital flows since the nineteenth century.
Book Synopsis Emerging Capital Markets and Globalization by : Augusto de la Torre
Download or read book Emerging Capital Markets and Globalization written by Augusto de la Torre and published by World Bank Publications. This book was released on 2006-10-20 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.
Book Synopsis Globalization And Systemic Risk by : Douglas D Evanoff
Download or read book Globalization And Systemic Risk written by Douglas D Evanoff and published by World Scientific. This book was released on 2009-01-05 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Monetary Policy Strategy in a Global Environment by : Philippe Moutot
Download or read book Monetary Policy Strategy in a Global Environment written by Philippe Moutot and published by DIANE Publishing. This book was released on 2009 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the mid-1980s the world economy has gone through profound transformations of which the sources and effects are probably not yet completely understood. The process of continuous integration in trade, production and financial markets across countries and economic regions ¿- which is what is generally defined as ¿globalisation¿ ¿- affects directly the conduct of monetary policy in a variety of respects. The aim of this paper is to present an overview of the structural implications of globalization for the domestic economies of developed countries and to deduct from these implications lessons for the conduct of monetary policy, and in particular the assessment of risks to price stability. Charts and tables.
Book Synopsis Globalization, Financial Markets, and Fiscal Policy by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Globalization, Financial Markets, and Fiscal Policy written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2007-11-16 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how fiscal policy can contribute to realizing the benefits of two important ongoing developments, globalization and financial deepening.
Book Synopsis Money and Capital Markets by : Peter S. Rose
Download or read book Money and Capital Markets written by Peter S. Rose and published by Irwin Professional Publishing. This book was released on 1994 with total page 771 pages. Available in PDF, EPUB and Kindle. Book excerpt: This highly successful text continues to gain market share in addition to holding to a very loyal base of business. This text, while highly descriptive is also very comprehensive. It analyzes the entire financial system and its component parts with an expanded discussion in nearly every chapter of the trend toward globalization of financial markets and institutions. It also discusses all major types of financial instruments and provides a thorough grounding in interest rate and security price determination.
Book Synopsis Globalization of Financial Markets and Implications for Pacific Basin Developing Countries by : Mr.David John Goldsbrough
Download or read book Globalization of Financial Markets and Implications for Pacific Basin Developing Countries written by Mr.David John Goldsbrough and published by International Monetary Fund. This book was released on 1991-03-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the consequences of the growing interdependence of world financial markets for Pacific developing countries. Section I discusses trends in financial integration in the Pacific and the underlying movements in saving and investment. Section II seeks to quantify the increased capital mobility, in terms of rate of return differentials and the degree of correlation between savings and investment rates across countries. Section III focuses on policy implications of increasing integration, including the effectiveness of macroeconomic policy instruments, the usefulness of the current account as a target of policy, and the dangers of excessive taxation of financial intermediation.
Book Synopsis Emerging Market Economies and Financial Globalization by : Leonardo E. Stanley
Download or read book Emerging Market Economies and Financial Globalization written by Leonardo E. Stanley and published by Anthem Press. This book was released on 2018-03-15 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past, foreign shocks arrived to national economies mainly through trade channels, and transmissions of such shocks took time to come into effect. However, after capital globalization, shocks spread to markets almost immediately. Despite the increasing macroeconomic dangers that the situation generated at emerging markets in the South, nobody at the North was ready to acknowledge the pro-cyclicality of the financial system and the inner weakness of “decontrolled” financial innovations because they were enjoying from the “great moderation.” Monetary policy was primarily centered on price stability objectives, without considering the mounting credit and asset price booms being generated by market liquidity and the problems generated by this glut. Mainstream economists, in turn, were not majorly attracted in integrating financial factors in their models. External pressures on emerging market economies (EMEs) were not eliminated after 2008, but even increased as international capital flows augmented in relevance thereafter. Initially economic authorities accurately responded to the challenge, but unconventional monetary policies in the US began to create important spillovers in EMEs. Furthermore, in contrast to a previous surge in liquidity, funds were now transmitted to EMEs throughout the bond market. The perspective of an increase in US interest rates by the FED is generating a reversal of expectations and a sudden flight to quality. Emerging countries’ currencies began to experience higher volatility levels, and depreciation movements against a newly strong US dollar are also increasingly observed. Consequently, there are increasing doubts that the “unexpected” favorable outcome observed in most EMEs at the aftermath of the Global Financial Crisis (GFC) would remain.
Book Synopsis Monetary Policy and Risk Management in Financial Globalization by : Georgios I. Zekos
Download or read book Monetary Policy and Risk Management in Financial Globalization written by Georgios I. Zekos and published by Nova Science Publishers. This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globalization is a complex, forceful, legal and social process that takes place within an integrated whole with no regard for geographical boundaries. Financial globalization is criticized for consequential increases in economic volatility and disruptions to monetary policy autonomy. Globalization increases the vulnerability of economies to shock while restraining the apparatus that central banks and policy authorities have for dealing with said shocks engendered at home and abroad. Globalization and corporate governance interact to deal with governance issues arising from the globalization of business. Corporate governance is, to a great extent, a set of means through which outside investors protect themselves against expropriation by insiders. Risk management is at the centre of all financial actions. Moreover, risk management is a two-step course: firstly, it is necessary to uncover what risks exist in an investment and then deal with those risks in a way best-suited to a corporation's investment objectives. Financial markets have been liberalized around the globe. Banks advance their capacity to administer credit risk function with greater leverage by lending more of their assets to risky borrowers. In a market-based financial system, banking and capital market advancements are undividable and funding circumstances are tied to fluctuations in the control of market-based financial intermediaries. Risk management has become a momentous element of company management after the modern financial crisis.
Book Synopsis Central Banks and Financial Markets by : Hasan Cömert
Download or read book Central Banks and Financial Markets written by Hasan Cömert and published by Edward Elgar Publishing. This book was released on 2013 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔHasan CšmertÕs timely book reaches us during the prolonged conditions of the global great recession. By providing a thorough and detailed econometric analysis of the institutional and historical developments of the hegemonic leader of capitalism, Cšmert reveals that the simplistic monetary policy tools of the central banks of the so-called Òmodern great moderationÓ era are over, and we are now at cross-roads of a paradigmatic shift. CšmertÕs book suggests itself as one of the first leading examples of this shift.Õ Ð Erini Yeldan, Yasar University, Turkey ÔThis provocative book shows that the Federal Reserve has, in the last four decades, gradually lost influence over credit and financial markets. This argument, supported by institutional analysis and econometric tests, has two explosive implications: first, Federal Reserve policy did not cause the subprime crisis; second, central banks no longer have instruments for intervening in economies whose growth they are now expected to restore. Anyone concerned with the future of global capitalism should consider ComertÕs work as a matter of urgency.Õ Ð Gary Dymski, Leeds University Business School, UK and University of California, Riverside, US ÔPrior to the outbreak of the financial crisis in 2008, mainstream economists celebrated a ÒNew ConsensusÓ on monetary policy in which independent central banks were assumed able to bring about a ÒGreat ModerationÓ of low inflation and high economic growth by manipulating short-term interest rates. In this important and interesting book, Hasan Cšmert demonstrates convincingly, through institutional analysis and econometrics, that central banks lost control of the price and quantity of credit starting two decades before this celebration. He shows that central banks themselves, through their support of financial market deregulation and globalization, helped bring about both monetary policy impotence and the global crisis. ItÕs a must-read.Õ Ð James Crotty, University of Massachusetts, Amherst, US In the wake of the financial crisis of 2008, there has been increasing debate over the appropriate role of central banks in mitigating economic disaster. This timely volume combines detailed historical and econometric analyses to explore the profound changes that occurred within the US financial system from the 1980s to the present, and shows how these changes have affected the US economy. Hasan Cšmert demonstrates how dramatic shifts in the financial system undermined the ability of the US Federal Reserve to control the price and quantity of credit. He identifies several key factors that facilitated this loss of control, including deregulation, rapid financial innovations, increased financial integration and a number of policy decisions implemented within the Federal Reserve itself. Through a combination of several methods, including historical and institutional analyses, descriptive statistics, simulation and econometric techniques, the author provides a well-rounded and vitally important picture of the US financial system and offers insightful policy recommendations for the future. Students, professors and policymakers with an interest in economics, finance, banking and monetary policy will no doubt find this book a fascinating and invaluable resource.
Download or read book Capital Rules written by Rawi Abdelal and published by Harvard University Press. This book was released on 2009-09-30 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The rise of global financial markets in the last decades of the twentieth century was premised on one fundamental idea: that capital ought to flow across country borders with minimal restriction and regulation. Freedom for capital movements became the new orthodoxy. In an intellectual, legal, and political history of financial globalization, Rawi Abdelal shows that this was not always the case. Transactions routinely executed by bankers, managers, and investors during the 1990s—trading foreign stocks and bonds, borrowing in foreign currencies—had been illegal in many countries only decades, and sometimes just a year or two, earlier. How and why did the world shift from an orthodoxy of free capital movements in 1914 to an orthodoxy of capital controls in 1944 and then back again by 1994? How have such standards of appropriate behavior been codified and transmitted internationally? Contrary to conventional accounts, Abdelal argues that neither the U.S. Treasury nor Wall Street bankers have preferred or promoted multilateral, liberal rules for global finance. Instead, European policy makers conceived and promoted the liberal rules that compose the international financial architecture. Whereas U.S. policy makers have tended to embrace unilateral, ad hoc globalization, French and European policy makers have promoted a rule-based, “managed” globalization. This contest over the character of globalization continues today."
