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Liberalization Financial Instability And Economic Development
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Book Synopsis Liberalization, Financial Instability and Economic Development by : Yılmaz Akyüz
Download or read book Liberalization, Financial Instability and Economic Development written by Yılmaz Akyüz and published by Anthem Press. This book was released on 2014-05-01 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: Weighing up the costs and benefits of economic interdependence in a finance-driven world, this book argues that globalization, understood and promoted as absolute freedom for all forms of capital, has been oversold to the Global South, and that the South should be as selective about globalization as the North. ‘Liberalization, Financial Instability and Economic Development’ challenges the orthodoxy on the link between financial deepening and economic growth, as well as that between the efficiency of financial markets and the benefits of liberalization. Ultimately, the author urges developing countries to control capital flows and asset bubbles, preventing financial fragility and crises, and recommends regional policy options for managing capital flows and exchange rates.
Book Synopsis Liberalization, Financial Instability and Economic Development by : Yılmaz Akyüz
Download or read book Liberalization, Financial Instability and Economic Development written by Yılmaz Akyüz and published by Anthem Press. This book was released on 2014-05-01 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: Weighing up the costs and benefits of economic interdependence in a finance-driven world, this book argues that globalization, understood and promoted as absolute freedom for all forms of capital, has been oversold to the Global South, and that the South should be as selective about globalization as the North. ‘Liberalization, Financial Instability and Economic Development’ challenges the orthodoxy on the link between financial deepening and economic growth, as well as that between the efficiency of financial markets and the benefits of liberalization. Ultimately, the author urges developing countries to control capital flows and asset bubbles, preventing financial fragility and crises, and recommends regional policy options for managing capital flows and exchange rates.
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 Liberalization, Growth, and the Asian Financial Crisis by : Mohamed Ariff
Download or read book Liberalization, Growth, and the Asian Financial Crisis written by Mohamed Ariff and published by Edward Elgar Publishing. This book was released on 2000-01-01 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work examines the effects of financial liberalization of the more advanced economies in Southeast Asia and analyses the degree to which emerging and transitional economies in East and South Asia can benefit from this example.
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 The Order of Economic Liberalization by : Ronald I. Mckinnon
Download or read book The Order of Economic Liberalization written by Ronald I. Mckinnon and published by JHU Press. This book was released on 1993-10 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Can knowledge of financial policies in developing countries over four decades help the socialist economies of Asia and Eastern Europe become open market economies in the 1990s? In all these countries the loss of fiscal and monetary control has often resulted in high inflation that undermines the liberalization process itself. In the second edition of The Order of Economic Liberalization, Ronald McKinnon builds on his influential work on the liberalization of financial markets in less developed countries and outlines the progression necessary to move from a "repressed" to an open economy. New to this edition are chapters that contrast the gradual Chinese approach to liberalizing domestic and foreign trade with the "big bang" approach followed by some Eastern European countries and republics of the former Soviet Union. Financial control and macroeconomic stability, McKinnon argues, are more critical to a successful transition than is any crash program to privatize state-owned industrial assets and the banking system.
Book Synopsis Economic Development and Financial Instability by : Jan A. Kregel
Download or read book Economic Development and Financial Instability written by Jan A. Kregel and published by Anthem Press. This book was released on 2014-10-15 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Jan A. Kregel is considered to be “the best all-round general economist alive” (G. C. Harcourt). This is the first collection of his essays dealing with a wide range of topics reflecting the incredible depth and breadth of Kregel’s work. These essays focus on the role of finance in development and growth. Kregel has expanded Minsky’s original postulate that in capitalist economies stability engenders instability in international economy, and this volume collect’s Kregel’s key works devoted to financial instability, its causes and effects. The volume also contains Kregel’s most recent discussions of the Great Recession beginning in 2008.
Book Synopsis Financial Liberalization, Credit Market Imperfections and Financial System Stability by : Tim Niepel
Download or read book Financial Liberalization, Credit Market Imperfections and Financial System Stability written by Tim Niepel and published by GRIN Verlag. This book was released on 2015-06-03 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2013 in the subject Business economics - Investment and Finance, grade: 1,5, Utrecht University (Utrecht School of Economics), language: English, abstract: Financial liberalization stimulates competition and thereby supposedly increases the efficiency of investment. A simple credit market model is developed to show that such efficiency improvements may be disturbed by competition-induced incentives for banks to accept higher default rates, which result in instability of the financial system. Thereby we offer a complementary explanation to the relationship between competition and stability in financial markets. Consequently we argue that government intervention, in the form of intelligent regulation, is necessary to ensure the development of sustainable financial markets.
Book Synopsis Financial Underpinnings of Europe’s Financial Crisis by : Nina Eichacker
Download or read book Financial Underpinnings of Europe’s Financial Crisis written by Nina Eichacker and published by Edward Elgar Publishing. This book was released on 2017-10-27 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes how financial liberalization affected the development of the financial crisis in Europe, with particular attention given to the ways in which power asymmetries within Western Europe facilitated financial liberalization and distributed the costs and gains from it. The author combines institutional narrative analysis with empirical surveys and econometrics, as well as country-level studies of financial liberalization and its consequences before and after the 2008 Global Financial Crisis.
Author :John Williamson Publisher :Princeton University International Finance Section, Department of Econmics ISBN 13 : Total Pages :84 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 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Stability with Growth by : Joseph Stiglitz
Download or read book Stability with Growth written by Joseph Stiglitz and published by OUP Oxford. This book was released on 2006-08-31 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is growing dissatisfaction with the economic policies advocated by the IMF and other international financial institutions - policies that have often resulted in stagnating growth, crises, and recessions for client countries. This book presents an alternative to "Washington Consensus" neo-liberal economic policies by showing that both macro-economic and liberalization policy must be sensitive to the particular circumstances of developing countries. One-size-fits-all policy prescriptions are likely to fail given the vast differences between countries. This book discusses how alternative approaches to economic policy can better serve developing countries both in ordinary times and in times of crisis.
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 Financial Liberalization and the Asian Crisis by : H. Chang
Download or read book Financial Liberalization and the Asian Crisis written by H. Chang and published by Springer. This book was released on 2001-06-11 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis that hit a number of 'miracle' economies of Asia in 1997 shocked the world. Financial Liberalization and the Asian Crisis rejects conventional explanations of the crisis as the outcome primarily of inefficient and corrupt economics systems in the countries concerned. It argues that the crisis was the result of premature and overly rapid financial liberalization in a world of increasing financial liquidity and volatility, and calls for a more cautious approach to financial liberalization, and a reform of the international financial architecture.
Book Synopsis Financial Liberalization and Economic Performance in Emerging Countries by : P. Arestis
Download or read book Financial Liberalization and Economic Performance in Emerging Countries written by P. Arestis and published by Springer. This book was released on 2008-07-24 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the relationship between financial liberalization, financial deepening and economic performance from both a theoretical and a policy perspective, comparing several 'big' emerging countries: Argentina, Brazil, China, India, Russia, South Africa and India, amongst others.
Book Synopsis The Great Financial Crisis in Finland and Sweden by : Lars Jonung
Download or read book The Great Financial Crisis in Finland and Sweden written by Lars Jonung and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Nordic financial crisis had it all: a botched liberalization, a huge boom followed by an even bigger bust, massive taxpayer-financed bailouts and, finally, deep long-run gains. The first-class team of scholars mobilized in this book convincingly tell a story that should be carefully studied by economists, bankers and policymakers. After this book, no one should be able to say: If we only knew ! Charles Wyplosz, Graduate Institute of International Studies, Geneva, Switzerland The financial crisis in Scandinavia in the early 1990s was a forerunner of the later world-wide crisis in 2007/8. Although the initial causation was different, the impact on their banks, though more localised, was just as severe. So we can benefit, and already policymakers have done so, from learning the lessons in this book on how to restore shattered banking systems to health. For this we owe a debt of gratitude to the editors, who have put together a series of key papers that emerged from a much larger exercise on the crisis that was earlier reported in four volumes in Swedish and Finnish. Amongst the many studies on current and past financial crises, this is a classic must-read . Charles A.E. Goodhart, London School of Economics, UK The Nordic experience with financial crisis resolution could not be more timely. Everyone cites it as an example of how it should be done , but rarely does one find careful and detailed analysis. Now policymakers and others searching for guidance will know where to look. Barry Eichengreen, University of California, Berkeley, US Following World War II, Nordic countries were commonly regarded as successful and stable economies. This perception was, however, shattered in the early 1990s when Finland and Sweden encountered severe financial crises. Here, the authors explore the symptoms of financial crisis decreasing real income, soaring unemployment and exploding public deficits and their devastating effects. The book compares and contrasts the experiences of Finland and Sweden, then adopts an international perspective, encompassing the experiences of Asia, Latin America, Denmark and Norway. Lessons from the 1990s crisis are drawn, and possible solutions prescribed. The conclusion is that long-term effects of financial crises financial liberalization and integration are not as dramatic as the short-term effects, but may prove to be of greater importance over time. Only the future will show whether these long-term benefits will balance or even outweigh the enormous short-term costs of the crises. Highly relevant to the current international financial crisis currently afflicting the world economy, this timely book will prove invaluable to economists and other social scientists with a general interest in financial crises, and to those with a more specific interest in the evolution and models of Scandinavian economies.
Book Synopsis Financial Stability and Growth by : Luiz Carlos Bresser-Pereira
Download or read book Financial Stability and Growth written by Luiz Carlos Bresser-Pereira and published by Routledge. This book was released on 2014-02-05 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 global financial crisis took the world by surprise, not least because politicians, businessmen and economists believed that they had learned crucial lessons from the Great Depression of the 1930s. As a direct result of deregulated financial markets, financial crises occurred in both developed and developing economies. However, this volume argues that in the most recent crisis developing countries suffered less, and that financial policy and regulation played a crucial part in this. The contributors to this volume explore the alternative development paradigm that has been gaining credence since the Asian crisis, known as new developmentalism. New developmentalism is embodied in the following principles: exchange rate responsibility or growth with domestic savings, fiscal responsibility, and the assignment of a strategic role for the state. New developmentalism is a set of values, ideas, institutions and economic policies through which, in the early 21st century, developing countries have sought to catch up with developed countries. This book examines the global financial crisis, the financial regulatory problem, with particular emphasis on Brazil, and the alternative policies that derive from new developmentalism. This volume will be of interest to scholars and policymakers working in the areas of globalization, financial regulation and development studies.
