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Macroeconomics Challenges And Resilience Of Emerging Market Economies
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Book Synopsis Macroeconomics Challenges and Resilience of Emerging Market Economies by : Joshua Aizenman
Download or read book Macroeconomics Challenges and Resilience of Emerging Market Economies written by Joshua Aizenman and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Growing share of Emerging Markets (EMs) use hybrid versions of inflation targeting (IT) that differ from the IT regimes of OECD countries. Policy interest rates among commodity countries are impacted by real exchange rate and international reserves (IR) changes, aiming at stabilizing their real exchange rate in the presence of volatile terms of trade and heightened exposure to capital inflow/outflow shocks. IT works well with independent central banks; yet, fiscal dominance concerns may hinder the efficacy and independency of central banks. This suggests experimenting with the integration of monetary rules with fiscal rules, possibly linking these rules with the operations of buffers like IR and Sovereign Wealth Funds (SWFs). The Global Financial Crisis validated the benefits of counter-cyclical management of international reserves and SWFs in reducing the volatility of real exchange rates. Macro-prudential policies may complement or even substitute buffer policies by reducing a country's balance sheet exposure to foreign currency debt, mitigating the risk of costly sudden-stops and capital flight. A growing share of EMs is exposed to new financial technologies (fintech), providing cheaper and faster financial services, deepening financial coverage to previously under-served populations. Deeper fintech diffusion may redirect financial intermediation from regulated banks to emerging fintech shadow banks, some of which may have global reach. These developments, and the diffusion of cryptocurrencies promising anonymized payment systems may hinder the effectiveness of monetary policy, and eventually induce greater financial instability. States may encourage the diffusion of efficient financial intermediation in ways that benefit users, while restricting the use of anonymized exchange and global monies to reduce the threat of a shrinking tax base, and to maintain financial stability.
Book Synopsis Macroeconomic Challenges and the Resilience of Emerging Market Economies in the 21st Century by : Joshua Aizenman
Download or read book Macroeconomic Challenges and the Resilience of Emerging Market Economies in the 21st Century written by Joshua Aizenman and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A growing share of emerging markets (EMs) uses hybrid versions of inflation targeting that differ from the IT regimes of the OECD countries. Real exchange rate and international reserve changes affect the policy interest rates in commodity countries, aiming to stabilize their real exchange rate in the presence of volatile terms of trade and heightened exposure to capital inflow/outflow shocks. Inflation targeting works well with independent central banks, yet fiscal dominance concerns may hinder the efficacy and independency of central banks. This suggests experimenting with the integration of monetary rules and fiscal rules, possibly linking these rules with the operations of buffers like international reserves and sovereign wealth funds (SWFs). The global financial crisis validated the benefits of countercyclical management of international reserves and SWFs in reducing the volatility of real exchange rates. Macroprudential policies may complement or even substitute buffer policies by reducing a country's balance sheet exposure to foreign currency debt, mitigating the risk of costly sudden stops and capital flight. A growing share of EMs is experiencing exposure to new financial technologies (fintech), providing cheaper and faster financial services and extending financial coverage to previously under-served populations. Deeper fintech diffusion may redirect financial intermediation from regulated banks to emerging fintech shadow banks, some of which may have a global reach. These developments, and the diffusion of cryptocurrencies promising anonymized payment systems, may hinder the effectiveness of monetary policy and eventually induce greater financial instability. States may encourage the diffusion of efficient financial intermediation in ways that benefit users while restricting the use of anonymized exchange and global monies to reduce the threat of a shrinking tax base and to maintain financial stability.
Book Synopsis Emerging Markets by : Eswar S. Prasad
Download or read book Emerging Markets written by Eswar S. Prasad and published by Rowman & Littlefield. This book was released on 2011-02-01 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging market economies (EMEs) have become the darlings of international investors and the focus of enormous attention in academic, media, and policy circles. M. Ayhan Kose and Eswar Prasad present the definitive account of the evolution of EMEs and use the lens of the global financial crisis to evaluate their strengths and weaknesses. Led by a set of large and dynamic countries—including Brazil, China, India, and Russia—EMEs have become a dominant presence in the world economy. They now account for a substantial share of world output and have been a major driver of global growth during the past decade. They are significant players in international trade and financial flows and are beginning to exert rising clout in global policy debates. However, the financial crisis of 2007–09 and the worldwide recession that followed cast a pall over the notion that EMEs had become self-reliant and "decoupled" from demand conditions in and financial flows from advanced countries. Kose and Prasad, prominent experts on emerging market economies and globalization, draw on their extensive research to assess the resilience of EMEs in the face of the global financial crisis. Their analysis shows that EMEs, as a group, weathered the crisis much better than the advanced countries, and most of these economies have bounced back rapidly from the global recession. The authors track down the reasons for this resilience and explain why some countries in this group have done better than others. Based on this analysis, they draw lessons for the durability and sustainability of these economies' long-term growth. This book is important reading for anyone trying to anticipate the future growth of emerging markets or contemplating business opportunities in these economies.
Book Synopsis Macroeconomics in Emerging Markets by : Peter J. Montiel
Download or read book Macroeconomics in Emerging Markets written by Peter J. Montiel and published by Cambridge University Press. This book was released on 2003-04-10 with total page 457 pages. Available in PDF, EPUB and Kindle. Book excerpt: Table of contents
Book Synopsis Macroeconomic Challenges and Resilience of Energing Market Economies by : Joshua Aizenman
Download or read book Macroeconomic Challenges and Resilience of Energing Market Economies written by Joshua Aizenman and published by . This book was released on 2019 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Growing share of Emerging Markets (EMs) use hybrid versions of inflation targeting (IT) that differ from the IT regimes of OECD countries. Policy interest rates among commodity countries are impacted by real exchange rate and international reserves (IR) changes, aiming at stabilizing their real exchange rate in the presence of volatile terms of trade and heightened exposure to capital inflow/outflow shocks. IT works well with independent central banks; yet, fiscal dominance concerns may hinder the efficacy and independency of central banks. This suggests experimenting with the integration of monetary rules with fiscal rules, possibly linking these rules with the operations of buffers like IR and Sovereign Wealth Funds (SWFs). The Global Financial Crisis validated the benefits of counter-cyclical management of international reserves and SWFs in reducing the volatility of real exchange rates. Macro-prudential policies may complement or even substitute buffer policies by reducing a country’s balance sheet exposure to foreign currency debt, mitigating the risk of costly sudden-stops and capital flight. A growing share of EMs is exposed to new financial technologies (fintech), providing cheaper and faster financial services, deepening financial coverage to previously under-served populations. Deeper fintech diffusion may redirect financial intermediation from regulated banks to emerging fintech shadow banks, some of which may have global reach. These developments, and the diffusion of cryptocurrencies promising anonymized payment systems may hinder the effectiveness of monetary policy, and eventually induce greater financial instability. States may encourage the diffusion of efficient financial intermediation in ways that benefit users, while restricting the use of anonymized exchange and global monies to reduce the threat of a shrinking tax base, and to maintain financial stability.
Book Synopsis Macroeconomic Shocks and Unconventional Monetary Policy by : Naoyuki Yoshino
Download or read book Macroeconomic Shocks and Unconventional Monetary Policy written by Naoyuki Yoshino and published by Oxford University Press. This book was released on 2019-06-20 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Barely two decades after the Asian financial crisis Asia was suddenly confronted with multiple challenges originating outside the region: the 2008 global financial crisis, the European debt crisis, and finally developed economies' implementation of unconventional monetary policies. The implementation of quantitative easing, ultra-low interest rate policies, and negative interest rate policies by a number of large central banks has given rise to concerns over financial stability and international capital flows. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets explains how shocks stemming from the global financial crisis have affected macroeconomic and financial stability in emerging Asia. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets brings together the most up-to-date knowledge impacts of recent macroeconomic shocks on Asia's real economy; the spillover effects of macroeconomic shocks on financial markets and flows in Asia; and key challenges for monetary, exchange rate, trade and macro prudential policies of developing Asian economies. It is authored by experts in the field of international macroeconomics from leading academic institutions, central banks, and international organizations including the International Monetary Fund, the Bank for International Settlement, and the Asian Development Bank Institute.
Book Synopsis Risks and Resilience of Emerging Economies by : Tanmoyee Banerjee Chatterjee
Download or read book Risks and Resilience of Emerging Economies written by Tanmoyee Banerjee Chatterjee and published by Springer. This book was released on 2023-11-05 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an innovative exercise to unravel recent advances in development fundamentals in emerging economies through Indian lens that include various aspects of macroeconomics, international trade, finance, and issues connected to social sector that have become more important in post-pandemic world. The book throws light on efficacy of existing policies and need of reform in policy framework to enhance growth and development and reduce gender disparities in the context of India and other emerging economies. The papers included in different chapters use frontline techniques to discuss various issues that in turn will be of great help for graduate and postgraduate teaching as well as for research. The book substantially contributes to the growing literature on issues relating trade, development, finance, and social sector in light of threat posed by COVID-19 pandemic in emerging market economies and extends the frontiers of knowledge.
Download or read book Unexpected Outcomes written by Carol Wise and published by Brookings Institution Press. This book was released on 2015-03-10 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume documents and explains the remarkable resilience of emerging market nations in East Asia and Latin America when faced with the global financial crisis in 2008-2009. Their quick bounceback from the crisis marked a radical departure from the past, such as when the 1982 debt shocks produced a decade-long recession in Latin America or when the Asian financial crisis dramatically slowed those economies in the late 1990s. Why? This volume suggests that these countries' resistance to the initial financial contagion is a tribute to financial-sector reforms undertaken over the past two decades. The rebound itself was a trade-led phenomenon, favoring the countries that had gone the farthest with macroeconomic restructuring and trade reform. Old labels used to describe "neoliberal versus developmentalist" strategies do not accurately capture the foundations of this recovery. These authors argue that policy learning and institutional reforms adopted in response to previous crises prompted policymakers to combine state and market approaches in effectively coping with the global financial crisis. The nations studied include Korea, China, India, Mexico, Argentina, and Brazil, accompanied by Latin American and Asian regional analyses that bring other emerging markets such as Chile and Peru into the picture. The substantial differences among the nations make their shared success even more remarkable and worthy of investigation. And although 2012 saw slowed growth in some emerging market nations, the authors argue this selective slowing suggests the need for deeper structural reforms in some countries, China and India in particular.
Book Synopsis Emerging Markets and the Global Economy by : Mohammed El Hedi Arouri
Download or read book Emerging Markets and the Global Economy written by Mohammed El Hedi Arouri and published by Academic Press. This book was released on 2013-12-26 with total page 927 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging Markets and the Global Economy investigates analytical techniques suited to emerging market economies, which are typically prone to policy shocks. Despite the large body of emerging market finance literature, their underlying dynamics and interactions with other economies remain challenging and mysterious because standard financial models measure them imprecisely. Describing the linkages between emerging and developed markets, this collection systematically explores several crucial issues in asset valuation and risk management. Contributors present new theoretical constructions and empirical methods for handling cross-country volatility and sudden regime shifts. Usually attractive for investors because of the superior growth they can deliver, emerging markets can have a low correlation with developed markets. This collection advances your knowledge about their inherent characteristics. Foreword by Ali M. Kutan - Concentrates on post-crisis roles of emerging markets in the global economy - Reports on key theoretical and technical developments in emerging financial markets - Forecasts future developments in linkages among developed and emerging economies
Book Synopsis Financial Development, Economic Crises and Emerging Market Economies by : Faruk Ulgen
Download or read book Financial Development, Economic Crises and Emerging Market Economies written by Faruk Ulgen and published by Routledge. This book was released on 2016-08-12 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recurrent crises in emerging markets and in advanced economies in the last decades cast doubt about the ability of financial liberalization to meet the aims of sustainable economic growth and development. The increasing importance of financial markets and financial efficiency criterion over economic decisions and policies since the 1980s laid down the conditions of the development process of emerging market economies. Numerous crises experienced thereafter gave rise to flourishing work on the links between financialization and economic development. Several decades of observations and lessons can now be integrated into economic and econometric models to give more sophisticated and multivariable approaches to financial development with respect to growth and development issues. In the markets-based and private-enterprise dominated world economy, two conditions for a successful growth-enhancing financial evolution can at least be brought fore: macroeconomic stability and consistent supervision. But even after the 2007-2008 global crisis, economists do not agree on the meaning of those conditions. For liberal and equilibrium-market economists, good finance and supervision mean market-friendly structures while for institutionalists, post-Keynesian and Marxist economists, good finance and supervision must lie in collectively designed and managed public structures. Drawing heavily on the tumultuous crises of the 1990s-2000s, this book argues that those experiences can shed light on such a crucial issue and lead economic theory and policy to go beyond the blindness of efficient free markets doctrine to economic catastrophes. It also points to new challenges to global stability in the wake of reconfiguration of international financial arena under the weight of major emerging market economies.
Book Synopsis Dealing with the Challenges of Macro Financial Linkages in Emerging Markets by : Otaviano Canuto
Download or read book Dealing with the Challenges of Macro Financial Linkages in Emerging Markets written by Otaviano Canuto and published by World Bank Publications. This book was released on 2013-10-29 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the challenges of macro financial linkages in the emerging markets.
Book Synopsis Growth and Development in Emerging Market Economies by : Harinder S Kohli
Download or read book Growth and Development in Emerging Market Economies written by Harinder S Kohli and published by SAGE Publications Pvt. Limited. This book was released on 2008-05-09 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: This compilation helps understand the basic forces that are now determining the performance and prospects of emerging market economies (EMEs) around the world. In the past few years, there has been a sharp rise in private capital flows to well performing developing countries, commonly referred to as EMEs. With a drop in net transfers from official sources, the private capital flows in these countries now dwarf official flows. Growth and Development in Emerging Market Economies: International Private Capital Flows, Financial Markets and Globalization encapsulates in one volume the understanding of the inter-related topics of global imbalances, finance, investment, trade, and infrastructure. Such assemblage is difficult to find in the existing literature in this field. Many chapters discuss the situations in Asia and Latin America, drawing parallels and pointing out contrasts. The papers in this collection were discussed at the Emerging Markets Forum meeting held in Jakarta, Indonesia in September 2006. The contributors include highly experienced former policy makers and senior officials of multilateral institutions who have lifelong experience in policy formulation at the highest level. The collection would be of value to policy makers in developing countries, officials of multilateral development institutions and researchers and academicians in the field of EMEs.
Book Synopsis Contemporary Macroeconomics by : Vasilii Erokhin
Download or read book Contemporary Macroeconomics written by Vasilii Erokhin and published by Springer Nature. This book was released on 2023-07-01 with total page 945 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers a lot of ground in contemporary macroeconomics, from fundamental theories such as market structures and equilibrium to emerging concepts that reflect the most critical challenges of modern times, including economic slowdowns, the resilience of public health systems, digitalization, environmental footprints, and many more. The COVID-19 outbreak has aggravated the recurrent problems of poverty and income inequality between countries, food insecurity and hunger, unemployment, and social disorders that have resulted in the exacerbation of political, economic, and trade tensions between countries. In view of the damaging consequences of the pandemic for the entire global economy, the book examines how existing macroeconomic tools and policies could be adapted to the new normal to ensure sustainable post-pandemic development and growth. The main text is interspersed with real-life illustrations and cases that demonstrate practical implications of the concepts under study. This makes the reading relevant and active. Every chapter starts with learning objectives and ends with a series of questions and quizzes that enable easier reinforcement of the course content. This book is written mainly for students, but it would be much useful to the broader public audience, including postgraduates, researchers, and business people who will be able to learn all recent updates about macroeconomics and the post-pandemic perspectives of the global economy.
Book Synopsis A Decade after the Global Recession by : M. Ayhan Kose
Download or read book A Decade after the Global Recession written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-19 with total page 475 pages. Available in PDF, EPUB and Kindle. Book excerpt: This year marks the tenth anniversary of the 2009 global recession. Most emerging market and developing economies weathered the global recession relatively well, in part by using the sizable fiscal and monetary policy ammunition accumulated during prior years of strong growth. However, their growth prospects have weakened since then, and many now have less policy space. This study provides the first comprehensive stocktaking of the past decade from the perspective of emerging market and developing economies. Many of these economies have now become more vulnerable to economic shocks. The study discusses lessons from the global recession and policy options for these economies to strengthen growth and prepare for the possibility of another global downturn.
Book Synopsis Financial Market Regulation and Reforms in Emerging Markets by : Masahiro Kawai
Download or read book Financial Market Regulation and Reforms in Emerging Markets written by Masahiro Kawai and published by Brookings Institution Press. This book was released on 2011 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In the wake of the global financial crisis that began in 2008, offers a systematic overview of recent developments in regulatory frameworks in advanced and emerging-market countries, outlining challenges to improving regulation, markets, and access in developing economies"--Provided by publisher.
Book Synopsis Emerging Market Economies by : Grzegorz W. Kolodko
Download or read book Emerging Market Economies written by Grzegorz W. Kolodko and published by Routledge. This book was released on 2018-04-27 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2003. Emerging Market Economies: Globalization and Development is the result of a comprehensive international research project co-ordinated within the TIGER (Transformation, Integration and Globalization Economic Research). It deals with economic, social and political implications of globalization for the development of emerging market economies and is authored by a host of international scholars from the USA, Chile, Tanzania, UK/Italy, Hungary, Poland, Romania, China and Japan. Kolodko et al examine the fundamental issues of the influences of globalization on the markets for capital, goods and labour and for the growth and development in emerging markets including post-communist countries. The study includes a number of comprehensive and compatible works which deal especially with the chances for and mechanism of catching-up on these emerging markets.
Book Synopsis Financial Deepening and Post-Crisis Development in Emerging Markets by : Aleksandr V. Gevorkyan
Download or read book Financial Deepening and Post-Crisis Development in Emerging Markets written by Aleksandr V. Gevorkyan and published by Springer. This book was released on 2016-06-14 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection empirically and conceptually advances our understanding of the intricacies of emerging markets’ financial and macroeconomic development in the post-2008 crisis context. Covering a vast geography and a broad range of economic viewpoints, this study serves as an informed guide in the unchartered waters of fundamental uncertainty as it has been redefined in the post-crisis period. Contributors to the collection go beyond risks-opportunities analyses, looking deeper into the nuanced interpretations of data and economic categories as interplay of developing world characteristics in the context of redefined fundamental uncertainty. Those concerns relate to the issues of small country finance, the industrialization of the developing world, the role of commodity cycles in the global economy, sovereign debt, speculative financial flows and currency pressures, and connections between financial markets and real markets. Compact and comprehensive, this collection offers unique perspectives into contemporary issues of financial deepening and real macroeconomic development in small developing economies that rarely surface in the larger policy and development debates.
