Trade Liberalization And The Politics Of Financial Development

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Trade Liberalization and the Politics of Financial Development

Author : Matias Braun
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4./5 ( download)

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Book Synopsis Trade Liberalization and the Politics of Financial Development by : Matias Braun

Download or read book Trade Liberalization and the Politics of Financial Development written by Matias Braun and published by World Bank Publications. This book was released on 2005 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A well developed financial system enhances competition in the industrial sector by allowing easier entry. The impact varies across industries, however. For some, small changes in financial development quickly induce entry and dissipate incumbents' rents, generating strong incentives to oppose improvement of the financial system. In other sectors incumbents may even benefit from increased availability of external funds. The relative strength of promoters and opponents determines the political equilibrium level of financial system development. This may be perturbed by the effect of trade liberalization in the strength of each group. Using a sample of 41 trade liberalizers Braun and Raddatz conduct an event study and show that the change in the strength of promoters vis--̉vis opponents is a very good predictor of subsequent financial development. The result is not driven by changes in demand for external funds, or by the success of the trade policy. The relationship is mediated by policy reforms, the kind that induces competition in the financial sector, in particular. Real effects follow not so much from capital deepening but mainly through improved allocation. The effect is stronger in countries with high levels of governance, suggesting that incumbents resort to this costly but more subtle way of restricting entry where it is difficult to obtain more blatant forms of anti-competitive measures from politicians. This paper--a product of the Investment and Growth Team, Development Research Group--is part of a larger effort in the group to understand the relation between finance and the macroeconomy"--World Bank web site.

Trade Liberalization and the Politics of Financial Development

Author : Matias Braun
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)

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Book Synopsis Trade Liberalization and the Politics of Financial Development by : Matias Braun

Download or read book Trade Liberalization and the Politics of Financial Development written by Matias Braun and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A well developed financial system enhances competition in the industrial sector by allowing easier entry. The impact varies across industries, however. For some, small changes in financial development quickly induce entry and dissipate incumbents' rents, generating strong incentives to oppose improvement of the financial system. In other sectors incumbents may even benefit from increased availability of external funds. The relative strength of promoters and opponents determines the political equilibrium level of financial system development. This may be perturbed by the effect of trade liberalization in the strength of each group. Using a sample of 41 trade liberalizers the authors conduct an event study and show that the change in the strength of promoters vis-a-vis opponents is a very good predictor of subsequent financial development. The result is not driven by changes in demand for external funds, or by the success of the trade policy. The relationship is mediated by policy reforms, the kind that induces competition in the financial sector, in particular. Real effects follow not so much from capital deepening but mainly through improved allocation. The effect is stronger in countries with high levels of governance, suggesting that incumbents resort to this costly but more subtle way of restricting entry where it is difficult to obtain more blatant forms of anti-competitive measures from politicians.

Politics of Financial Development

Author : Matias Braun
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (16 download)

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Book Synopsis Politics of Financial Development by : Matias Braun

Download or read book Politics of Financial Development written by Matias Braun and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Financial Liberalization and Economic Development in Korea, 1980-2020

Author : Yung Chul Park
Publisher : Harvard University Press
ISBN 13 : 9780674251281
Total Pages : 375 pages
Book Rating : 4.2/5 (512 download)

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Book Synopsis Financial Liberalization and Economic Development in Korea, 1980-2020 by : Yung Chul Park

Download or read book Financial Liberalization and Economic Development in Korea, 1980-2020 written by Yung Chul Park and published by Harvard University Press. This book was released on 2021-03-30 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: Korea's financial development has been a tale of liberalization and opening but the new system has failed to steer the country away from financial crises. This study analyzes the changes in the financial system and finds that financial liberalization has contributed little to grow and stabilize the Korean economy.

The Gains and Pains of Financial Integration and Trade Liberalization

Author : Rajib Bhattacharyya
Publisher : Emerald Group Publishing
ISBN 13 : 1838670068
Total Pages : 201 pages
Book Rating : 4.8/5 (386 download)

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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.

The Order of Economic Liberalization

Author : Ronald I. Mckinnon
Publisher : JHU Press
ISBN 13 : 9780801847431
Total Pages : 260 pages
Book Rating : 4.8/5 (474 download)

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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.

Trade Liberalization

Author : Romain Wacziarg
Publisher : Edward Elgar Publishing
ISBN 13 : 9781788111492
Total Pages : 0 pages
Book Rating : 4.1/5 (114 download)

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Book Synopsis Trade Liberalization by : Romain Wacziarg

Download or read book Trade Liberalization written by Romain Wacziarg and published by Edward Elgar Publishing. This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This compelling two-volume collection presents the major literary contributions to the economic analysis of the consequences of trade liberalization on growth, productivity, labor market outcomes and economic inequality. Examining the classical theories that stress gains from trade stemming from comparative advantage, the selection also comprises more recent theories of imperfect competition, where any potential gains from trade can stem from competitive effects or the international transmission of knowledge. Empirical contributions provide evidence regarding the explanatory power of these various theories, including work on the effects of trade openness on economic growth, wages, and income inequality, as well as evidence on the effects of trade on firm productivity, entry and exit. Prefaced by an original introduction from the editor, the collection will to be an invaluable research resource for academics, practitioners and those drawn to this fascinating topic.

The Political Economy of Trade Reform in Emerging Markets

Author : Peter Draper
Publisher : Edward Elgar Publishing
ISBN 13 : 1848447299
Total Pages : 299 pages
Book Rating : 4.8/5 (484 download)

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Book Synopsis The Political Economy of Trade Reform in Emerging Markets by : Peter Draper

Download or read book The Political Economy of Trade Reform in Emerging Markets written by Peter Draper and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: . . . few if any other recent volumes offer a historical perspective on evolving trade policy in several countries, this well-written, well-edited volume. . . is suitable for graduate and research libraries. M. Larudee, Choice This book is a refreshing reminder of the benefits of unilateral trade liberalisation in countries whose leaders dare. An important story told with clarity and authority. Ross Garnaut, The Australian National University, Australia That trade liberalization is good for emerging market economies, and not just for the rich ones, is now widely accepted by both economists and policy-makers. But the question remains: how can these reforms be implemented in practice? The answer to that important question lies in understanding the political economy of each reforming country. This book makes a splendid contribution to our understanding of this issue by examining the experience of several countries. It is therefore an important book to be read by, not just students and researchers, but also policy-makers worldwide. Jagdish Bhagwati, Columbia University, US This timely book brings fresh analysis to the important issue of trade policy reform in emerging markets. The subject matter and its significance are comprehensively introduced with a review of developing country liberalization since the 1980s providing an analytical framework for the seven country case studies that follow. The case studies (Australia, Brazil, Chile, India, Malaysia, New Zealand, and South Africa) cover a wide variety of political, historical and economic issues, but all make clear the important role that crisis, or the threat of it, plays in meaningful trade policy reform. This is of particular relevance in the current global financial crisis. These studies, together with the conclusions which are drawn from them, show how important the trade liberalization agenda remains in the 21st century. Written by a combination of both experts and practitioners, this highly topical book will make productive reading for policy makers concerned with trade policy in developed and developing countries, as well as scholars working in trade policy. Postgraduate students studying international business, international relations, economics, politics, and international law should not be without this book.

Financial Liberalization

Author : P. Arestis
Publisher : Springer
ISBN 13 : 0230522386
Total Pages : 172 pages
Book Rating : 4.2/5 (35 download)

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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.

Measuring Services Trade Liberalization and Its Impact on Economic Growth

Author : Aaditya Mattoo
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4./5 ( download)

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Book Synopsis Measuring Services Trade Liberalization and Its Impact on Economic Growth by : Aaditya Mattoo

Download or read book Measuring Services Trade Liberalization and Its Impact on Economic Growth written by Aaditya Mattoo and published by World Bank Publications. This book was released on 2001 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries that fully liberalize their telecommunications and financial services sectors may be able to expect economic growth rates up to 1.5 percentage point higher than rates in other countries.

Political Economy Aspects of Trade and Financial Liberalization

Author : Ms.Rina Bhattacharya
Publisher : International Monetary Fund
ISBN 13 : 1451857659
Total Pages : 25 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Political Economy Aspects of Trade and Financial Liberalization by : Ms.Rina Bhattacharya

Download or read book Political Economy Aspects of Trade and Financial Liberalization written by Ms.Rina Bhattacharya and published by International Monetary Fund. This book was released on 1999-11-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper integrates a two-period overlapping generations model with a standard two-sector Hecksher-Ohlin trade model and analyzes the impact of uncertainty on domestic investment in the exportable and importable sectors, the political economy linkages between trade and financial liberalization, and the implications for sequencing. Under certain assumptions financial liberalization leads to a movement of resources in the opposite direction to that implied by trade liberalization, thus defeating one of the objectives of tariff reform. When political economy linkages are taken into account, however, the indirect effects of financial liberalization may offset the direct effects and encourage a movement of resources in the desired direction.

Liberalization, Financial Instability and Economic Development

Author : Yılmaz Akyüz
Publisher : Anthem Press
ISBN 13 : 1783082402
Total Pages : 338 pages
Book Rating : 4.7/5 (83 download)

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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.

Financial Liberalization in Developing Countries

Author : Abdullahi Dahir Ahmed
Publisher : Springer Science & Business Media
ISBN 13 : 3790821683
Total Pages : 303 pages
Book Rating : 4.7/5 (98 download)

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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.

Explaining Liberalization Commitments in Financial Services Trade

Author : Ludger Schuknecht
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4./5 ( download)

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Book Synopsis Explaining Liberalization Commitments in Financial Services Trade by : Ludger Schuknecht

Download or read book Explaining Liberalization Commitments in Financial Services Trade written by Ludger Schuknecht and published by World Bank Publications. This book was released on 2003 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors examine the determinants of market access commitments in international financial services trade in the General Agreement on Trade in Services (GATS). Based on a theoretical model, they investigate empirically the role of domestic political economy forces, international bargaining considerations, and the state of complementary policy. The empirical results confirm the relevance of the authors' model in explaining banking and (to a somewhat lesser degree) securities services liberalization commitments. The findings imply that those who seek greater access to developing country markets for financial services must do more to counter protectionism at home in areas of export interest for developing countries.

Economic Growth and Financial Development

Author : Muhammad Shahbaz
Publisher : Springer Nature
ISBN 13 : 3030790037
Total Pages : 245 pages
Book Rating : 4.0/5 (37 download)

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Book Synopsis Economic Growth and Financial Development by : Muhammad Shahbaz

Download or read book Economic Growth and Financial Development written by Muhammad Shahbaz and published by Springer Nature. This book was released on 2021-09-21 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks into the relationship between financial development, economic growth, and the possibility of a potential capital flight in the transmission process. It also examines the important role that financial institutions, financial markets, and country-level institutional factors play in economic growth and their impact on capital flight in emerging economies. By presenting new theoretical insights and empirical country studies as well as econometric approaches, the authors focus on the relationship between financial development and economic growth with capital flight in the era of financial crisis. Therefore, this book is a must-read for researchers, scholars, and policy-makers, interested in a better understanding of economic growth and financial development of emerging economies alike.

Growth Before and After Trade Liberalization

Author : Gonzalo Salinas
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4./5 ( download)

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Book Synopsis Growth Before and After Trade Liberalization by : Gonzalo Salinas

Download or read book Growth Before and After Trade Liberalization written by Gonzalo Salinas and published by World Bank Publications. This book was released on 2006 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The empirical study of the impact of trade liberalization has not convinced the skeptics about the economic gains after trade reforms. Some have even argued that trade reforms have led to economic collapse and to deindustrialization. Using a sample that excludes countries that were subject to major exogenous disruptions, the authors note that post-reform economic growth was 1.2 percentage points higher than before the reforms. This is remarkable considering that pre-reform periods were characterized by highly expansionary state policies and large external borrowing, and the crisis years that preceded trade liberalization in the comparisons are eliminated. Through multivariate fixed effects estimations the authors calculate that annual per capita GDP growth rates increased by up to 2.6 percentage points after the trade reforms, compared to a counterfactual that takes into consideration the evolution of several growth determinants. Moreover, trade liberalization has been followed by an acceleration of growth in investment, exports of goods and services, and manufacturing exports, and as opposed to common belief, outward orientation did not lead to significant deindustrialization and actually seems to have increased export diversification. Growth acceleration occurred irrespective of income per capita level and was quite significant in Sub-Saharan Africa. As expected, small countries benefited most from the reforms.

Trade Liberalization, Capital Account Liberalization and the Real Effects of Financial Development

Author : Claudio E. Raddatz
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Trade Liberalization, Capital Account Liberalization and the Real Effects of Financial Development by : Claudio E. Raddatz

Download or read book Trade Liberalization, Capital Account Liberalization and the Real Effects of Financial Development written by Claudio E. Raddatz and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides evidence that international economic integration changes the real effect of domestic financial institutions. Using a cross-country panel we show that domestic financial development has a smaller effect on growth in countries that are open to trade and capital flows than among countries that are closed in both dimensions. We then use sectoral data to show that this decline in the importance of financial development can be explained by its irrelevance for tradable sectors in countries that are fully integrated to the world economy. In contrast to non-tradable sectors, for tradable sectors international economic integration seems to be a good substitute for domestic financial development. We also explore the consequences of these findings for the sequencing of reform.