The Consequences of the Global Financial Crisis

The Rhetoric of Reform and Regulation

Author: Wyn Grant,Graham K. Wilson

Publisher: Oxford University Press

ISBN: 0199641986

Category: Business & Economics

Page: 272

View: 3188

Systematically exploring the consequences of the global financial crisis, this text focuses primarily on the impact on policy and politics. It asks how governments responded to the challenges that the crisis has posed, and the policy and political impact of the combination of both the crisis itself and these responses.

Ruling Capital

Emerging Markets and the Reregulation of Cross-Border Finance

Author: Kevin P. Gallagher

Publisher: Cornell University Press

ISBN: 0801454603

Category: Political Science

Page: 232

View: 4342

In Ruling Capital, Kevin P. Gallagher demonstrates how several emerging market and developing countries (EMDs) managed to reregulate cross-border financial flows in the wake of the global financial crisis, despite the political and economic difficulty of doing so at the national level. Gallagher also shows that some EMDs, particularly the BRICS coalition, were able to maintain or expand their sovereignty to regulate cross-border finance under global economic governance institutions. Gallagher combines econometric analysis with in-depth interviews with officials and interest groups in select emerging markets and policymakers at the International Monetary Fund, the World Trade Organization, and the G-20 to explain key characteristics of the global economy. Gallagher develops a theory of countervailing monetary power that shows how emerging markets can counter domestic and international opposition to the regulation of cross-border finance. Although many countries were able to exert countervailing monetary power in the wake of the crisis, such power was not sufficient to stem the magnitude of unstable financial flows that continue to plague the world economy. Drawing on this theory, Gallagher outlines the significant opportunities and obstacles to regulating cross-border finance in the twenty-first century.

Finance and Competitiveness in Developing Countries

Author: José María Fanelli,Rohinton Medhora

Publisher: IDRC

ISBN: 1552502171

Category: Business & Economics

Page: 366

View: 818

Using detailed trade and firm-level financial data, the authors demonstrate, for example, that while links between finance and competitiveness are strong, they are not uniform across sectors and countries. This book examines the link between finance and competitiveness at the macro and sectoral levels in seven different countries: Argentina, Brazil, India, Indonesia, the Philippines, South Africa, and Tunisia, and investigates key international issues, such as the evidence of the impact of exchange rate variability on trade, patterns in bank lending, and trade openness and development.

Malaysia: From Crisis to Recovery

Author: Intl Monetary Fund,Kanitta Meesook,Natalia T. Tamirisa,Yougesh Khatri,Il Houng Lee,O. Liu,Michael Moore,Mark H. Krysl

Publisher: International Monetary Fund

ISBN: 9781589060470

Category: Business & Economics

Page: 101

View: 9567

This publication takes stock of economic developments in Malaysia since the Asian economic crisis of 1997. It looks at the aspects of economic performance, policy and reform that contributed to the strong recovery. The individual papers include: a comparative review of policies and performance; potential output and inflation; challenges to fiscal management; capital controls in response to the Asian crisis; financial sector issues; corporate performance and reform.

Putting the Cart Before the Horse? Capital Account Liberalization and Exchange Rate Flexibility in China

Author: Mr. Eswar Prasad,Mr. Qing Wang,Mr. Thomas Rumbaugh

Publisher: International Monetary Fund

ISBN: 1452762449

Category: Business & Economics

Page: 32

View: 6926

This paper reviews the issues involved in moving towards greater exchange rate flexibility and capital account liberalization in China. A more flexible exchange rate regime would allow China to operate a more independent monetary policy, providing a useful buffer against domestic and external shocks. At the same time, weaknesses in China’s financial system suggest that capital account liberalization poses significant risks and should be a lower priority in the short term. This paper concludes that greater exchange rate flexibility is in China’s own interest and that, along with a more stable and robust financial system, it should be regarded as a prerequisite for undertaking a substantial liberalization of the capital account.

Exchange Rate Regimes and the Stability of the International Monetary System

Author: Mr. Atish R. Ghosh,Mr. Jonathan David Ostry,Mr. Charalambos G. Tsangarides

Publisher: International Monetary Fund

ISBN: 145198524X

Category: Business & Economics

Page: 47

View: 8115

The member countries of the International Monetary Fund collaborate to try to assure orderly exchange arrangements and promote a stable system of exchange rates, recognizing that the essential purpose of the international monetary system is to facilitate the exchange of goods, services, and capital, and to sustain sound economic growth. The paper reviews the stability of the overall system of exchange rates by examining macroeconomic performance (inflation, growth, crises) under alternative exchange rate regimes; implications of exchange rate regime choice for interaction with the rest of the system (external adjustment, trade integration, capital flows); and potential sources of stress to the international monetary system.

International monetary and financial issues for the 1990s

research papers for the Group of Twenty-four

Author: Group of Twenty-four,United Nations Conference on Trade and Development

Publisher: United Nations Pubns

ISBN: 9789211124538

Category: International economic relations

Page: 181

View: 791

These publications present an extended collection of analytical papers which offer a frank discussion on a spectrum of such related issues as: world development, the GATT Uruguay Round, the global macroeconomic picture of economies in transition, the prospects of financial flows & financial openness in developing countries, the cost-effectiveness of negotiations, the role of the International Monetary Fund (IMF) in structural adjustment in small & poor countries & the World Bank.

International Evidenceon Recovery From Recessions

Author: Ms. Valerie Cerra,Ms. Sweta Chaman Saxena,Ugo Panizza

Publisher: International Monetary Fund

ISBN: 1451917554

Category: Business & Economics

Page: 30

View: 4679

Although negative shocks have persistent effects on output on average, this paper shows that macroeconomic policies and the structure of the economy can influence the speed of recovery and mitigate the persistence of the shock. Indeed, monetary and fiscal stimulus and foreign aid can spur a rebound, with impacts that are asymmetrically stronger than in nonrecovery years. Real depreciation and the exchange rate regime also have asymmetric growth effects in a recovery year relative to other years of expansion. Recoveries are more sluggish in open economies, partly because fiscal policy is less effective than in closed economies.

Private Capital Flows and Development

The Role of National and International Polices

Author: Gerald K. Helleiner

Publisher: Commonwealth Secretariat

ISBN: 9780850925395

Category: Capital movements

Page: 40

View: 4652

This paper considers the new forms and roles of private capital flows to developing countries in the 1990s and appropriate national and international policy responses to the problems and possibilities they create. Section 2 describes the growth of these flows in the 1990s, their role in development and some of their effects in recipient countries. Section 3 considers alternate capital account policies for developing countries. In section 4 the possibility of improved international arrangements is considered. Section 5 contains recommendations from the previous analysis.

Capital-account and Counter-cyclical Prudential Regulations in Developing Countries

Author: José Antonio Ocampo,United Nations. Economic Commission for Latin America and the Caribbean

Publisher: United Nations Publications

ISBN: 9789211213928

Category: Business cycles

Page: 36

View: 741

This paper examines the use of capital account regulations and the counter-cyclical prudential regulation of domestic financial intermediaries. It explains how these two finance policy tools are used to manage capital account volatility in developing countries.