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The Resource Emerging market economies and financial globalization : Argentina, Brazil, China, India and South Korea, Leonardo E. Stanley

Emerging market economies and financial globalization : Argentina, Brazil, China, India and South Korea, Leonardo E. Stanley

Creator
Summary
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. The book offers a comparative analysis of the capital account liberalization process and the variety of policy responses generated among a reduced group of Latin American and Asian countries. In particular, it propose to critically examine these varied responses from a triple perspective: macro, micro-financial and institutiona.--
Language
eng
Work
Publication
Extent
xii, 243 pages
Contents
  • Preface; Acknowledgements; Chapter 1: Introduction; Chapter 2: International capital flows and macroeconomic dilemmas; Chapter 3: Unfettered finance and the persistence of instability; Chapter 4: Financial Globalization, Institutions and Growth; Chapter 5: Argentina; Chapter 6: Brazil; Chapter 7: China; Chapter 8: India; Chapter 9: Korea; Chapter 10: Final Remarks on Financial Globalization and Local Insertion; References; Index
Isbn
9781783086740
Instance
Label
Emerging market economies and financial globalization : Argentina, Brazil, China, India and South Korea
Title
Emerging market economies and financial globalization
Title remainder
Argentina, Brazil, China, India and South Korea
Statement of responsibility
Leonardo E. Stanley
Creator
Subject
Genre
Language
eng
Summary
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. The book offers a comparative analysis of the capital account liberalization process and the variety of policy responses generated among a reduced group of Latin American and Asian countries. In particular, it propose to critically examine these varied responses from a triple perspective: macro, micro-financial and institutiona.--
Member of
Assigning source
Provided by publisher
http://library.link/vocab/creatorName
Stanley, Leonardo E
Index
index present
Literary form
non fiction
Nature of contents
bibliography
Series statement
Anthem frontiers of global political economy
http://library.link/vocab/subjectName
  • Finance
  • Capital movements
  • Investments, Foreign
Label
Emerging market economies and financial globalization : Argentina, Brazil, China, India and South Korea, Leonardo E. Stanley
Instantiates
Publication
Bibliography note
Includes bibliographical references and index
Carrier category
volume
Carrier category code
  • nc
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
Preface; Acknowledgements; Chapter 1: Introduction; Chapter 2: International capital flows and macroeconomic dilemmas; Chapter 3: Unfettered finance and the persistence of instability; Chapter 4: Financial Globalization, Institutions and Growth; Chapter 5: Argentina; Chapter 6: Brazil; Chapter 7: China; Chapter 8: India; Chapter 9: Korea; Chapter 10: Final Remarks on Financial Globalization and Local Insertion; References; Index
Control code
on1022075773
Dimensions
24 cm.
Extent
xii, 243 pages
Isbn
9781783086740
Lccn
2018004291
Media category
unmediated
Media MARC source
rdamedia
Media type code
  • n
System control number
(OCoLC)1022075773
Label
Emerging market economies and financial globalization : Argentina, Brazil, China, India and South Korea, Leonardo E. Stanley
Publication
Bibliography note
Includes bibliographical references and index
Carrier category
volume
Carrier category code
  • nc
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
Preface; Acknowledgements; Chapter 1: Introduction; Chapter 2: International capital flows and macroeconomic dilemmas; Chapter 3: Unfettered finance and the persistence of instability; Chapter 4: Financial Globalization, Institutions and Growth; Chapter 5: Argentina; Chapter 6: Brazil; Chapter 7: China; Chapter 8: India; Chapter 9: Korea; Chapter 10: Final Remarks on Financial Globalization and Local Insertion; References; Index
Control code
on1022075773
Dimensions
24 cm.
Extent
xii, 243 pages
Isbn
9781783086740
Lccn
2018004291
Media category
unmediated
Media MARC source
rdamedia
Media type code
  • n
System control number
(OCoLC)1022075773

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