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Author Stanley, Leonardo E., author

Title Emerging market economies and financial globalization : Argentina, Brazil, China, India and South Korea / Leonardo E. Stanley
Published London ; New York, NY : Anthem Press, an imprint of Wimbledon Publishing, 2018
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Description 1 online resource (xii, 243 pages) : illustrations
Series Anthem frontiers of global political economy
Anthem frontiers of global political economy
Contents Machine generated contents note: 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
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"-- Provided by publisher
"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 institutional"-- Provided by publisher
Bibliography Includes bibliographical references and index
Notes Print version record
Subject Capital movements -- Developing countries -- Case studies
Finance -- Developing countries -- Case studies
Investments, Foreign -- Developing countries -- Case studies
BUSINESS & ECONOMICS -- Economics -- Comparative.
BUSINESS & ECONOMICS -- International -- Economics.
Capital movements.
Investments, Foreign.
POLITICAL SCIENCE -- Economic Conditions.
Developing countries.
Genre/Form Case studies.
Form Electronic book
ISBN 1783086750 (electronic bk.)
9781783086757 (electronic bk.)