Financial Liberalization And Economic Performance
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| Author | : Luiz Fernando de Paula |
| Publisher | : Taylor & Francis |
| Total Pages | : 273 |
| Release | : 2012-07-26 |
| Genre | : Business & Economics |
| ISBN | : 1136854908 |
Since the beginning of the 1990s, Brazil has followed a pattern of economic development inspired by Washington Consensus. This framework includes a set of liberalising and market friendly policies such as privatisation, trade liberalization, stimulus to foreign direct investment, tax reform, and social security reforms. This book assesses the determinants and impacts of financial liberalisation in Brazil considering its two dimensions: the opening up of the balance of payments capital account, and the penetration by foreign bank of the domestic banking sector. The author combines theoretical and empirical analyses. Some make use of mathematical models and/or statistical techniques; however, they are only used when they are strictly necessary to the analysis.
| Author | : Yung Chul Park |
| Publisher | : Harvard University Press |
| Total Pages | : 375 |
| Release | : 2021-03-30 |
| Genre | : |
| ISBN | : 9780674251281 |
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.
| Author | : Muhammad Shahbaz |
| Publisher | : Springer Nature |
| Total Pages | : 245 |
| Release | : 2021-09-21 |
| Genre | : Business & Economics |
| ISBN | : 3030790037 |
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.
| Author | : Yılmaz Akyüz |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2014 |
| Genre | : Economic development |
| ISBN | : 9781783082629 |
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.
| Author | : Romain Wacziarg |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 0 |
| Release | : 2018 |
| Genre | : Free trade |
| ISBN | : 9781788111492 |
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.
| Author | : Indrajit Bairagya |
| Publisher | : Routledge |
| Total Pages | : 218 |
| Release | : 2014-10-03 |
| Genre | : Business & Economics |
| ISBN | : 1317631781 |
Impact of liberalization on informality has been a subject of intense debate for many years and the major issue that has come up is whether liberalization helps to grow informal sector and informality in the economy or it is an obstruction for informal sector’s growth. Thus, in the light of the recent liberalization measure, this book sets to examine general presumptions of the development of informal sector in the context of the Indian economy. The book begins with a broad framework for analysis of output contribution and growth of the informal sector. Liberalization is measured by openness indices and inter-sectoral linkages. Impact of liberalization on growth contributions of informal sector is captured by openness indices (i.e. degree of openness to trade and principal component scores), technical efficiency (measured by Data Envelope Analysis and estimated by Tobit Censored Regression model) and components of productivity (computed by Malmquist total factor productivity index) of the informal enterprises by inter-sectoral linkages. The linkages are modeled theoretically in a neo-classical growth theory and empirically measured by sub-contracting arrangements between formal and informal enterprises. In addition, the book also provides implications on promotion of informal sector from the viewpoint of employment generation. The description and analyses of the book will help with policy implications and enlighten the readers on the development of informal sector.
| Author | : Mr.Michael Mussa |
| Publisher | : International Monetary Fund |
| Total Pages | : 66 |
| Release | : 1993-12-01 |
| Genre | : Business & Economics |
| ISBN | : 145195039X |
This paper discusses the extent to which national capital markets have become linked, and identifies several of the more important consequences of that increased degree of integration. Alternative approaches to the measurement of capital market integration are reviewed, including deviations from the law of one price, differences between actual and optimally diversified portfolios, correlations between domestic investment and domestic saving, and cross-country links in consumption behavior. Two recent episodes of large-scale international capital flows—namely, the turmoil in the European Monetary System in the fall of 1992, and the surge of capital inflows into Latin America during the last three years—are examined for insights into the workings of today’s global capital market. Finally, the paper offers some concluding remarks on the future development of international capital markets, on exchange rate management, on alternative approaches to living with larger and more influential financial markets, and on the financing of investment in the formerly centrally planned economies.
| Author | : Lawrence B. Krause |
| Publisher | : Univ of California Press |
| Total Pages | : 440 |
| Release | : 2022-09-23 |
| Genre | : Business & Economics |
| ISBN | : 0520376226 |
Economic growth in all developing countries is guided, and often accelerated, by generally intrusive policies implemented by governments intent on playing an active role in furthering development. As economies have grown and become more complex, however, even small market distortions are magnified, and the tendency is to rely more heavily on the market for continued growth. In this volume, leading experts in economic development examine the variety of issues that arise as governments in some of the newly industrializing countries of Southeast Asia, such as South Korea, Taiwan, and Singapore, grapple with this difficult process of liberalization. This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1991.
| Author | : Ronald I. Mckinnon |
| Publisher | : JHU Press |
| Total Pages | : 260 |
| Release | : 1993-10 |
| Genre | : Business & Economics |
| ISBN | : 9780801847431 |
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.
| Author | : Mr.Jonathan David Ostry |
| Publisher | : International Monetary Fund |
| Total Pages | : 62 |
| Release | : 2009-10-15 |
| Genre | : Business & Economics |
| ISBN | : 1589068181 |
This volume examines the impact on economic performance of structural policies-policies that increase the role of market forces and competition in the economy, while maintaining appropriate regulatory frameworks. The results reflect a new dataset covering reforms of domestic product markets, international trade, the domestic financial sector, and the external capital account, in 91 developed and developing countries. Among the key results of this study, the authors find that real and financial reforms (and, in particular, domestic financial liberalization, trade liberalization, and agricultural liberalization) boost income growth. However, growth effects differ significantly across alternative reform sequencing strategies: a trade-before-capital-account strategy achieves better outcomes than the reverse, or even than a "big bang"; also, liberalizing the domestic financial sector together with the external capital account is growth-enhancing, provided the economy is relatively open to international trade. Finally, relatively liberalized domestic financial sectors enhance the economy's resilience, reducing output costs from adverse terms-of-trade and interest-rate shocks; increased credit availability is one of the key mechanisms.
