Essays on Financial Liberalisation, Financial Crises and Economic Growth
Author : Zeeshan Atiq
Publisher :
Page : pages
File Size : 10,44 MB
Release : 2014
Category :
ISBN :
Author : Zeeshan Atiq
Publisher :
Page : pages
File Size : 10,44 MB
Release : 2014
Category :
ISBN :
Author : Philip Arestis
Publisher : Springer
Page : 384 pages
File Size : 47,62 MB
Release : 2016-11-26
Category : Business & Economics
ISBN : 3319412191
This book is the thirteenth volume in the International Papers in Political Economy (IPPE) series which explores the latest developments in political economy. A collection of eight papers, the book concentrates on the deregulation of domestic financial markets and discusses financial liberalisation in terms of its past performance, current progress and future developments. The chapters have been written by expert contributors in the field and focus on topics such as past records of financial liberalisation, future policies of regulation, and current account imbalances. Other papers examine capital account regulations in developing and emerging countries, and capital controls in the Eurozone after the 2007 financial crisis. This collection of papers invites readers to consider the impact of financial liberalisation both during and after the global economic crisis. Scholars and students with an interest in political economy, financialisation, and economic performance will find this collection stimulating and informative.
Author : P. Arestis
Publisher : Springer
Page : 179 pages
File Size : 13,5 MB
Release : 2005-09-08
Category : Political Science
ISBN : 0230522386
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.
Author : INKOO LEE
Publisher :
Page : 26 pages
File Size : 16,41 MB
Release : 2007-01-01
Category :
ISBN : 9788932241807
Author : Lars Jonung
Publisher : Edward Elgar Publishing
Page : 351 pages
File Size : 39,19 MB
Release : 2009-01-01
Category : Business & Economics
ISBN : 1849802130
The Nordic financial crisis had it all: a botched liberalization, a huge boom followed by an even bigger bust, massive taxpayer-financed bailouts and, finally, deep long-run gains. The first-class team of scholars mobilized in this book convincingly tell a story that should be carefully studied by economists, bankers and policymakers. After this book, no one should be able to say: If we only knew ! Charles Wyplosz, Graduate Institute of International Studies, Geneva, Switzerland The financial crisis in Scandinavia in the early 1990s was a forerunner of the later world-wide crisis in 2007/8. Although the initial causation was different, the impact on their banks, though more localised, was just as severe. So we can benefit, and already policymakers have done so, from learning the lessons in this book on how to restore shattered banking systems to health. For this we owe a debt of gratitude to the editors, who have put together a series of key papers that emerged from a much larger exercise on the crisis that was earlier reported in four volumes in Swedish and Finnish. Amongst the many studies on current and past financial crises, this is a classic must-read . Charles A.E. Goodhart, London School of Economics, UK The Nordic experience with financial crisis resolution could not be more timely. Everyone cites it as an example of how it should be done , but rarely does one find careful and detailed analysis. Now policymakers and others searching for guidance will know where to look. Barry Eichengreen, University of California, Berkeley, US Following World War II, Nordic countries were commonly regarded as successful and stable economies. This perception was, however, shattered in the early 1990s when Finland and Sweden encountered severe financial crises. Here, the authors explore the symptoms of financial crisis decreasing real income, soaring unemployment and exploding public deficits and their devastating effects. The book compares and contrasts the experiences of Finland and Sweden, then adopts an international perspective, encompassing the experiences of Asia, Latin America, Denmark and Norway. Lessons from the 1990s crisis are drawn, and possible solutions prescribed. The conclusion is that long-term effects of financial crises financial liberalization and integration are not as dramatic as the short-term effects, but may prove to be of greater importance over time. Only the future will show whether these long-term benefits will balance or even outweigh the enormous short-term costs of the crises. Highly relevant to the current international financial crisis currently afflicting the world economy, this timely book will prove invaluable to economists and other social scientists with a general interest in financial crises, and to those with a more specific interest in the evolution and models of Scandinavian economies.
Author : Alexander Boni
Publisher : GRIN Verlag
Page : 13 pages
File Size : 27,14 MB
Release : 2011-03-07
Category : Business & Economics
ISBN : 3640851587
Essay from the year 2010 in the subject Economics - Economic Cycle and Growth, grade: 84, University of Exeter (Business School), course: Economics - Growth & Development, language: English, abstract: An examination of neoclassical and endogenous growth theories and their theoretical implications on pursuing policies of domestic financial liberalisation and global financial harmonisation. This essay determines what circumstances are required or are desirable when opening up a national economy to liberalise its domestic financial industry and integrate that industry with the rest of the world.
Author : Miranda S. Goeltom
Publisher : Gramedia Pustaka Utama
Page : 624 pages
File Size : 12,12 MB
Release : 2007
Category : Indonesia
ISBN : 9789792233391
Author : John Williamson
Publisher : Princeton University International Finance Section, Department of Econmics
Page : 84 pages
File Size : 17,97 MB
Release : 1998
Category : Business & Economics
ISBN :
Author : Gabriel Roberto Zaourak
Publisher :
Page : 216 pages
File Size : 47,74 MB
Release : 2017
Category :
ISBN :
The following essays contribute towards our understanding of nancial crises and development dynamics. The dissertation is composed of three chapters. Chapter one---Lobbying for Capital Tax Benefits and Misallocation of Resources During Credit Crunches Corporations often have strong incentives to exert influence on the tax code and obtain additional tax benefits through lobbying. For the U.S. 2007-2009 financial crisis, I show that lobbying activity intensified, driven by large firms in sectors that depend more on external finance. Using a heterogeneous agent model with financial frictions and endogenous lobbying, I study the aggregate consequences of this rise in lobbying activity. When calibrated to U.S. micro data, the model generates an increase in lobbying that matches both the magnitude and the cross-sector and within-sector variation observed in the data. I find that lobbying for capital tax benefits, together with financial frictions, can account for 80 % of the decline in output and almost all the drop in total factor productivity observed during the crisis for the non-financial corporate sector. Relative to an economy without lobbying, this mechanism increases the dispersion in the marginal product of capital and amplifies the credit shock, leading to a one-third larger decline in output. I also study the long run effects of lobbying. Restricting lobbying implies welfare gains of 0.3 % after considering the transitional dynamics to the new steady state. Chapter 2---Market Power and Aggregate Efficiency in Financial Crises In joint work with Fernando Giuliano, we document that during financial crises in emerging economies, large firms become relatively larger and small firms become relatively smaller. What are the aggregate consequences of the resulting increase in market concentration? We answer this question quantitatively with a model where firms are able to exploit their market power through heterogeneous markups. Financial frictions take the form of a collateral constraint that gets tighter during a financial crisis. We discipline the model using detailed plant-level microdata for Colombia, and analyze the transition dynamics of an economy as it adjust to a credit crunch. We find that when firms are able to adjust their markups in response to a credit shock, the response of aggregate output and productivity is dampened. Variable markups act as a buffer that partially offsets the misallocation triggered by a financial crisis. This follows from adjustments at both the intensive and extensive margins. Chapter 3---Innovation Effort in a Model of Financial Frictions: The Case of Reforms The last chapter is part of an ongoing project to explore the role of innovation as a key ingredient to capture development dynamics of the growth miracles in the East of Asia. During the second half of the last century those economies carried out a rapid dismantling of distortions affecting the size of firms that led to a reallocation of resources. This, together with a slow financial liberalization, created the conditions for sustained increase in per capital income, an increase of investment rates and improvements in aggregate productivity. Using an environment with financial frictions and resource misallocation in a pre-reform economy, Buera and Shin (2013) were able to capture the first two facts. However, the model delivers counterfactual dynamics for aggregate productivity due to the assumption of exogenous firm level productivity. Extending their framework to allow firms to improve their productivity through innovation, I explore the implications of the interaction between financial frictions, resource misallocation and endogenous innovation.
Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
Page : 66 pages
File Size : 13,57 MB
Release : 2013-01-30
Category : Business & Economics
ISBN : 1475561008
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.