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The global financial crisis has led to a sweeping reevaluation of financial market regulation and macroeconomic policies. Emerging markets need to balance the goals of financial development and broader financial inclusion with the imperative of strengthening macroeconomic and financial stability. The third in a series on emerging markets, New Paradigms for Financial Regulation develops new analytical frameworks and provides policy prescriptions for how the frameworks should be adapted to a world of more free and more volatile capital. This volume provides an overview of the g

International finance --- Government policy. --- Law and legislation.

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"Examines Asia's emerging markets, which survived the financial debacle of 2008-09 with only modest declines in growth; discusses activities that could dampen continuing development in these markets including inflation, surging capital inflows, asset and credit bubbles, and rapid currency appreciation; and offers strategies to promote financial stability"--Provided by publisher.

Financial crises --- Capital market --- Financial institutions --- Finance --- Government policy

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This paper provides a comprehensive analysis of the relationship between financial openness and total factor productivity (TFP) growth using an extensive dataset that includes various measures of productivity and financial openness for a large sample of countries. We find that de jure capital account openness has a robust positive effect on TFP growth. The effect of de facto financial integration on TFP growth is less clear, but this masks an important and novel result. We find strong evidence that FDI and portfolio equity liabilities boost TFP growth while external debt is actually negatively correlated with TFP growth. The negative relationship between external debt liabilities and TFP growth is attenuated in economies with higher levels of financial development and better institutions.

Economic development --- International finance. --- Fiscal policy. --- Econometric models. --- Tax policy --- Taxation --- International monetary system --- International money --- Government policy --- Economic policy --- Finance, Public --- Finance --- International economic relations --- Exports and Imports --- Finance: General --- Investments: Stocks --- Production and Operations Management --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Current Account Adjustment --- Short-term Capital Movements --- General Financial Markets: General (includes Measurement and Data) --- International Investment --- Long-term Capital Movements --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Macroeconomics --- International economics --- Investment & securities --- Total factor productivity --- Capital account --- Financial integration --- Foreign direct investment --- Stocks --- Industrial productivity --- Balance of payments --- International finance --- Investments, Foreign --- China, People's Republic of

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From 1995 to 2005, the average urban household saving rate in China rose by 7 percentage points, to ¼ of disposable income. We use household-level data to explain the postponing of consumption despite rapid income growth. Tracing cohorts over time indicates virtually no consumption smoothing over the life cycle. Saving rates have increased across all demographic groups, although the age-profile of savings has an unusual U-shaped pattern, with saving rates being the highest among the youngest and oldest households in recent years. These patterns are best explained by the rising private burden of expenditures on housing, education, and health care.

Business & Economics --- Economic History --- Saving and investment --- Households --- Econometric models. --- Economic aspects --- China --- Economic conditions --- Accumulation, Capital --- Capital accumulation --- Capital formation --- Investment and saving --- Saving and thrift --- Cina --- Kinë --- Cathay --- Chinese National Government --- Chung-kuo kuo min cheng fu --- Republic of China (1912-1949) --- Kuo min cheng fu (China : 1912-1949) --- Chung-hua min kuo (1912-1949) --- Kina (China) --- National Government (1912-1949) --- China (Republic : 1912-1949) --- People's Republic of China --- Chinese People's Republic --- Chung-hua jen min kung ho kuo --- Central People's Government of Communist China --- Chung yang jen min cheng fu --- Chung-hua chung yang jen min kung ho kuo --- Central Government of the People's Republic of China --- Zhonghua Renmin Gongheguo --- Zhong hua ren min gong he guo --- Kitaĭskai︠a︡ Narodnai︠a︡ Respublika --- Činská lidová republika --- RRT --- Republik Rakjat Tiongkok --- KNR --- Kytaĭsʹka Narodna Respublika --- Jumhūriyat al-Ṣīn al-Shaʻbīyah --- RRC --- Kitaĭ --- Kínai Népköztársaság --- Chūka Jinmin Kyōwakoku --- Erets Sin --- Sin --- Sāthāranarat Prachāchon Čhīn --- P.R. China --- PR China --- Chung-kuo --- Zhongguo --- Zhonghuaminguo (1912-1949) --- Zhong guo --- Chine --- République Populaire de Chine --- República Popular China --- Catay --- VR China --- VRChina --- 中國 --- Jhongguó --- Bu̇gu̇de Nayiramdaxu Dundadu Arad Ulus --- Bu̇gu̇de Nayiramdaqu Dumdadu Arad Ulus --- Bu̇gd Naĭramdakh Dundad Ard Uls --- Khi︠a︡tad --- Kitad --- Dumdadu Ulus --- Dumdad Uls --- Думдад Улс --- Kitajska --- 中国 --- 中华人民共和国 --- Population --- Families --- Home economics --- Capital --- Supply-side economics --- Wealth --- Investments --- China (Republic : 1949- ) --- PRC --- P.R.C. --- BNKhAU --- БНХАУ --- Infrastructure --- Macroeconomics --- Demography --- Aggregate Factor Income Distribution --- Macroeconomics: Consumption --- Saving --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Personal Income, Wealth, and Their Distributions --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Population & demography --- Income --- Consumption --- Aging --- Disposable income --- Economics --- Population aging --- National income --- China, People's Republic of

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This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups-industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose macroeconomic fluctuations in key macroeconomic aggregates-output, consumption, and investment-into different factors. These are: (i) a global factor, which picks up fluctuations that are common across all variables and countries; (ii) three group-specific factors, which capture fluctuations that are common to all variables and all countries within each group of countries; (iii) country factors, which are common across all aggregates in a given country; and (iv) idiosyncratic factors specific to each time series. Our main result is that, during the period of globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies and among the group of emerging market economies. Surprisingly, there has been a concomitant decline in the relative importance of the global factor. In other words, there is evidence of business cycle convergence within each of these two groups of countries but divergence (or decoupling) between them.

Business cycles --- Globalization. --- Global cities --- Globalisation --- Internationalization --- International relations --- Anti-globalization movement --- Econometric models. --- Econometrics --- Finance: General --- Macroeconomics --- Globalization --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Macroeconomics: Consumption --- Saving --- Wealth --- Globalization: General --- General Financial Markets: General (includes Measurement and Data) --- Classification Methods --- Cluster Analysis --- Principal Components --- Factor Models --- Economic growth --- Finance --- Econometrics & economic statistics --- Consumption --- Emerging and frontier financial markets --- Factor models --- Economics --- Financial services industry --- Econometric models --- United States