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The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels and with a variety of apparently conflicting results. For instance, there is still little robust evidence of the growth benefits of broad capital account liberalization, but a number of recent papers in the finance literature report that equity market liberalizations do significantly boost growth. Similarly, evidence based on microeconomic (firm- or industry-level) data shows some benefits of financial integration and the distortionary effects of capital controls, while the macroeconomic evidence remains inconclusive. We attempt to provide a unified conceptual framework for organizing this vast and growing literature. This framework allows us to provide a fresh synthetic perspective on the macroeconomic effects of financial globalization, in terms of both growth and volatility. Overall, our critical reading of the recent empirical literature is that it lends some qualified support to the view that developing countries can benefit from financial globalization, but with many nuances. On the other hand, there is little systematic evidence to support widely cited claims that financial globalization by itself leads to deeper and more costly developing country growth crises.
Electronic books. -- local. --- Globalization -- Mathematical models. --- International finance. --- Commerce --- Business & Economics --- International Commerce --- Globalization --- Mathematical models. --- Global cities --- Globalisation --- Internationalization --- International monetary system --- International money --- International relations --- Anti-globalization movement --- Finance --- International economic relations --- Exports and Imports --- Finance: General --- General Financial Markets: General (includes Measurement and Data) --- International Investment --- Long-term Capital Movements --- Current Account Adjustment --- Short-term Capital Movements --- Globalization: General --- International economics --- Financial integration --- Foreign direct investment --- Capital account liberalization --- Stock markets --- International finance --- Investments, Foreign --- Balance of payments --- Stock exchanges --- United States
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Although emerging market and developing economies (EMDEs) weathered the global recession a decade ago relatively well, they now appear less well placed to cope with the substantial downside risks facing the global economy. In many EMDEs, the room for monetary and fiscal policies to respond to shocks has eroded; underlying growth potential has slowed; and the momentum for improving policy frameworks, institutions, and business climates seems to have slackened. The experience of the 2009 global recession highlights once again the critical role of policy room in shielding economic activity during adverse shocks. The subsequent decade of anemic growth underlines the need for sound policy frameworks, institutions, and business environments to promote sustained growth. With the global growth outlook weakening and vulnerabilities rising, the policy priority for EMDEs is now to improve resilience to shocks and to lift long-term growth prospects.
Bankruptcy and Resolution of Financial Distress --- Business Cycles and Stabilization Policies --- Economic Growth --- Economic Integration --- Finance and Financial Sector Development --- Financial Crisis --- Fiscal and Monetary Policy --- Global Recession --- International Business Cycle --- Macroeconomic Management --- Macroeconomic Policy --- Macroeconomics and Economic Growth
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This year marks the tenth anniversary of the 2009 global recession. Most emerging market and developing economies weathered the global recession relatively well, in part by using the sizable fiscal and monetary policy ammunition accumulated during prior years of strong growth. However, their growth prospects have weakened since then, and many now have less policy space. This study provides the first comprehensive stocktaking of the past decade from the perspective of emerging market and developing economies. Many of these economies have now become more vulnerable to economic shocks. The study discusses lessons from the global recession and policy options for these economies to strengthen growth and prepare for the possibility of another global downturn.
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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.
Financial crises --- Business cycles --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Econometric models. --- Econometric models --- E-books --- Banks and Banking --- Exports and Imports --- Financial Risk Management --- Macroeconomics --- Business Fluctuations --- Cycles --- International Business Cycles --- Financial Crises --- Crisis Management --- Price Level --- Inflation --- Deflation --- Foreign Exchange --- International Investment --- Long-term Capital Movements --- Economic & financial crises & disasters --- International economics --- Banking crises --- Asset prices --- Currency crises --- Sudden stops --- Prices --- Balance of payments --- Capital movements --- United States
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