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Author: Mr.Timothy D. Lane Publisher: International Monetary Fund ISBN: 9781557753809 Category : Business & Economics Languages : en Pages : 372
Book Description
The 12 papers in this book, edited by Gerard Caprio, David Folkerts-Landau, and Timothy D. Lane, explore issues in building a financial structure suitable for economies in transition. They cover for main topics: the problem of old and new debts; the development of a sound and efficient payment system; the establishment of an appropriate financial structure; and the importance of credit in the development of the the real economy.
Author: Mr.Timothy D. Lane Publisher: International Monetary Fund ISBN: 9781557753809 Category : Business & Economics Languages : en Pages : 372
Book Description
The 12 papers in this book, edited by Gerard Caprio, David Folkerts-Landau, and Timothy D. Lane, explore issues in building a financial structure suitable for economies in transition. They cover for main topics: the problem of old and new debts; the development of a sound and efficient payment system; the establishment of an appropriate financial structure; and the importance of credit in the development of the the real economy.
Author: M. Ayhan Kose Publisher: World Bank Publications ISBN: 1464815453 Category : Business & Economics Languages : en Pages : 403
Book Description
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Author: Masahiro Kawai Publisher: Brookings Institution Press ISBN: 0815704895 Category : Business & Economics Languages : en Pages : 441
Book Description
"In the wake of the global financial crisis that began in 2008, offers a systematic overview of recent developments in regulatory frameworks in advanced and emerging-market countries, outlining challenges to improving regulation, markets, and access in developing economies"--Provided by publisher.
Author: Barry Eichengreen Publisher: University of Chicago Press ISBN: 0226194574 Category : Business & Economics Languages : en Pages : 306
Book Description
Recent crises in emerging markets have been heavily driven by balance-sheet or net-worth effects. Episodes in countries as far-flung as Indonesia and Argentina have shown that exchange rate adjustments that would normally help to restore balance can be destabilizing, even catastrophic, for countries whose debts are denominated in foreign currencies. Many economists instinctually assume that developing countries allow their foreign debts to be denominated in dollars, yen, or euros because they simply don't know better. Presenting evidence that even emerging markets with strong policies and institutions experience this problem, Other People's Money recognizes that the situation must be attributed to more than ignorance. Instead, the contributors suggest that the problem is linked to the operation of international financial markets, which prevent countries from borrowing in their own currencies. A comprehensive analysis of the sources of this problem and its consequences, Other People's Money takes the study one step further, proposing a solution that would involve having the World Bank and regional development banks themselves borrow and lend in emerging market currencies.
Author: M. Ayhan Kose Publisher: World Bank Publications ISBN: 1464815283 Category : Business & Economics Languages : en Pages : 475
Book Description
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.
Author: Leonardo E. Stanley Publisher: Anthem Press ISBN: 1783086750 Category : Business & Economics Languages : en Pages : 260
Book Description
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.
Author: Augusto de la Torre Publisher: World Bank Publications ISBN: 0821365444 Category : Business & Economics Languages : en Pages : 232
Book Description
Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.
Author: Joseph R. Bisignano Publisher: Springer Science & Business Media ISBN: 1461543673 Category : Business & Economics Languages : en Pages : 434
Book Description
Since 1990, major banking and current crises have occurred in many countries throughout the world - including Mexico and Latin America in 1994-95, East Asia in 1997-98, and Russia and Brazil in 1998 - with large costs both to the individual countries experiencing the crises and to other nations. As a result, considerable effort has been expended by economists and policymakers to identify the causes of these crises and to design programs with the aim both of preventing similar crises from occurring in the future, and of minimizing the costs when these do occur. These studies have cut across national boundaries, being undertaken by individual researchers and organizations in particular countries, as well as by international institutions. This book collects the papers and discussants' comments presented at a conference co-sponsored by the Federal Reserve Bank of Chicago and the Bank for International Settlements in Basel, Switzerland, and held in Chicago, in early October 1999. The purpose of the conference was to identify and discuss the lessons to be learned from these crises. Topics discussed included reviews of the crises in the individual countries and regions; analyses of the policy responses, both by the affected countries and by official international institutions; what has been learned from these crises; deposit insurance reform; the design of bank capital regulation; the role of bank supervision and regulation; and the future of official international financial institutions, such as the International Monetary Fund and the World Bank. The conference participants included a broad range of academic, industry, and regulatory experts from more than twenty-five countries. Because of the timeliness of the conference and the wide-ranging expertise of the participants, the papers in this book should be of significant interest both to students of financial crises and to domestic and international policymakers.
Author: Mr.Carl-Johan Lindgren Publisher: International Monetary Fund ISBN: 9781557755995 Category : Business & Economics Languages : en Pages : 236
Book Description
Banking sector problems have plagued over 130 of the IMF's member countries since 1980. Developing and industrial market economies alike have been affected, as have all the economies in transition. This volume, by Carl-Johan Lindgren, Gillian Garcia, and Matthew I. Saal, discusses the linkages between macroeconomic policy and bank soundness. It takes a global view of the causes and consequences of banking sector problems and discussses how the banking system can be strengthened, nationally and internationally.
Author: Mr.Timothy D. Lane
Author: Mr.Timothy D. Lane
Author: M. Ayhan Kose
Author: Masahiro Kawai
Author: Barry Eichengreen
Author: M. Ayhan Kose
Author: Leonardo E. Stanley
Author: Augusto de la Torre
Author: Joseph R. Bisignano
Author: Mr.Carl-Johan Lindgren
Author: OECD