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Author: Luiz Fernando de Paula Publisher: Routledge ISBN: 1136854894 Category : Business & Economics Languages : en Pages : 274
Book Description
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: Luiz Fernando de Paula Publisher: Routledge ISBN: 1136854894 Category : Business & Economics Languages : en Pages : 274
Book Description
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: Luiz Carlos Bresser-Pereira Publisher: Routledge ISBN: 1317932773 Category : Business & Economics Languages : en Pages : 414
Book Description
The 2008 global financial crisis took the world by surprise, not least because politicians, businessmen and economists believed that they had learned crucial lessons from the Great Depression of the 1930s. As a direct result of deregulated financial markets, financial crises occurred in both developed and developing economies. However, this volume argues that in the most recent crisis developing countries suffered less, and that financial policy and regulation played a crucial part in this. The contributors to this volume explore the alternative development paradigm that has been gaining credence since the Asian crisis, known as new developmentalism. New developmentalism is embodied in the following principles: exchange rate responsibility or growth with domestic savings, fiscal responsibility, and the assignment of a strategic role for the state. New developmentalism is a set of values, ideas, institutions and economic policies through which, in the early 21st century, developing countries have sought to catch up with developed countries. This book examines the global financial crisis, the financial regulatory problem, with particular emphasis on Brazil, and the alternative policies that derive from new developmentalism. This volume will be of interest to scholars and policymakers working in the areas of globalization, financial regulation and development studies.
Author: Wayne A Selcher Publisher: Routledge ISBN: 1000307239 Category : Political Science Languages : en Pages : 252
Book Description
The civilian government inaugurated in Brazil in March 1985, following twenty-one years of military rule, is the culmination of a slow process of liberalization that has brought greater freedom of political expression, organization, and activity. How the Sarney government responds to the challenges it faces and the institutional choices it must make will shape Brazil’s political evolution for years to come. Should Brazil develop a democratic system, it would be the third most populous democracy in the world. Political trends in Brazil are therefore of considerable significance to Latin America and the United States. In this comprehensive analysis of the forces pushing democratization forward, those opposing it, and the contradictions created by the ad hoc nature of the dynamics between the two, the contributors examine the legacy of two decades of authoritarian rule, the choices facing the civilian government, and possible future developments.
Author: Riordan Roett Publisher: Rowman & Littlefield ISBN: 0815721692 Category : Business & Economics Languages : en Pages : 194
Book Description
The New Brazil tells the story of South America's largest country as it evolved from a remote Portuguese colony into a regional leader; a respected representative for the developing world; and, increasingly, an important partner for the United States and the European Union. In this engaging book, Riordan Roett traces the long road Brazil has traveled to reach its present status, examining the many challenges it has overcome and those that lie ahead. He discusses the country's development as a colony, empire, and republic; the making of modern Brazil, beginning with the rise to power of Getúlio Vargas; the advent of the military government in 1964; the return to civilian rule two decades later; and the pivotal presidencies of Fernando Henrique Cardoso and Luiz Inácio (Lula) da Silva, leading to the nation's current world status as one of the BRIC countries. Under newly elected President Dilma Rousseff, much remains to be done to consolidate and expand its global role. Nonetheless, as a player on the world stage, Brazil is here to stay. "In part the [country's] success is due to external factors such as the high demand for Brazilian exports, particularly in China and the rest of Asia. But it also reflects sophisticated policy choices, including inflation targeting and maintenance of an autonomous central bank."—from the Introduction
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: Ronald I. Mckinnon Publisher: JHU Press ISBN: 9780801847431 Category : Business & Economics Languages : en Pages : 260
Book Description
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: Philip Arestis Publisher: Edward Elgar Publishing ISBN: 9781845423322 Category : Business & Economics Languages : en Pages : 264
Book Description
. . . this is a very good book. It is carefully argued and well presented, incorporating a wealth of information. Andrew Mearman, Economic Issues Over the past two decades there has been a prevailing shift in economic policy in many countries. This reflects the continuing rise of neo-liberalism the doctrine that economic policy should leave it to the market and that governments should retreat from market intervention. This book provides a balanced and comprehensive appraisal of these important policy developments. The authors examine the most notable trends in neo-liberal economic policy such as the withdrawal from the use of fiscal measures and the reliance on monetary policy. They discuss the neo-liberal view that the causes of unemployment lie in the operation of the labour market, in particular its inflexibility. They also assess the increasing inclination towards the liberalisation and deregulation of markets, most notably financial markets. In light of these developments, the authors investigate several specific areas including: an assessment of the theory of credibility financial fragility and the development process a reappraisal of the Rehn Meidner Model for Sweden the economic policy of the Spanish socialist governments the costs of neomonetarism in Brazil macroeconomic policies of the EMU. The contributors expertly illustrate the ways in which neo-liberal policies have been applied and implemented. They also seek to show the shortcomings of the neo-liberal approach and illustrate the different policy models available. As such, this volume will interest and inform academics, economists and policymakers looking for a detailed critique of recent developments in economic policy.
Author: International Monetary Fund. Monetary and Capital Markets Department Publisher: International Monetary Fund ISBN: 1498363288 Category : Business & Economics Languages : en Pages : 135
Book Description
The current Global Financial Stability Report (April 2016) finds that global financial stability risks have risen since the last report in October 2015. The new report finds that the outlook has deteriorated in advanced economies because of heightened uncertainty and setbacks to growth and confidence, while declines in oil and commodity prices and slower growth have kept risks elevated in emerging markets. These developments have tightened financial conditions, reduced risk appetite, raised credit risks, and stymied balance sheet repair. A broad-based policy response is needed to secure financial stability. Advanced economies must deal with crisis legacy issues, emerging markets need to bolster their resilience to global headwinds, and the resilience of market liquidity should be enhanced. The report also examines financial spillovers from emerging market economies and finds that they have risen substantially. This implies that when assessing macro-financial conditions, policymakers may need to increasingly take into account economic developments in emerging market economies. Finally, the report assesses changes in the systemic importance of insurers, finding that across advanced economies the contribution of life insurers to systemic risk has increased in recent years. The results suggest that supervisors and regulators should take a more macroprudential approach to the sector.
Author: Luiz Fernando de Paula
Author: Luiz Fernando de Paula
Author: Luiz Carlos Bresser-Pereira
Author: Wayne A Selcher
Author: 
Author: Riordan Roett
Author: Leonardo E. Stanley
Author: Ronald I. Mckinnon
Author: Philip Arestis
Author: International Monetary Fund. Monetary and Capital Markets Department
Author: Rangaswamy Vedavalli