Capital Market Imperfections Before And After Financial Liberalization
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Capital Market Imperfections Before And After Financial Liberalization
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Author : Fidel Jaramillo
language : en
Publisher: World Bank Publications
Release Date : 1993
Capital Market Imperfections Before And After Financial Liberalization written by Fidel Jaramillo and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Mercado de capitales - Ecuador categories.
Capital Market Liberalization And Development
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Author : Joseph E. Stiglitz
language : en
Publisher: Oxford University Press, USA
Release Date : 2008-05
Capital Market Liberalization And Development written by Joseph E. Stiglitz and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-05 with Business & Economics categories.
Capital market liberalization has been a key part of the ongoing debate on globalization. Bringing together leading researchers and practitioners in the field, this book provides a unique analysis of both the risks associated with capital market liberalization and the alternative policy options available to enhance macroeconomic management.
Financial Liberalization In Developing Countries
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Author : Abdullahi Dahir Ahmed
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-10-03
Financial Liberalization In Developing Countries written by Abdullahi Dahir Ahmed and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-03 with Business & Economics categories.
The recent global ?nancial crisis has made ?nancial liberalization a topic of great academic and practical interest. This book makes new contributions to the topic by combining fact-?nding, empirical analysis, and theory to examine the relationship between ?nancial liberalization and economic growth. Among its contributions, the book provides detailed country assessments on the effects of ?nancial liberalization, including its striking impact on the banking sector. Although an important goal of ?nancial deregulation has been to help ?nancial institutions better perform their role in intermediating resources, the book models how deregulation may fail to achieve that goal in countries with underdeveloped ?nancial markets and institutions. For that purpose, the book draws on actual experience in Kenya, Malawi, Botswana, and Thailand. This book should constitute important reading for students of ?nancial economics, researchers and general academics, ?nancial practitioners, policymakers, and teachers of economics. North Carolina, USA Steven L. Schwarcz December 2008 Stanley A. Star Professor of Law & Business, Duke University Founding Director, Duke Global Capital Markets Center Durham vii Abstract and Preface The latest global ?nancial and economic crisis of 2008 shows the need to - examine the desirability of ?nancial liberalization and the basis for the view that ?nancial deregulation by itself cannot be considered as a substitute for better economic management. The literature on ?nancial liberalization has identi?ed various mechanisms through which removing controls on interest rates may impact economic growth.
Advanced Country Experiences With Capital Account Liberalization
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Author : Age Bakker
language : en
Publisher: International Monetary Fund
Release Date : 2002-09-26
Advanced Country Experiences With Capital Account Liberalization written by Age Bakker and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-09-26 with Business & Economics categories.
After the industrial countries established current account convertibility in the late1950s, they began to phase out their capital controls. Their efforts were slow and tentative at first, but built up considerable momentum by the 1980s as market-oriented economic policies gained popularity. This paper describes how national policymakers’ views of capital controls shifted over time, and how these controls have been closely related to regulation in other policy areas, such as banking and financial markets. As developing countries seek to liberalize their capital accounts to obtain the benefits of increased integration with the global economy, what lessons can be drawn from industrial countries’ diverse experiences with capital controls, and how can a country’s liberalization measures be sequenced to minimize disturbances to its exchange rate and monetary policies?
Capital Ideas
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Author : Jeffrey M. Chwieroth
language : en
Publisher: Princeton University Press
Release Date : 2009-12-14
Capital Ideas written by Jeffrey M. Chwieroth and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-14 with Business & Economics categories.
The right of governments to employ capital controls has always been the official orthodoxy of the International Monetary Fund, and the organization's formal rules providing this right have not changed significantly since the IMF was founded in 1945. But informally, among the staff inside the IMF, these controls became heresy in the 1980s and 1990s, prompting critics to accuse the IMF of indiscriminately encouraging the liberalization of controls and precipitating a wave of financial crises in emerging markets in the late 1990s. In Capital Ideas, Jeffrey Chwieroth explores the inner workings of the IMF to understand how its staff's thinking about capital controls changed so radically. In doing so, he also provides an important case study of how international organizations work and evolve. Drawing on original survey and archival research, extensive interviews, and scholarship from economics, politics, and sociology, Chwieroth traces the evolution of the IMF's approach to capital controls from the 1940s through spring 2009 and the first stages of the subprime credit crisis. He shows that IMF staff vigorously debated the legitimacy of capital controls and that these internal debates eventually changed the organization's behavior--despite the lack of major rule changes. He also shows that the IMF exercised a significant amount of autonomy despite the influence of member states. Normative and behavioral changes in international organizations, Chwieroth concludes, are driven not just by new rules but also by the evolving makeup, beliefs, debates, and strategic agency of their staffs.
Financial Liberalization And Real Investment
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Author : Cemile Sancak
language : en
Publisher: International Monetary Fund
Release Date : 2002-06
Financial Liberalization And Real Investment written by Cemile Sancak and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-06 with Business & Economics categories.
There is increasing emphasis on the importance of efficient financial markets for sustained real investment and economic growth, yet limited empirical research on the effects of the deregulation of financial markets on the firm's investment decisions. The purpose of this paper is to model the impact of financial reforms on borrowing constraints faced by firms and to test the impact of financial reforms on the investment decisions of firms in Turkey. To do so, the paper builds a dynamic investment model, where financial variables and real investment are linked through the net present value of the firm. The derived investment model is employed to test whether Turkey's efforts at financial liberalization in 1980 were able to relax the borrowing constraints faced by Turkish firms. A dynamic panel data methodology is used on a panel data set of 1036 Turkish firms over the 1983-86 period. In addition, time-series analysis is employed on Turkish aggregate data over the 1971-91 period.
Stock Market Development Under Globalization Whither The Gains From Reforms
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Author : Augusto de la Torre, Sergio L. Schmukler, Juan Carlos Gozzi
language : en
Publisher: World Bank Publications
Release Date : 2007
Stock Market Development Under Globalization Whither The Gains From Reforms written by Augusto de la Torre, Sergio L. Schmukler, Juan Carlos Gozzi and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Abstract: Over the past decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock market liberalization, privatization programs, and the establishment of regulatory and supervisory frameworks. Despite the intense reform efforts, the performance of capital markets in several countries has been disappointing. To study whether reforms have had the intended effects on capital markets, the authors analyze the impact of six capital market reforms on domestic stock market development and internationalization using event studies. They find that reforms tend to be followed by significant increases in domestic market capitalization, trading, and capital raising. Reforms are also followed by an increase in the share of activity in international equity markets, with potential negative spillover effects on domestic markets.
Short Run Pain Long Run Gain
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Author : Graciela Laura Kaminsky
language : en
Publisher:
Release Date : 2002
Short Run Pain Long Run Gain written by Graciela Laura Kaminsky and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business cycles categories.
We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging economies since 1973. We also construct an algorithm to identify booms and busts in stock market prices. Our results indicate that financial liberalization is followed by more pronounced boom-bust cycles in the short run. However, financial liberalization leads to more stable markets in the long run. Finally, we analyze the sequencing of liberalization and institutional reforms to understand the contrasting short- and long-run effects of liberalization.
Finance And Development
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Author : Alberto Giovannini
language : en
Publisher: Cambridge University Press
Release Date : 1993-03-25
Finance And Development written by Alberto Giovannini and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-03-25 with Business & Economics categories.
Progress towards economic and monetary union in Western Europe has highlighted the importance of regional policies, while events in Eastern Europe have focused attention on the role of finance in development and may lead to a substantial diversion of capital flows. This volume from the Centre for Economic Policy Research addresses the relationships between growth, convergence, and capital market imperfections. Theoretical papers shed light on the debates over the role of financial structure in economic development and the scope for government intervention to promote regional development. Highly topical empirical papers examine the relationship between international lending and economic development in a historical perspective; the experience of regional policies in the European Community, and of financial liberalization in high-growth East Asian economies; and the development of financial markets in Eastern Europe.
Liberalizing Capital Movements
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2005-03-30
Liberalizing Capital Movements written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-03-30 with Business & Economics categories.
This paper addresses the potential gains and risks of open capital markets by first looking at what classical economic theory suggests aboutthe benefits of capital mobility and then examining the counterargumentsarising from problems of incomplete information and other distortions.It shows that the risks of removing controls on flows of capital acrossnational borders are similar to those associated with removing controlson domestic financial institutions. The paper then explores how to manageliberalization to minimize the risks and maximize the benefits.