Financial Liberalization And Economic Performance
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Financial Liberalization And Economic Performance In Emerging Countries
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Author : P. Arestis
language : en
Publisher: Springer
Release Date : 2008-07-24
Financial Liberalization And Economic Performance In Emerging Countries written by P. Arestis and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-07-24 with Business & Economics categories.
This book discusses the relationship between financial liberalization, financial deepening and economic performance from both a theoretical and a policy perspective, comparing several 'big' emerging countries: Argentina, Brazil, China, India, Russia, South Africa and India, amongst others.
Financial Liberalization And Economic Performance
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Author : Luiz Fernando de Paula
language : en
Publisher: Routledge
Release Date : 2012-07-26
Financial Liberalization And Economic Performance written by Luiz Fernando de Paula and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-26 with Business & Economics categories.
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.
Structural Reforms And Economic Performance In Advanced And Developing Countries
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Author : Mr.Jonathan David Ostry
language : en
Publisher: International Monetary Fund
Release Date : 2009-10-15
Structural Reforms And Economic Performance In Advanced And Developing Countries written by Mr.Jonathan David Ostry 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 2009-10-15 with Business & Economics categories.
This volume examines the impact on economic performance of structural policies-policies that increase the role of market forces and competition in the economy, while maintaining appropriate regulatory frameworks. The results reflect a new dataset covering reforms of domestic product markets, international trade, the domestic financial sector, and the external capital account, in 91 developed and developing countries. Among the key results of this study, the authors find that real and financial reforms (and, in particular, domestic financial liberalization, trade liberalization, and agricultural liberalization) boost income growth. However, growth effects differ significantly across alternative reform sequencing strategies: a trade-before-capital-account strategy achieves better outcomes than the reverse, or even than a "big bang"; also, liberalizing the domestic financial sector together with the external capital account is growth-enhancing, provided the economy is relatively open to international trade. Finally, relatively liberalized domestic financial sectors enhance the economy's resilience, reducing output costs from adverse terms-of-trade and interest-rate shocks; increased credit availability is one of the key mechanisms.
Financial Liberalization And Economic Development
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Author : Ronald I. McKinnon
language : en
Publisher: ICS Press
Release Date : 1988
Financial Liberalization And Economic Development written by Ronald I. McKinnon and has been published by ICS Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Asia categories.
Financial Liberalization And Economic Development In Korea 1980 2020
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Author :
language : en
Publisher: BRILL
Release Date : 2022-03-07
Financial Liberalization And Economic Development In Korea 1980 2020 written by and has been published by BRILL this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-03-07 with Business & Economics categories.
Since the early 1980s, Korea’s financial development has been a tale of liberalization and opening. After the 1997 financial crisis, great strides were made in building a market-oriented financial system through sweeping reforms for deregulation and the opening of financial markets. However, the new system failed to steer the country away from a credit card boom and bust in 2003, a liquidity crisis in 2008, and a run on its savings banks in 2011, and has been severely tested again by the ongoing COVID-19 pandemic crisis. Financial liberalization, clearly, has been no panacea. This study analyzes the deepening of and structural changes in Korea’s financial system since the early 1980s and presents the empirical results of the effects of financial development on economic growth, stability, and the distribution of income. It finds that, contrary to conventional wisdom, financial liberalization has contributed little to fostering the growth and stability of the Korean economy and has exacerbated income distribution problems. Are there any merits in financial liberalization? The authors answer this query through empirical examinations of the theories of finance and growth. They point to a clear need to further improve the efficiency, soundness, and stability of Korean financial institutions and markets.
Growth And Structural Reforms
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Author : Mr.Thierry Tressel
language : en
Publisher: International Monetary Fund
Release Date : 2009-12-01
Growth And Structural Reforms written by Mr.Thierry Tressel 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 2009-12-01 with Business & Economics categories.
This paper presents a simultaneous assessment of the relationship between economic performance and three groups of economic reforms: domestic finance, trade, and the capital account. Among these, domestic financial reforms, and trade reforms, are robustly associated with economic growth, but only in middle-income countries. In contrast, we do not find any systematic positive relationship between capital account liberalization and economic growth. Moreover, the effect of domestic financial reforms on economic growth in middle-income countries is explained by improvements in measured aggregate TFP growth, not by higher aggregate investment. We present evidence that variation in the quality of property rights helps explain the heterogeneity of the effectiveness of financial and trade reforms in developing countries. The evidence suggests that sufficiently developed property rights are a precondition for reaping the benefits of economic reform. Our results are robust to endogeneity bias and a number of alternative specifications.
Capital Account Liberalization And Economic Performance
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Author : Hali J. Edison
language : en
Publisher:
Release Date : 2002
Capital Account Liberalization And Economic Performance written by Hali J. Edison and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Capital market categories.
This paper reviews the literature on the effects of capital account liberalization and stock market liberalization on economic growth. The various empirical measures used to gauge the presence of controls on capital account transactions as well as indicators of stock market liberalization are discussed. We compare detailed measures of capital account controls that attempt to capture the intensity of enforcement with others that simply capture whether or not controls are present. Our review of the literature shows the contrasting results that have been obtained. These differences may reflect differences in country coverage, sample periods and indicators of liberalization. In order to reconcile these differences, we present new estimates of the effects on growth of capital account liberalization and stock market liberalization. We find some support for a positive effect of capital account liberalization on growth, especially for developing countries.
Liberalization Growth And The Asian Financial Crisis
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Author : Mohamed Ariff
language : en
Publisher: Edward Elgar Publishing
Release Date : 2000-01-01
Liberalization Growth And The Asian Financial Crisis written by Mohamed Ariff and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-01-01 with Business & Economics categories.
This work examines the effects of financial liberalization of the more advanced economies in Southeast Asia and analyses the degree to which emerging and transitional economies in East and South Asia can benefit from this example.
Finance Governance And Economic Performance In Pacific And South East Asia
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Author : David G. Dickinson
language : en
Publisher: Edward Elgar Publishing
Release Date : 2000-01-01
Finance Governance And Economic Performance In Pacific And South East Asia written by David G. Dickinson and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-01-01 with Business & Economics categories.
'. . . this is an interesting and valuable collection of papers that addresses a highly topical area of research. The quality of writing is high in the main and the econometric methodology and models transparent. The appendices to many of the empirical chapters provide detailed information about data sources as well as model results. The book should be required reading for researchers and graduate students in this field, and the review papers provide valuable teaching material. It will be especially useful for those concerned with the contribution of governance structures to economic performance, financial crises and the still-disputed relationship between growth and financial liberalization.' - Jenifer Piesse, Asia Pacific Business Review Finance, Governance and Economic Performance in Pacific and South East Asia focuses on key aspects of government policy, financial systems and their links to the economic miracle in Pacific and South East Asia. It also considers the financial crises that have affected those economies and their economic progress. The contributors examine the success of governance in the form of government involvement with the macroeconomy, and with the deregulation of markets in general. Attention is drawn not only to the need for further liberalisation, but also the need to introduce regulatory structures to produce orderly markets.
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.