The Domestic Financial Market And The Trade Liberalization Outcome
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The Domestic Financial Market And The Trade Liberalization Outcome
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Author : Prema-chandra Athukorala
language : en
Publisher: World Bank Publications
Release Date : 1991
The Domestic Financial Market And The Trade Liberalization Outcome written by Prema-chandra Athukorala 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 1991 with Finance categories.
The main finding of the study is the domestic financial market plays a very significant role in the success or failure of trade liberalization. This was found to be the case in Sri Lanka during 1977-87.
The Domestic Financial Market And The Trade Liberalization Outcome
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Author : Prema-chandra Athukorala
language : en
Publisher:
Release Date : 1991
The Domestic Financial Market And The Trade Liberalization Outcome written by Prema-chandra Athukorala and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Finance categories.
The Gains And Pains Of Financial Integration And Trade Liberalization
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Author : Rajib Bhattacharyya
language : en
Publisher: Emerald Group Publishing
Release Date : 2019-11-26
The Gains And Pains Of Financial Integration And Trade Liberalization written by Rajib Bhattacharyya and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-26 with Business & Economics categories.
Geared towards policy makers, researchers, academics, and business and management professionals, The Gains and Pains of Financial Integration and Trade Liberalization helps readers develop new theories and models for analysing the future trends in finance and trade-related issues.
Trade And Domestic Financial Market Reform Under Political Uncertainty
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Author : Ms.Rina Bhattacharya
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2000-10-01
Trade And Domestic Financial Market Reform Under Political Uncertainty written by Ms.Rina Bhattacharya 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 2000-10-01 with Business & Economics categories.
This paper presents a model that incorporates uncertainty about trade reform and analyzes the effects of trade and financial liberalization on domestic investment and savings, the current account balance and the real exchange rate, both when the capital account is open and when it is closed. Under certain assumptions financial liberalization leads to a movement of resources in the opposite direction to that implied by trade liberalization and to real exchange rate appreciation, thus defeating one of the objectives of tariff reform, when the capital account is open. When political economy linkages are taken into account, however, the indirect effects of financial liberalization may offset the direct effects, encouraging a movement of resources in the desired direction. With a closed capital account these results should still hold unless there are strong negative income effects from trade reform.
Trade Liberalization And The Politics Of Financial Development
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Author : Matias Braun
language : en
Publisher: World Bank Publications
Release Date : 2005
Trade Liberalization And The Politics Of Financial Development written by Matias Braun 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 2005 with Finance categories.
"A well developed financial system enhances competition in the industrial sector by allowing easier entry. The impact varies across industries, however. For some, small changes in financial development quickly induce entry and dissipate incumbents' rents, generating strong incentives to oppose improvement of the financial system. In other sectors incumbents may even benefit from increased availability of external funds. The relative strength of promoters and opponents determines the political equilibrium level of financial system development. This may be perturbed by the effect of trade liberalization in the strength of each group. Using a sample of 41 trade liberalizers Braun and Raddatz conduct an event study and show that the change in the strength of promoters vis--̉vis opponents is a very good predictor of subsequent financial development. The result is not driven by changes in demand for external funds, or by the success of the trade policy. The relationship is mediated by policy reforms, the kind that induces competition in the financial sector, in particular. Real effects follow not so much from capital deepening but mainly through improved allocation. The effect is stronger in countries with high levels of governance, suggesting that incumbents resort to this costly but more subtle way of restricting entry where it is difficult to obtain more blatant forms of anti-competitive measures from politicians. This paper--a product of the Investment and Growth Team, Development Research Group--is part of a larger effort in the group to understand the relation between finance and the macroeconomy"--World Bank web site.
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.
Short Run Pain Long Run Gain
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Author : Mr.Sergio L. Schmukler
language : en
Publisher: International Monetary Fund
Release Date : 2003-02-01
Short Run Pain Long Run Gain written by Mr.Sergio L. Schmukler 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 2003-02-01 with Business & Economics 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 market 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.
The Order Of Economic Liberalization
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Author : Ronald I. Mckinnon
language : en
Publisher: JHU Press
Release Date : 1993-10
The Order Of Economic Liberalization written by Ronald I. Mckinnon and has been published by JHU Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-10 with Business & Economics categories.
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.
Explaining Liberalization Commitments In Financial Services Trade
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Author : Ludger Schuknecht
language : en
Publisher: World Bank Publications
Release Date : 2003
Explaining Liberalization Commitments In Financial Services Trade written by Ludger Schuknecht 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 2003 with Financial services industry categories.
The authors examine the determinants of market access commitments in international financial services trade in the General Agreement on Trade in Services (GATS). Based on a theoretical model, they investigate empirically the role of domestic political economy forces, international bargaining considerations, and the state of complementary policy. The empirical results confirm the relevance of the authors' model in explaining banking and (to a somewhat lesser degree) securities services liberalization commitments. The findings imply that those who seek greater access to developing country markets for financial services must do more to counter protectionism at home in areas of export interest for developing countries.
Financial Liberalization
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Author : P. Arestis
language : en
Publisher: Springer
Release Date : 2005-09-08
Financial Liberalization 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 2005-09-08 with Political Science categories.
The financial liberalization thesis emerged in the 1970s and has been of considerable importance ever since, not merely in terms of its theoretical influence but, perhaps more importantly, in terms of its impact on policy makers and policy debates. Although it has encountered increasing scepticism over the years, it nevertheless had a relatively early impact on development policy, which still continues unabated, through the work of the IMF and the World Bank. The latter two institutions, perhaps in their traditional role as promoters of what were claimed to be free market conditions, were keen to encourage financial liberalization policies as part of more general reforms or stabilization programmes. This book explores what we have learned from the vast experience of the theoretical and policy aspects of the financial liberalization.