Book description
The sharp realities of financial globalization become clear during crises, when winners and losers emerge. Crises usher in short- and long-term changes to the status quo, and everyone agrees that learning from crises is a top priority. The Evidence and Impact of Financial Globalization devotes separate articles to specific crises, the conditions that cause them, and the longstanding arrangements devised to address them. While other books and journal articles treat these subjects in isolation, this volume presents a wide-ranging, consistent, yet varied specificity. Substantial, authoritative, and useful, these articles provide material unavailable elsewhere.
- Substantial articles by top scholars sets this volume apart from other information sources
- Rapidly developing subjects will interest readers well into the future
- Reader demand and lack of competitors underline the high value of these reference works
Table of contents
- Cover image
- Title page
- Table of Contents
- Copyright
- Volume 3
- Section Editors
- Preface
- Contributors
- Chapter 1. Financial Globalization and Crises: Overview
-
I: Evidence on Financial Globalization
- Chapter 2. Measurements of Capital and Financial Current Account Openness
- Chapter 3. Measurement and Impact of Equity Market Liberalization
- Chapter 4. Bilateral Financial Links
-
Chapter 5. Global Imbalances
- The Contested Landscape of Global Imbalances
- Global Imbalances Defined
- Spendthrift America and the Saving–Investment Approach
- A US Productivity Surge and the Intertemporal Approach
- East Asian Mercantilism and Bretton Woods II Versus Self-Protection
- A Global Saving Glut?
- Imbalances and the Financial Crisis
- See also
- Acknowledgments
- Glossary
- References
- Chapter 6. Aid Flows
-
II: Forces Behind Globalization
- Chapter 7. Composition of International Capital Flows: A Survey
-
Chapter 8. Migrant Remittances and Development
- Introduction
- Remittances Reduce Poverty
- Remittances Improve Health and Education Outcomes of Recipient Households
- Remittances can Provide Funds for Small Business Investments and Entrepreneurial Activities
- Remittances Tend to Remain Stable and are Often Countercyclical to Crises and Natural Disasters
- Remittances can have Some Downsides
- Remittances can have a Positive Impact on Economic Growth and Development in the Presence of Supportive Institutions
- Remittances can Improve Access to Capital Markets
- Cost of Sending Remittances has Declined Steadily, but Remains High in Some Corridors
- Post Offices, Savings Cooperatives, and Mobile Money Transfers can Play an Important Role in Reaching the Poorest
- Remittances Data Need to be Improved
- The International Remittances Agenda
- References
- Chapter 9. International Mutual Funds, Capital Flow Volatility, and Contagion – A Survey
- Chapter 10. Capital Raisings
- Chapter 11. International Cross-listings
- Chapter 12. Disclosure of Ownership and Public Companies
-
Chapter 13. Role of Trade Finance
- Introduction
- What is Trade Finance?
- Risks Inherent in International Trade
- Existing Evidence on Trade Finance Patterns Around the World
- New Evidence on Trade Finance Patterns Around the World
- Theories of Trade Credit and Trade Finance
- Relationship Between Bank Credit and Trade Credit
- Trade Credit Versus Bank Credit during the Financial Crisis
- Trade Finance Behavior during the Most Recent Global Financial Crisis
- Role for Policy Interventions to Support Trade Finance During the Crises
- Conclusion
- Glossary
- References
- Chapter 14. Foreign Bank Participation in Developing Countries
- Chapter 15. Opportunistic Foreign Currency Debt Issuance
- Chapter 16. International Government Debt
- Chapter 17. Carry Trade
-
III: Effects of Financial Globalization
- Chapter 18. Capital Market Integration
- Chapter 19. Collateral Benefits of Financial Globalization
- Chapter 20. Foreign Direct Investment and Growth
- Chapter 21. International Technology Transfer and Foreign Direct Investment
- Chapter 22. Role of Multinational Corporations in Financial Globalization
-
Chapter 23. India’s Reintegration into the World Economy in the 1990s
- From Autarky to Reintegration
- Empirical Facts About Reintegration
- Foreign Portfolio Investment in the Equity Market
- The Role of FDI
- Foreign Borrowing
- Effectiveness of Capital Controls and the Exchange Rate Regime
- Domestic Finance and International Finance
- Policy Questions About Capital Controls and Monetary Policy
- Glossary
- Further Reading
- Relevant Websites
- Chapter 24. Reforms of China’s Banking System
- Chapter 25. Policy Issues of China’s Financial Globalization
- Chapter 26. Financial Integration in Europe
-
IV: Monetary and Exchange Rate Policy Under Financial Globalization
- Chapter 27. The Impossible Trinity (aka The Policy Trilemma)
- Chapter 28. Financial Globalization and Monetary Policy
-
Chapter 29. Interest Rate Parity
- Introduction and Overview
- Origins and Theory of IRP
- Limits to Arbitrage and Factors Associated with Parity Deviations
- Empirical Evidence on IRP from the Last 50 years
- Empirical Evidence on IRP During the Global Financial Crisis
- Conclusion and Cautionary Notes on Parity Deviations
- Appendix
- References
- Chapter 30. Exchange Rate Regimes
- Chapter 31. Currency Unions
- Chapter 32. Financial Dollarization
-
V: Crises
- Chapter 33. Models of Currency Crises
- Chapter 34. Predictive Indicators of Financial Crises
- Chapter 35. A Perspective on Predicting Currency Crises
- Chapter 36. Empirical Literature on Financial Crises: Fundamentals vs. Panic
- Chapter 37. Sudden Stops in Capital Flows
- Chapter 38. Definitions and Types of Financial Contagion
- Chapter 39. Cross-Border Banking: Regulation, Supervision, and Crisis Resolution
- Chapter 40. Market-Based Approach to Financial Architecture
-
Chapter 41. Housing Is the Business Cycle
- Introduction to the Revision
- Introduction
- The 3–3 Rule of US Real GDP
- Temporal Orderings of Components of GDP
- Multivariate Confirmation: It is a Consumer Cycle, not a Business Cycle
- Hormones and Housing: It has been a Volume Cycle, not a Price Cycle
- New Homes Nationwide have a Volume Cycle, not a Price Cycle, too
- This Time was Different
- The Phases of the Housing Financial Cycle: Hope, Hype, and Havoc
- The Conflicts between Housing and Inflation Targeting
- By the Way
- Conclusion
- Appendices
- References
- Chapter 42. US Stock Market Crisis of 1987
- Chapter 43. Mexican Financial Crisis of 1994–1995
- Chapter 44. East-Asian Crisis of 1997
- Chapter 45. Financial Globalization and the Russian Crisis of 1998
- Chapter 46. Argentina’s Default of 2001
- Chapter 47. Assessment of Solutions to US Financial Crisis of 2008–09
- Chapter 48. A Cross-Country Perspective on the Causes of the Global Financial Crisis
- Chapter 49. Lessons and Policy Implications from the Global Financial Crisis
- Index
Product information
- Title: The Evidence and Impact of Financial Globalization
- Author(s):
- Release date: December 2012
- Publisher(s): Academic Press
- ISBN: 9780124058996
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