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Financial Liberalization and Economic Performance in Emerging Countries
 
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Financial Liberalization and Economic Performance in Emerging Countries
 
 
Palgrave Macmillan
 
 
 
 
 
24 Jul 2008
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£73.00
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9780230538023
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DescriptionContentsAuthors

Empirical research has shown that there is little relationship between financial liberalization and economic growth in emerging countries. Although international financial integration should, in principle, help countries to reduce macroeconomic instability and enhance economic growth, the available evidence suggests that developing countries have not always reaped these potential benefits. This volume discusses the relationship between financial liberalisation, financial deepening and economic performance from both a theoretical and a policy perspective, comparing several 'big' emerging countries – Argentina, Brazil, China, India, Russia and South Africa – as well as presenting case studies. Its main contribution is to analyse issues that are related to financial liberalisation in emerging countries focusing on recent experiences, with a particular focus on the policy dimension of financial liberalisation: the degree of autonomy of domestic economic policy, and the different policy responses by countries to deal with issues caused by the international financial integration.
This volume includes contributions from a wide range of experts on finance liberalisation and the economics of developing countries, and will be of great interest to scholars and policymakers in these crucial areas.


Description

Empirical research has shown that there is little relationship between financial liberalization and economic growth in emerging countries. Although international financial integration should, in principle, help countries to reduce macroeconomic instability and enhance economic growth, the available evidence suggests that developing countries have not always reaped these potential benefits. This volume discusses the relationship between financial liberalisation, financial deepening and economic performance from both a theoretical and a policy perspective, comparing several 'big' emerging countries – Argentina, Brazil, China, India, Russia and South Africa – as well as presenting case studies. Its main contribution is to analyse issues that are related to financial liberalisation in emerging countries focusing on recent experiences, with a particular focus on the policy dimension of financial liberalisation: the degree of autonomy of domestic economic policy, and the different policy responses by countries to deal with issues caused by the international financial integration.
This volume includes contributions from a wide range of experts on finance liberalisation and the economics of developing countries, and will be of great interest to scholars and policymakers in these crucial areas.


Contents

Introduction; P.Arestis& L.F.de Paula
Financial Liberalisation and Domestic Policy Space: Theory and Practice with Reference to Latin America; J.Kregel
Capital Account Management or Laissez-faire of Capital Flows in Developing Countries; J.Priewe
Financial Liberalisation, Exchange Rate Regimes and Economic Performance in BRICs Countries; L.F.de Paula
The Liberalization of Capital Outflows in Brazil, India and South Africa since the Early 1990s; R.Gottschalk& C.A.Sodré
Financial Liberalisation in Brazil and Argentina; F.J.C.de Carvalho
Capital Controls and Economic Development in China; H.Herr
De-regulated Finance and Impact on Corporate Investments: The Case of Industry and Labour in India; S.Sen
Does Ownership Explain Bank M&A? The Case of Domestic Banks and Foreign Banks in Brazil; F.C.Williams& J.Williams


Authors

PHILIP ARESTIS is University Director of Research, Cambridge Centre for Economics and Public Policy, Department of Land Economy, University of Cambridge, UK; Adjunct Professor of Economics, University of Utah, US; Senior Scholar, Levy Economics Institute, New York, US; Visiting Professor, University of Leeds, UK; and Visiting Professor, School of Oriental and African Studies (SOAS), University of London, UK. He was a member of the Economics and Econometrics RAE panel in 1996 and in 2001, and Quality Assessor for the quality assessment exercise in Economics of the Scottish Higher Education Funding Council, the Welsh Funding Councils and of the Higher Education Funding Council in England. He was a member of the Council of the Royal Economic Society (RES), and Secretary of the RES Standing Conference of Heads of Department in Economics (CHUDE). He was also a member of the Executive Board of the Eastern Economic Association (EEA), USA. He is currently Vice-Chair of the ESRC-funded Macroeconomics, Money and Finance Research Group. He is Chief Academic Adviser to the UK Government Economic Service
(GES) on Professional Development in Economics. He has published as sole author or editor, as well as co-author and co-editor, a number of books, contributed in the form of invited chapters to numerous books, produced research reports for research institutes, and has published widely in academic journals.

LUIZ FERNANDO DE PAULA is Associate Professor of Economics, University of the State of Rio de Janeiro (UERJ) and a CNPq Researcher. He is currently a member of the editorial board for the Brazilian Journal of Political Economy. His publications include more than 50 articles on banking, financial fragility, economic policy, post-Keynesian theory, Brazilian economy in books and scientific journals, such as the Journal of Post Keynesian Economics, Banca Nationale del Lavoro Quarterly Review, CEPAL Review, and the Brazilian Journal of Political Economy. He has also authored, co-authored or edited eight books, including The Recent Wave of European Banks in Brazil, Monetary Union in South America: Lessons from EMU and Economia Monetaria e Financeira.