Financial Markets Volatility and Performance in Emerging Markets
9780226184951
9780226185040
Financial Markets Volatility and Performance in Emerging Markets
Capital mobility is a double-edged sword for emerging economies, as governments must weigh the benefits of investment against the potential economic costs and political consequences of currency crises, devaluations, and instability. Financial Markets Volatility and Performance in Emerging Markets addresses the delicate balance between capital mobility and capital controls as developing countries navigate the convoluted global network of private investors, hedge funds, large corporations, and international institutions such as the International Monetary Fund.
A group of experts here examine rapidly globalizing financial markets with regard to capital flows and crises, domestic credit, international financial integration, and economic policy. Featuring detailed analyses and cross-national comparisons of countries such as Brazil, Argentina, Uruguay, and Korea, this book will shape economists’ and policymakers’ understanding of the effectiveness of restrictions on capital mobility in the world’s most fragile economies.
A group of experts here examine rapidly globalizing financial markets with regard to capital flows and crises, domestic credit, international financial integration, and economic policy. Featuring detailed analyses and cross-national comparisons of countries such as Brazil, Argentina, Uruguay, and Korea, this book will shape economists’ and policymakers’ understanding of the effectiveness of restrictions on capital mobility in the world’s most fragile economies.
304 pages | 37 line drawings, 77 tables | © 2008
National Bureau of Economic Research Conference Report
Economics and Business: Economics--Government Finance, Economics--International and Comparative, Economics--Money and Banking
Table of Contents
Preface
Introduction
Sebastian Edwards and Márcio G. P. Garcia
1. Links between Trade and Finance: A Disaggregated Analysis
Joshua Aizenman and Ilan Noy
Comment: Maria Cristina Terra
Comment: Thierry Verdier
2. Ineffective Controls on Capital Inflows under Sophisticated Financial Markets: Brazil in the Nineties
Bernardo S. de M. Carvalho and Márcio G. P. Garcia
Comment: Gustavo H. B. Franco
Comment: Marcelo Abreu
3. Financial Openness, Currency Crises, and Output Losses
Sebastian Edwards
Comment: Edmar L. Bacha
Comment: Marcelo Kfoury Muinhos
4. Capital Market Development: Whither Latin America?
Augusto de la Torre, Juan Carlos Gozzi, and Sergio L. Schmukler
Comment: Ugo Panizza
5. Judicial Risk and Credit Market Performance: Micro Evidence from Brazilian Payroll Loans
Ana Carla A. Costa and João M. P. De Mello
Comment: Renato G. Flôres Jr.
6. Liquidity Insurance in a Financially Dollarized Economy
Eduardo Levy Yeyati
Comment: Marco Bonomo
Comment: Alejandro Werner
7. Sudden Stops and IMF-Supported Programs
Barry Eichengreen, Poonam Gupta, and Ashoka Mody
Comment: Ilan Goldfajn
8. Mutual Reinforcement: Economic Policy Reform and Financial Market Strength
Anne O. Krueger
Contributors
Author Index
Subject Index
Introduction
Sebastian Edwards and Márcio G. P. Garcia
1. Links between Trade and Finance: A Disaggregated Analysis
Joshua Aizenman and Ilan Noy
Comment: Maria Cristina Terra
Comment: Thierry Verdier
2. Ineffective Controls on Capital Inflows under Sophisticated Financial Markets: Brazil in the Nineties
Bernardo S. de M. Carvalho and Márcio G. P. Garcia
Comment: Gustavo H. B. Franco
Comment: Marcelo Abreu
3. Financial Openness, Currency Crises, and Output Losses
Sebastian Edwards
Comment: Edmar L. Bacha
Comment: Marcelo Kfoury Muinhos
4. Capital Market Development: Whither Latin America?
Augusto de la Torre, Juan Carlos Gozzi, and Sergio L. Schmukler
Comment: Ugo Panizza
5. Judicial Risk and Credit Market Performance: Micro Evidence from Brazilian Payroll Loans
Ana Carla A. Costa and João M. P. De Mello
Comment: Renato G. Flôres Jr.
6. Liquidity Insurance in a Financially Dollarized Economy
Eduardo Levy Yeyati
Comment: Marco Bonomo
Comment: Alejandro Werner
7. Sudden Stops and IMF-Supported Programs
Barry Eichengreen, Poonam Gupta, and Ashoka Mody
Comment: Ilan Goldfajn
8. Mutual Reinforcement: Economic Policy Reform and Financial Market Strength
Anne O. Krueger
Contributors
Author Index
Subject Index