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Emerging Economies and the Global Financial System - Post-Keynesian Analysis (Hardcover)
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Emerging Economies and the Global Financial System - Post-Keynesian Analysis (Hardcover)
Series: Routledge Critical Studies in Finance and Stability
Expected to ship within 9 - 15 working days
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This book provides a comprehensive overview of the financial
integration of emerging economies through an in-depth analysis of
the international monetary system, how it impacts capital flows and
exchange rates, and its implications for policy making. The
financial integration of emerging economies has been a remarkable
development of the past two decades. The growth of cross-border
transactions and asset ownership, not least through the
accumulation of foreign exchange reserves, has put many of these
countries in a more prominent, if still peripheral, position within
the global financial system. This has not been a smooth process, as
integration has been marked by cyclical waves of capital flows,
with financial and currency instability often accompanying the
acute phases of these cycles. While conventional economic theory
traditionally sees financial integration as a positive development,
Post-Keynesian economists, working in the tradition of Keynes,
Minsky and Kalecki, have long taken a more sceptical viewpoint. By
centring the analysis of financial dynamics on concepts as
liquidity, uncertainty, balance-sheet structures and institutions,
Post-Keynesian theory highlights the intrinsic character of shocks
imposed by financial integration upon emerging economies, and their
implications for economic growth and distribution. This book
demonstrates that these analyses can be fruitfully used to gain a
better understanding of financial (in)stability and economic
development in emerging economies as they integrate into the global
financial system. This work provides key reading for students and
scholars of economics, political economy and finance that are
interested in the financial integration of emerging economies, and
how the heterodox tradition of Post-Keynesian economics contributes
to its analysis.
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