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Books > Business & Economics > Economics > Financial crises & disasters
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Financial Development, Economic Crises and Emerging Market Economies (Hardcover)
Loot Price: R4,081
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Financial Development, Economic Crises and Emerging Market Economies (Hardcover)
Series: Routledge Critical Studies in Finance and Stability
Expected to ship within 12 - 17 working days
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Recurrent crises in emerging markets and in advanced economies in
the last decades cast doubt about the ability of financial
liberalization to meet the aims of sustainable economic growth and
development. The increasing importance of financial markets and
financial efficiency criterion over economic decisions and policies
since the 1980s laid down the conditions of the development process
of emerging market economies. Numerous crises experienced
thereafter gave rise to flourishing work on the links between
financialization and economic development. Several decades of
observations and lessons can now be integrated into economic and
econometric models to give more sophisticated and multivariable
approaches to financial development with respect to growth and
development issues. In the markets-based and private-enterprise
dominated world economy, two conditions for a successful
growth-enhancing financial evolution can at least be brought fore:
macroeconomic stability and consistent supervision. But even after
the 2007-2008 global crisis, economists do not agree on the meaning
of those conditions. For liberal and equilibrium-market economists,
good finance and supervision mean market-friendly structures while
for institutionalists, post-Keynesian and Marxist economists, good
finance and supervision must lie in collectively designed and
managed public structures. Drawing heavily on the tumultuous crises
of the 1990s-2000s, this book argues that those experiences can
shed light on such a crucial issue and lead economic theory and
policy to go beyond the blindness of efficient free markets
doctrine to economic catastrophes. It also points to new challenges
to global stability in the wake of reconfiguration of international
financial arena under the weight of major emerging market
economies.
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