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Books > Business & Economics > Economics > International economics > International finance
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Playing with Fire - Deepened Financial Integration and Changing Vulnerabilities of the Global South (Hardcover)
Loot Price: R1,625
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Playing with Fire - Deepened Financial Integration and Changing Vulnerabilities of the Global South (Hardcover)
Series: Critical Frontiers of Theory, Research, and Policy in International Development Studies
Expected to ship within 12 - 19 working days
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Starting in the early 1990s many emerging and developing economies
(EDEs) liberalized their capital accounts, allowing greater freedom
for international lenders and investors to enter their markets as
well as for their residents to borrow and invest in international
financial markets. Despite recurrent crises, liberalization has
continued and in fact accelerated in the new millennium.
Integration has been greatly facilitated by progressively looser
monetary policy in the United States, notably the policies that
culminated in debt crises in the United States and Europe and the
ultra-easy monetary policy adopted in response. Not only have their
traditional cross-border linkages been deepened and external
balance sheets expanded rapidly, but also foreign presence in their
domestic financial markets and the presence of their nationals in
foreign markets have reached unprecedented levels. As a result new
channels have emerged for the transmission of financial shocks from
global boom-bust cycles. Almost all EDEs are now vulnerable
irrespective of their balance-of-payments, external debt, net
foreign assets and international reserve positions although these
play an important role in the way such shocks could impinge on
them. This is a matter for concern since the multilateral system
still lacks mechanisms for orderly resolution of financial crises
with international dimensions. Playing with Fire provides an
empirical account of deeper integration of EDEs into the global
financial system and discusses its implications for stability and
growth, focusing on the role of policies in the new millennium in
both EDEs and the United States and Europe.
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