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This reissue, initially published in 1984, examines the evolution
of international financial flows to Latin America since 1945, along
with their implications for National Development . The book
describes how, in each of the first three decades since the war, a
new agency emerged (foreign investors in the 1950s, official aid
agencies in the 1960s and multinational banks in the 1970s) which
was willing to play a dynamic role in generating new financial
flows to the region. The lack of such an agent in the 1980s,
combined with a reluctance on the part of former investors to
maintain their level of assistance culminated in an economic debt
crisis in Latin America which this work seeks to address, asking
the crucial question: what measures should be taken -- both
nationally and internationally -- to deal with this critical issue,
in a way that will both encourage Latin American Development and
avoid a major international financial crisis?
Development finance institutions (DFIs), also known as public
development banks (PDBs) are public financial institutions
initiated and steered by governments with explicit official
missions to promote public policy objectives, and public
development banks (PDBs) are the main category. DFIs are
experiencing a renaissance worldwide, but there is limited academic
research examining their roles, operations, and effectiveness. This
book attempts to fill this gap by bringing together world-renowned
scholars who discuss in detail the economics and the social
consequences of both development banks and public banks. Combining
together, the chapters in this volume discuss topics from
sustainability, development impact of financial instruments, a new
development financial architecture, and the interaction with
existing international rules like the Basel Accord. This book will
be of particular interest to students, scholars, and researchers of
development finance, global governance, and international political
economy. The chapters in this book were originally published in the
Review of Political Economy.
This reissue, initially published in 1984, examines the evolution
of international financial flows to Latin America since 1945, along
with their implications for National Development . The book
describes how, in each of the first three decades since the war, a
new agency emerged (foreign investors in the 1950s, official aid
agencies in the 1960s and multinational banks in the 1970s) which
was willing to play a dynamic role in generating new financial
flows to the region. The lack of such an agent in the 1980s,
combined with a reluctance on the part of former investors to
maintain their level of assistance culminated in an economic debt
crisis in Latin America which this work seeks to address, asking
the crucial question: what measures should be taken - both
nationally and internationally - to deal with this critical issue ,
in a way that will both encourage Latin American Development and
avoid a major international financial crisis?
This open access book discusses financial crisis management and
policy in Europe and Latin America, with a special focus on equity
and democracy. Based on a three-year research project by the Jean
Monnet Network, this volume takes an interdisciplinary, comparative
approach, analyzing both the role and impact of the EU and regional
organizations in Latin America on crisis management as well as the
consequences of crisis on the process of European integration and
on Latin America's regionalism.The book begins with a theoretical
introduction, exploring the effects of the paradigm change on
economic policies in Europe and in Latin America and analyzing key
systemic aspects of the unsustainability of the present economic
system explaining the global crises and their interconnections. The
following chapters are divided into sections. The second section
explores aspects of regional governance and how the economic and
financial crises were managed on a macro level in Europe and Latin
America. The third and fourth sections use case studies to drill
down to the impact of the crises at the national and regional
levels, including the emergence of political polarization and rise
in populism in both areas. The last section presents proposals for
reform, including the transition from finance capitalism to a
sustainable real capitalism in both regions and at the
inter-regional level of EU-LAC relations.The volume concludes with
an epilogue on financial crises, regionalism, and domestic
adjustment by Loukas Tsoukalis, President of the Hellenic
Foundation for European and Foreign Policy (ELIAMEP). Written by an
international network of academics, practitioners and policy
advisors, this volume will be of interest to researchers and
students interested in macroeconomics, comparative regionalism,
democracy, and financial crisis management as well as politicians,
policy advisors, and members of national and regional organizations
in the EU and Latin America.
The book examines the rapid growth and dramatic changes in capital
flows globally and to emerging markets. In the context of relevant
economic theory, it analyses benefits and costs of large and
volatile capital flows to developing countries; the latter includes
damaging currency crises as the Mexican and East Asian economies.
The book makes innovative proposals on how best national
governments - and especially - international organisations can
avoid such crises.
The book examines the rapid growth and dramatic changes in capital
flows globally and to emerging markets. In the context of relevant
economic theory, it analyses benefits and costs of large and
volatile capital flows to developing countries; the latter includes
damaging currency crises as the Mexican and East Asian economies.
The book makes innovative proposals on how best national
governments - and especially - international organisations can
avoid such crises.
This book examines the reforms of banking in Eastern Europe, which
are a key element of the transition to the market in those
economies. Particular emphasis is placed on the "bad domestic bank
debt" problem. The book also analyzes the development of capital
markets in Eastern Europe, and their role in attracting foreign
flows, with case-studies on the former Czechoslovakia, Hungary and
Poland.;Contributions are from senior policy-makers and academics
from Central and Eastern Europe who are involved in the reforms.
Examines the policy of conditionality and cross-conditionality,
which international institutions like the International Monetary
Fund and World Bank apply to grant loans to developing countries.
The explosion of conditionality has become a key issue in
international relations since the mid-1980s. This book presents six
detailed country studies on the issue, written by distinguished
academics and/or senior policy makers, from these countries. The
countries featured include Argentina, Chile, Costa Rica, Jamaica,
Mexico and Tanzania and conclusions and policy lessons are drawn
from these.
The book examines the operation of International Monetary Fund and
World Bank conditionality in six developing countries (Argentina,
Chile, Costa Rica, Jamaica, Mexico and Tanzania) and examines its
effects on their economies. It draws conclusions and policy lessons
for all developing countries as regards the operation of adjustment
policies. The book also examines the regulatory treatment of Third
World debt, both in the US, Canada and Europe, making specific
policy suggestions for increasing flexibility in debt management.
This book explores how the financial system should be regulated and
structured to achieve the twin goals of inclusive growth and
financial stability, with a focus on African low-income countries
(LICs). The subject and content of this book is original in that it
attempts to draw on the lessons and radical rethinking on the
financial sector in developed and middle income countries, arising
in the wake of the international financial crisis. It includes four
in- depth country case studies, of Kenya, Ghana, Nigeria and
Ethiopia, but also analyses the empirical evidence for Sub-Saharan
Africa as a whole, evaluating the relevance (or not) of such major
changes for the very different financial sectors and economies in
low income countries. Achieving Financial Stability and Growth in
Africa has major academic and policy implications, especially for
low income countries, but also more generally, on broader issues.
These include the desirable size of the financial sector, as well
as more specific issues, such as the high cost of borrowing of
small and medium enterprises in LICs, and possible measures to
reduce it. Highly topical subjects like the appropriate regulation
of the financial sector and management of capital flows are
discussed in depth. Though drawing on comprehensive reviews of the
literature, this volume has the virtue of the large comparative
academic and policy experience of researchers, as well as in-depth
case studies, that take account of institutional and economic
features of low- income countries. Written by senior academics and
policy-makers, this book is a must read for those researching or
participating in the financial sectors of low-income countries, as
well as in developed economies. It is also suitable for those who
study political economy and public finance.
This book explores how the financial system should be regulated and
structured to achieve the twin goals of inclusive growth and
financial stability, with a focus on African low-income countries
(LICs). The subject and content of this book is original in that it
attempts to draw on the lessons and radical rethinking on the
financial sector in developed and middle income countries, arising
in the wake of the international financial crisis. It includes four
in- depth country case studies, of Kenya, Ghana, Nigeria and
Ethiopia, but also analyses the empirical evidence for Sub-Saharan
Africa as a whole, evaluating the relevance (or not) of such major
changes for the very different financial sectors and economies in
low income countries. Achieving Financial Stability and Growth in
Africa has major academic and policy implications, especially for
low income countries, but also more generally, on broader issues.
These include the desirable size of the financial sector, as well
as more specific issues, such as the high cost of borrowing of
small and medium enterprises in LICs, and possible measures to
reduce it. Highly topical subjects like the appropriate regulation
of the financial sector and management of capital flows are
discussed in depth. Though drawing on comprehensive reviews of the
literature, this volume has the virtue of the large comparative
academic and policy experience of researchers, as well as in-depth
case studies, that take account of institutional and economic
features of low- income countries. Written by senior academics and
policy-makers, this book is a must read for those researching or
participating in the financial sectors of low-income countries, as
well as in developed economies. It is also suitable for those who
study political economy and public finance.
This open access book discusses financial crisis management and
policy in Europe and Latin America, with a special focus on equity
and democracy. Based on a three-year research project by the Jean
Monnet Network, this volume takes an interdisciplinary, comparative
approach, analyzing both the role and impact of the EU and regional
organizations in Latin America on crisis management as well as the
consequences of crisis on the process of European integration and
on Latin America's regionalism.The book begins with a theoretical
introduction, exploring the effects of the paradigm change on
economic policies in Europe and in Latin America and analyzing key
systemic aspects of the unsustainability of the present economic
system explaining the global crises and their interconnections. The
following chapters are divided into sections. The second section
explores aspects of regional governance and how the economic and
financial crises were managed on a macro level in Europe and Latin
America. The third and fourth sections use case studies to drill
down to the impact of the crises at the national and regional
levels, including the emergence of political polarization and rise
in populism in both areas. The last section presents proposals for
reform, including the transition from finance capitalism to a
sustainable real capitalism in both regions and at the
inter-regional level of EU-LAC relations.The volume concludes with
an epilogue on financial crises, regionalism, and domestic
adjustment by Loukas Tsoukalis, President of the Hellenic
Foundation for European and Foreign Policy (ELIAMEP). Written by an
international network of academics, practitioners and policy
advisors, this volume will be of interest to researchers and
students interested in macroeconomics, comparative regionalism,
democracy, and financial crisis management as well as politicians,
policy advisors, and members of national and regional organizations
in the EU and Latin America.
The financial crisis, which originated in developed country
financial markets, quickly spread to developing countries.
Governments and central banksthough taking many and costly measures
were powerless to stop the global economic meltdown, as economies
across the globe went into recession. The depth of the financial
crisis means that the world economy is in unchartered territory.
How do we restore robust growth and prevent another crisis? This
book aims to systematically understand current major problems in
the financial system, its governance, and in its links to global
economic imbalances. It explains how both market actors and
regulators behavior, and the prevailing ideology of extreme
financial liberalization and deregulation, contributed to the
financial crisis. This highly topical book focuses on the
transparency and regulatory measures that are necessary to restore
confidence in the financial system, to ensure that the financial
system performs the roles that it should perform within both
developing and developed countries, and to make a recurrence less
likely. The book also describes reforms in the global financial
architecture that might make the global financial system more
stable and more equitable. The book presents sometimes radical, but
specific, pragmatic, and politically feasible proposals to try to
ensure a more stable, equitable, and growing world economy.
Contributions come from both developed and developing countries and
are written by leading authorities in their field, including senior
nationalas well as internationalpolicy makers, practitioners from
the private sector, and leading academics.
The financial crisis, which originated in developed country
financial markets, quickly spread to developing countries.
Governments and central banksthough taking many and costly measures
were powerless to stop the global economic meltdown, as economies
across the globe went into recession. The depth of the financial
crisis means that the world economy is in unchartered territory.
How do we restore robust growth and prevent another crisis? This
book aims to systematically understand current major problems in
the financial system, its governance, and in its links to global
economic imbalances. It explains how both market actors and
regulators behavior, and the prevailing ideology of extreme
financial liberalization and deregulation, contributed to the
financial crisis. This highly topical book focuses on the
transparency and regulatory measures that are necessary to restore
confidence in the financial system, to ensure that the financial
system performs the roles that it should perform within both
developing and developed countries, and to make a recurrence less
likely. The book also describes reforms in the global financial
architecture that might make the global financial system more
stable and more equitable. The book presents sometimes radical, but
specific, pragmatic, and politically feasible proposals to try to
ensure a more stable, equitable, and growing world economy.
Contributions come from both developed and developing countries and
are written by leading authorities in their field, including senior
nationalas well as internationalpolicy makers, practitioners from
the private sector, and leading academics.
International Capital Flows in Calm and Turbulent Times analyzes
the financial crises of the late 1990s and draws attention to the
type of lenders and investors that triggered and deepened the
crises. It concentrates on institutional investors and banks and
provides detailed analysis of the countries most affected by the
1997-98 Asian financial crisis as well as the Czech Republic and
Brazil. It also suggests necessary international financial reforms
to make crises less likely.
The book is unique in its scrutiny of the type of lenders and
investors that triggered and deepened the crises, focusing
particularly on institutional investors and banks; allocation of
their assets; the criteria used in this process; and the impact of
the nature of the investor on the volatility of different types of
capital flow. It addresses such questions as: What determines or
triggers massive changes in perceptions and sentiment by different
investors and leaders? To what extent does contagion spread not
just among countries but between actors? What are the policy
implications of this analysis? The book concludes by examining the
asymmetries in the financial architecture discussions and
implementation and by offering policy proposals.
The currency crises that engulfed East Asian economies in 1997 and Mexico in 1994 raise serious concern about the net benefits for developing countries of large inflows of potentially reversible short-term international finance. The contributions to this volume - a mix of analytical approaches and case studies - examine the policy dilemmas confronting public authorities in the emerging economies as they deal with short-term capital movements, especially in the period before the outbreak of these crises.
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