Financial Globalization, Financial Crises, and the External Portfolio Structure of Emerging Markets*
نویسندگان
چکیده
منابع مشابه
Financial globalization, financial crises and contagion
Two observations suggest that financial globalization played an important role in the recent financial crisis. First, more than half of the rise in net borrowing of the U.S. nonfinancial sectors since the mid 1980s has been financed by foreign lending. Second, the collapse of the U.S. housing and mortgage-backed-securities markets had worldwide effects on financial institutions and asset market...
متن کاملFinancial Globalization and Crises: Overview
Financial globalization, the integration of countries with the global financial system, has increased substantially since the 1970s and particularly with more force since the 1990s. In fact, the gold standard period of 1880-1914 saw a major wave of financial globalization, as cross-border capital flows surged, incorporating countries in the center and the periphery at that time into a worldwide...
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THE MEXICAN PESO crisis of December 1994, and its reverberations in the financial markets of developing countries around the world, has intensified the debate over the nature of balance of payments crises in developing countries. Many simple explanations have been given for the crisis and its aftermath, but none of them does very well at accounting for the main patterns of behavior in emerging ...
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The surge in capital flows towards emerging market countries is one of the major developments in the world economy in the 1990s. In particular, short-term flows, in the form of portfolio investments or bank loans, have grown at an extremely rapid pace. At the same time, emerging markets have experienced an increasing number of financial crises, with dire consequences. It is increasingly argued ...
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We analyze the impact of ...nancial globalization on asset prices, investment and the possibility of crashes driven by self-ful...lling expectations in emerging markets. In a two-country model with one emerging market (intermediate income level) and one industrialized country (high income level), we show that symmetric liberalization of capital out‡ows and in‡ows increases asset prices, investm...
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ژورنال
عنوان ژورنال: The Scandinavian Journal of Economics
سال: 2013
ISSN: 0347-0520
DOI: 10.1111/sjoe.12039