Description

The sharp realities of financial globalization become clear during crises, when winners and losers emerge. Crises usher in short- and long-term changes to the status quo, and everyone agrees that learning from crises is a top priority. The Evidence and Impact of Financial Globalization devotes separate articles to specific crises, the conditions that cause them, and the longstanding arrangements devised to address them. While other books and journal articles treat these subjects in isolation, this volume presents a wide-ranging, consistent, yet varied specificity. Substantial, authoritative, and useful, these articles provide material unavailable elsewhere.

Key Features

    • Substantial articles by top scholars sets this volume apart from other information sources
    • Rapidly developing subjects will interest readers well into the future
    • Reader demand and lack of competitors underline the high value of these reference works

    Readership

    Undergraduates and graduate students worldwide working in all areas of finance and economics. Researchers will typically be examining the global aspects and implications of their particular interests

    Table of Contents

    Volume 3

    Section Editors

    Preface

    Contributors

    Chapter 1. Financial Globalization and Crises: Overview

    Introduction

    Evidence on Financial Globalization

    Forces Behind Globalization

    Effects of Financial Globalization

    Monetary and Exchange Rate Policy under Financial Globalization

    Crises

    Final Words

    Acknowledgment

    References

    I: Evidence on Financial Globalization

    Chapter 2. Measurements of Capital and Financial Current Account Openness

    Measuring Financial Integration

    Coding

    Data Properties

    Uses of Measures

    Conclusions

    Acknowledgments

    References

    Chapter 3. Measurement and Impact of Equity Market Liberalization

    Introduction

    Equity Market Liberalization

    Effects of Stock Market Liberalization

    Conclusion

    Acknowledgments

    References

    Further Reading

    Chapter 4. Bilateral Financial Links

    Introduction

    Bilateral Data on External Assets and Liabilities

    What Explains Bilateral External Financial Linkages?

    Stylized Facts

    Cross-Border Financial Links and International Transmission of Shocks

    Conclusions

    See also

    Glossary

    Supplementary Materials

    Further Reading

    Relevant Websites

    Chapter 5. Global Imbalances

    The Contested Landscape of Global Imbalances

    Global Imbalances Defined

    Spendthrift America and the Saving–Investment Approach

    A US Productivity Surge and the Intertemporal Approach

    East Asian Mercantilism and Bretton Woods II Versus Self-Protection

    A Global Saving Glut?

    Imbalances and the Financial Crisis

    See also

    Acknowledgments

    Glossary

    References

    Chapter 6. Aid Flows

    Introduction

    Situating Aid Flows Within Financial Globaliza

    Details

    No. of pages:
    800
    Language:
    English
    Copyright:
    © 2012
    Published:
    Imprint:
    Academic Press
    Electronic ISBN:
    9780124058996
    Print ISBN:
    9780123978745

    Reviews

    "Editor Caprio…presents empirical research on the forces behind financial globalization, such as international capital flows, foreign bank participation in developing countries, and international government debt." --Reference and Research Book News, February 2013

    "This volume provides authoritative non-technical coverage of key topics related to the  globalization of financial activities and institutions, with particular and up-to-date analyses of international financial crises." --Josef Brada, Arizona State University

    "The Evidence and Impact of Financial Globalization is a collection of essays written by major specialists in each specific field of globalization, ranging from aid, foreign investment and migration to exchange rates, international government debt and financial crisis. Its 50 chapters investigate the various aspects of globalization, their determinants and impact both in abstract terms and with reference to specific countries and regions. It is an essential companion for those that want to up-date and improve their knowledge of the impressive significance acquired by financial globalization in the last two or three decades." --Nicola Acocella, Università degli Studi di Roma "La Sapienza"

    "Is mainstream theory the cause of our recent financial crisis, and will it be to blame for future crises? If theory did not cause it, it did nothing to prevent or even mitigate it. This book offers an impressive series of essays on the Great Recession, investigating financial and real causes, historical episodes, and linkages as well as domino effects. It clearly illuminates the background of our recent crisis by offering clear theoretical, empirical, and historical views of its remote causes. It cannot be absent from any economist's bookshelf." --Mauro Gallegati, Università Politecnica delle Marche