Financial Markets Volatility and Performance in Emerging Markets
Capital mobility is for emerging economies a double-edged sword, with the potential benefits of investment, whether or not direct, at times competing with the potential costs of currency crises, devaluations, and economic—plus potentially political—instability. The actors involved in financial flows are numerous, from private investors, hedge funds and large corporations, to national governments and to international institutions, including the IMF. That the interests of each are not necessarily consistent with the others, and that democratic governments must be responsive to the voices of their electorates, only highlights the tensions that can result in miscalculations. For governments, the delicate balance is between openness and the concomitant loss of control, versus controls that may reduce investments and development. Financial Markets Volatility addresses this delicate balance between capital mobility and controls, covering five broad issues related to financial markets and economic performance in the rapidly globalizing world: finance and trade, capital flows and crises, global financial integration, domestic credit, and economic policy in emerging markets. With close analysis of the experiences of specific countries complemented by cross-national comparisons, the authors provide important perspectives on similarities and differences—of conditions, policies, and effects. The analyses make significant gains in considering economists’ and policymakers’ understanding of the effectiveness of restrictions on capital mobility.
Other Persons: | Edwards, Sebastian (contributor) |
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Institutions: | University of Chicago Press |
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