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Sequencing of Reforms, Financial Globalization, and Macroeconomic Vulnerability

Edwards, Sebastian - 2008

I use a large cross country data set and panel probit analysis to investigate the way in which the interaction between trade and financial openness affect the probability of external crises. This analysis is related to debate on the adequate sequencing of reform. I also investigate the role...

Persistent link: https://www.econbiz.de/10012464263

Financial Sector Regulation and Reforms in Emerging Markets : An Overview

Prasad, Eswar S. - 2010

This paper provides an overview of the complex conceptual and practical challenges that emerging market economies face as they attempt to reform their frameworks for financial regulation. These economies are striving to balance the quest for financial stability with the imperatives of financial...

Persistent link: https://www.econbiz.de/10012462228

Financial Development and the Instability of Open Economies

Aghion, Philippe - 2004

This paper introduces a framework for analyzing the role of financial factors as a source of instability in small open economies. Our basic model is a dynamic open economy model with a tradeable good produced with capital and a country-specific factor. We also assume that firms face credit...

Persistent link: https://www.econbiz.de/10012468447

The Great Reversals : The Politics of Financial Development in the 20th Century

Rajan, Raghuram G. - 2001

We show that the development of the financial sector does not change monotonically over time. In particular, we find that by most measures, countries were more financially developed in 1913 than in 1980 and only recently have they surpassed their 1913 levels. This pattern is inconsistent with...

Persistent link: https://www.econbiz.de/10012470548

Predatory Short Selling

Brunnermeier, Markus K. - 2013

Financial institutions may be vulnerable to predatory short selling. When the stock of a financial institution is shorted aggressively, leverage constraints imposed by short-term creditors can force the institution to liquidate long-term investments at fire sale prices. For financial...

Persistent link: https://www.econbiz.de/10012459149

Financial Regulation in General Equilibrium

Goodhart, Charles A.E. - 2012

This paper explores how different types of financial regulation could combat many of the phenomena that were observed in the financial crisis of 2007 to 2009. The primary contribution is the introduction of a model that includes both a banking system and a "shadow banking system" that each help...

Persistent link: https://www.econbiz.de/10012460749

China's Financial System : Opportunities and Challenges

Allen, Franklin - 2012

We provide a comprehensive review of China's financial system, and explore directions of future development. First, the financial system has been dominated by a large banking sector. In recent years banks have made considerable progress in reducing the amount of non-performing loans and...

Persistent link: https://www.econbiz.de/10012460830

Durable Financial Regulation : Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions

Nakamura, Leonard - 2011

This paper sets forth a discussion framework for the information requirements of systemic financial regulation. It specifically describes a potentially large macro-micro database for the U.S. based on an extended version of the Flow of Funds. I argue that such a database would have been of...

Persistent link: https://www.econbiz.de/10012461652

Misallocation and Capital Market Integration : Evidence From India

Bau, Natalie - 2020

We show that foreign capital liberalization reduces capital misallocation and increases aggregate productivity in India …

Persistent link: https://www.econbiz.de/10012482175

Some New Perspectives on India's Approach to Capital Account Liberalization

Prasad, Eswar S. - 2009

In this paper, I analyze India's approach to capital account liberalization through the lens of the new literature on … financial globalization. India's authorities have taken a cautious and calibrated path to capital account opening, which has … the key challenge now facing India's policymakers on this front …

Persistent link: https://www.econbiz.de/10012463989

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