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This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows....
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The new international financial architecture can help African countries benefit from globalization, while minimizing …
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world. Why has this status come about? What are its costs and benefits? Is it an appropriate model for a world where …
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Monetary and fiscal policies around the world are in better shape today than two decades ago. This paper studies … whether financial globalization has helped induce governments to pursue better macroeconomic policies (the "discipline effect … robust causal evidence. There is some evidence that financial globalization may have induced countries to pursue low …
Persistent link: https://www.econbiz.de/10005768809
International financial integration has greatly increased the scope for changes in a country's net foreign asset position through the valuation channel, namely capital gains and losses on external assets and liabilities. We examine this valuation channel in a dynamic equilibrium portfolio model...
Persistent link: https://www.econbiz.de/10008497614
The paper uses a unique database covering 44 countries in sub-Saharan Africa (SSA) countries between 2000 and 2007 to study the determinants of the allocation and composition of flows across countries, as well as channels through which private capital flows could affect growth. In our sample,...
Persistent link: https://www.econbiz.de/10008528679