By Dilip K. Das
This booklet might be of curiosity to scholars and lecturers in lots of parts together with foreign economics, overseas finance and foreign political economic climate. it's going to additionally supply an invaluable resource of data when you paintings within the monetary at huge.
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Additional resources for Financial Globalization and the Emerging Market Economy
Therefore, an internationally mobile pool of capital and liquidity was created, which underpinned not only ﬁnancial globalization, but also the ﬂow of capital to emerging market economies. Furthermore, liberalized and deregulated domestic economic strategies, advances in ICT, and globalizing emerging market economies combined to catalyze ﬁnancial innovation. Responding to the increasing demand for trans-border ﬁnancial ﬂows, ﬁnancial intermediation activity globalized. It was buttressed by declining barriers to trade in ﬁnancial services as well as by deregulation and the removal of entry restrictions on foreign ﬁnancial institutions into domestic markets in a large number of emerging market economies.
As trade and ﬁnancial barriers came down and macroeconomic and ﬁnancial regimes became liberal, several developing economies beneﬁted from this macroeconomic and ﬁnancial ambiance and became the so-called emerging market economies. A precise deﬁnition has so far eluded this group of countries. However, the newly industrialized economies (NIEs) and middle-income developing countries in which governments and corporations have access to private international capital markets, or can attract institutional portfolio investment, or both, are generally considered to be emerging market economies.
23 The former are generally the so-called greenﬁeld projects, while the latter is sought by entrepreneurs either for sourcing lower-cost funds or to diversify risk. Therefore, portfolio ﬂows typically go into ﬁnancing ongoing projects. This also explains the weakening of the relationship between global capital inﬂows and domestic investment. 24 8 Summary and conclusions The emergence of economies is an age-old phenomenon, although the term “emerging market economies” has only recently become part of the economic lexicon.
Financial Globalization and the Emerging Market Economy by Dilip K. Das