Download e-book for iPad: Financial Globalization and the Emerging Market Economy by Dilip K. Das

By Dilip K. Das

ISBN-10: 0203391020

ISBN-13: 9780203391020

ISBN-10: 0203672046

ISBN-13: 9780203672044

ISBN-10: 0415328764

ISBN-13: 9780415328760

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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Example text

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.

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Financial Globalization and the Emerging Market Economy by Dilip K. Das


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