Globalization, macroeconomic performance, and the exchange rates of emerging economies
By: Maurice Obstfeld.
Contributors: National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 10849; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 10849.
Publisher: National Bureau of Economic Research
Published: 2004
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Globalization -- Economic aspects -- Developing countries -- Econometric models.; Foreign exchange rates -- Developing countries -- Econometric models.; Foreign exchange administration -- Developing countries -- Econometric models.
Description: "Among the developing countries of the world, those emerging markets that have sought some degree of integration into world finance are characterized by higher per capita incomes, higher long-run growth rates, and lower output and consumption volatility.  These characteristics are more likely to be causes than effects of financial integration.  The measurable gains from financial integration appear to be lower for emerging markets than for higher-income countries, and appear to have been limited by recent crises.  One factor limiting the gains from financial integration is the difficulty emerging economies face in resolving the open-economy trilemma.  Given their structural and institutional features, many emerging economies cannot live comfortably either with fixed or with freely floating exchange rates.  Most recently, the exchange rates of several emerging countries display attempts at stabilization punctuated by high volatility in periods of market stress"--National Bureau of Economic Research web site.
Notes: Includes bibliographical references.
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Mode of access: World Wide Web.