Financial Liberalization and Economic Performance in Emerging Countries
Contributors: Philip Arestis (Editor); Luiz Fernando de Paula (Editor)
Publisher: Palgrave Macmillan
Published: March 18, 2008
Language: eng
Format: Hardcover
Number of pages: 280
ISBN-13: 9780230538023
Subjects: Development economics; Finance; Business & Economics; Business / Economics / Finance; Business/Economics; Economics - Macroeconomics; Business & Economics / Macroeconomics
Description: "Empirical research has shown that there is little relationship between financial liberalization and economic growth in emerging countries. Although international financial integration should, in principle, help countries to reduce macroeconomic instability and enhance economic growth, the available evidence suggests that developing countries have not always reaped these potential benefits. This volume discusses the relationship between financial liberalisation, financial deepening and economic performance from both a theoretical and a policy perspective, comparing several 'big' emerging countries - Argentina, Brazil, China, India, Russia and South Africa - as well as presenting case studies. Its main contribution is to analyse issues that are related to financial liberalisation in emerging countries focusing on recent experiences, with a particular focus on the policy dimension of financial liberalisation: the degree of autonomy of domestic economic policy, and the different policy responses by countries to deal with issues caused by the international financial integration. This volume includes contributions from a wide range of experts on finance liberalisation and the economics of developing countries, and will be of great interest to scholars and policymakers in these crucial areas."--Book cover.