Financial Stability and Growth in Emerging Economies The Role of the Financial Sector Edited by (original) (raw)
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DISCLAIMER: Staff Discussion Notes (SDNs) showcase policy-related analysis and research being developed by IMF staff members and are published to elicit comments and to encourage debate. The views expressed in Staff Discussion Notes are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
Development and Financial Reform in Emerging Economies
An interesting volume in development economics. One can make associations with recent economic developments in the EU South. My review is Forthcoming in Economic Issues March 2015. Kobil Ruziev and Nicholas Perdikis Editors Pickering and Chatto London 2015
Book Review: Growth with Financial Stability—Central Banking in an Emerging Economy
Margin: The Journal of Applied Economic Research, 2012
Although there are currently several books on the Indian economy, Rakesh Mohan's recent book is different from the others as it deals with, as the title suggests, growth with fi nancial stability. So the latter part distinguishes the book from other books on Indian economy, which usually lack an in-depth discussion on the subject of fi nancial stability. There is considerable discussion in the book on central banking in the context of macro-fi nancial stability in an emerging economy like India. It is a well-thought-out and well-written book. Rakesh Mohan is in a good position to write such a book, given his experience with policy-making at the Reserve Bank of India (RBI). An important message from the book is that '… the recent record of macroeconomic management in India is exemplary, even amongst the EMEs [emerging market economies] that target infl ation' (p. 97). Not everyone may share the view that India has done very well with regard to the functioning of the fi nancial system broadly defi ned (to include both fi nancial and real assets, and also both private fi nance and public fi nance). So a critical review of Mohan's book to some extent becomes a larger issue-it becomes a critical review of the policies of the Government of India and the RBI. An attempt will be made in the limited space that is available here to suggest some lines of criticism. It is important to do so because complacency may set in amongst policy makers in India, assuming that it has not already done so. This is more so when there has been no serious and visible crisis in the fi nancial sector in India for the last 20 years or so and given that we did reasonably well from 2007 to 2011-the period that witnessed the fi nancial crisis centred in USA and then the public debt crisis in parts of Europe.
Financial Development: Maturing and Emerging Policy Issues
The World Bank Research Observer, 2007
In recent decades, financial development policies in emerging market economies have been shaped by a fundamental shift toward market-based financial systems and the lessons from financial crises. Today, there is consensus that financial development depends on financial stability and convergence toward international standards. While the debate on some issues has matured, policy thinking in other areas is changing, fueled by recent experiences. This article analyzes the evolution of policy thinking on financial development and discusses three areas that are important to achieving deeper financial systems: stock market development, small-and medium-size enterprise financing, and defined-contribution pension systems. The main emerging issues in these areas are illustrated using recent experiences in Latin America. The article concludes that there is a need to take a fresh look at the evidence, improve diagnoses, and revisit expectations. JEL codes: F36, G15, G18, G20.
Financial Sector Policy for Developing Countries
2002
The findings, interpretations, and conclusions expressed here are those of the author(s) and do not necessarily reflect the views of the Board of Executive Directors of the World Bank or the governments they represent. The World Bank cannot guarantee the accuracy of the data inicluded in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply on the part of the World Bank any judgment of the legal status of any territory or the endorsement or acceptance of such boundaries. xvi CESARE CALARI As a personal note, I would like to add that I have had the privilege of working with Millard on various occasions, particularly during the early years of my career with the World Bank Group. The lessons I learned from him have stayed with me, and none is greater than the power of ideas, when supported by sound research and intellectual integrity. It gives me, then, particular pleasure to sign this foreword. Note 1. By the mid-1990s, the International Monetary Fund was also stepping up its involvement in the field of financial sector policy, which has now been fully recognized in the work of the Monetary and Exchange Affairs Department and the newly created Capital Markets Department. Since 1999, the Fund has joined the Bank in launching a comprehensive country-by-country financial sector assessment program (FSAP), which places diagnostic work on a more systematic basis than had been possible in the past. References The word processed describes informally produced works that may not be commonly available through libraries.
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In the recent theory of economic growth, there are multiple explanations for the “downward trend of economic growth”, which is already happening during the past decade in developed and emerging markets. Almost all economists have avoided researching the “hypothesis of a world without growth”, dealing with Krugman’s rhetoric of “secular stagnation is probable” or thinking about Koehn’s rhetoric get rid of dependence on growth”. The cult of growth is embedded in the economic, political and social heads so deeply that for each of them growth is an imperative of life and death. By reviewing certain literature and papers, we can draw a conclusion about trends in the world economy, the dominant macroeconomic mainstream and reconsider and we can a critically resist the role of “rule taker” in the economic policy of post-transition countries in the past ten years. This paper does not investigate or establish a research gap, and does not offer a solutions to current problems that may arise f...
Financial Deepening and Post-Crisis Development in Emerging Markets is a compilation of diverse but logically coherent contributions on the problems of emerging markets’ financial and macroeconomic development in the context of the post-2008 crisis. A loosely mixed and changing association of developing economies, emerging markets have evolved in the post-crisis environment as integral to the stability of the global financial system and sustainable growth of the global economy. It is in such setting that this study, covering a vast geography and a broad range of economic viewpoints, serves as an informed guide in the unchartered waters of the post-crisis redefined fundamental uncertainty.