Financial Liberalization Research Papers - Academia.edu (original) (raw)

2025, Development

Michal Osterweil argues that although there is a broad consensus about the fact that the global justice movement is comprised of a diversity of political approaches, the more subtle and radical differences in political practices and visions among various actors are often not visible. She suggests this is because while we might all agree that the global nature of this movement is crucial, defining globality and what the politics of a global movement are still a matter of great debate. She contrasts 'place-based globalism' to the political-institutional areas of the movement and what she labels 'universalizing globalists.'

2025, Pacific B usiness Review (International)

Financial decisions taken for the future depend upon the perception of the behaviour of the random variables and the estimation of the variance. The key purpose of the current study is to examine the behaviour and nature of the Indian stock index-SENSEX with the help of GARCH model. The secondary data-SENSEX prices are collected from the official website of BSE for a period ranging from 2011-2020. The result indicates the existence of volatility assembling and persistence. The tail of the series is fatter along the left side and T-GARCH explains that the negative and wicked news affect the stock market more than the good news. We conclude that investors should frame their investment tactics by evaluating the current news in the market and predict the future movements in the market so as to receive maximum possible returns.

2025

Financial decisions taken for the future depend upon the perception of the behaviour of the random variables and the estimation of the variance. The key purpose of the current study is to examine the behaviour and nature of the Indian stock index -SENSEX with the help of GARCH model. The secondary data -SENSEX prices are collected from the official website of BSE for a period ranging from 2011-2020. The result indicates the existence of volatility assembling and persistence. The tail of the series is fatter along the left side and T-GARCH explains that the negative and wicked news affect the stock market more than the good news. We conclude that investors should frame their investment tactics by evaluating the current news in the market and predict the future movements in the market so as to receive maximum possible returns.

2025, World Bank Research Observer

Paper on Policy Analysis and Assessment and the authors) would welcome any comments on the present text. Citations should refer to a Paper on Policy Analysis and Assessment of the International Monetary Fund, mentioning the authors) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.

2025, IMF Policy Discussion Papers

2025

The main objective when a country implements capital controls is to prevent large fluctuations in the exchange rate and asset price volatility. The direct mechanism through which these policies work is simple: a tax on foreign borrowing reduces flows, which prevents the price from changing considerably. Since foreign borrowing involves transactions in the foreign exchange market, the price of the asset can also be thought of as the exchange rate. However, the empirical literature has not come to a consensus on the effectiveness of capital controls on managing the exchange rate. Therefore, could there be other channels, different from their direct effect on flows, through which capital controls have the undesired effect of increasing fluctuations in the exchange rate? In particular, can capital controls increase the sensitivity of prices to sudden changes in capital flows?The dissertation answers this question using two approaches. First, I embed into a market microstructure model a ...

2025, Estado & comunes

El Fondo Monetario Internacional (FMI) y el Estado argentino mantienen una relación estrecha y constante desde 1957, especialmente en momentos de crisis económica. Este artículo estudia la última asistencia financiera que recibió el país por parte del organismo internacional en 2018, deuda renegociada entre 2022-2023. Empleando datos oficiales, bibliografía reciente y notas de prensa, los hallazgos, desde un enfoque histórico y sociológico, sugieren que los problemas y crisis que afectan a Argentina de manera cíclica no son resultado de su relación con el FMI, sino de la incapacidad de la clase empresarial y las autoridades de gobierno de ejercer control sobre su política económica. El endeudamiento es un mecanismo que compensa el rezago productivo de la economía, la hiperinflación y el déficit fiscal de Argentina desde hace setenta años.

2025, INTERNATIONAL JOURNAL OF CREATIVE RESEARCH THOUGHTS

Small and Medium Enterprises (SMEs) are vital to the economic growth of emerging economies, particularly through their contributions to exports, employment, and innovation. However, their limited ability to fully utilize trade finance hinders their participation in global trade. This text explores how insufficient trade finance affects the export capabilities of SMEs in developing nations and proposes policy solutions. By drawing exclusively on empirical and theoretical insights from existing literature, the study identifies structural challenges such as restricted access to bank credit (Abora et al., 2014), inadequate financial infrastructure (Auboin, 2015), and information asymmetries (Leonidou, 2004) as primary obstacles. It further examines recent strategies, including digital finance innovations (Kumar et al., 2023), financial literacy programs (Okello Candiya Bongomin et al., 2017), and regional integration strategies (Aldaba, 2013), as effective policy responses to bridge financing gaps. The analysis highlights that for SMEs to improve their export performance, governments should support them through institutional backing, financial assistance, and skill enhancement. Overall, the study demonstrates how targeted programs and actions can alleviate financial constraints, enabling SMEs in developing countries to reach their full export potential.

2025, SSRN Electronic Journal

2025, International Journal of Creative Research Thoughts

The term "Global South" primarily refers to developing countries. Developed countries, underdeveloped countries, low-income economies, or third world countries that have fallen out of favor. South South Cooperation (SSC) has expanded in order to "challenge the North's political and economic dominance," and focused SSC activities have been renewed. The main objective is to develop mechanisms to promote the participation of people experiencing poverty and social exclusion in policy development and implementation. The existing literature provides more attention on socioeconomic exclusion in global south nation as characterized as developing nation. The Human Development Index (HDI) is a composite measure of a country's average achievements in three basic aspects of human development: health, knowledge, and standard of living. The Financial inclusion considered as economic inclusion is an enabler for the seventh of the seventeen Sustainable Development Goals, and the World Bank Group considers it a key enabler to reduce extreme poverty and boost shared prosperity. This study has made an attempts to measure financial inclusion using a cross country data set from Financial Access Survey (FAS) and the index of financial inclusion (IFI) developed by Sarma (2012). Then it presents an empirical analysis of the relationship between financial inclusion and human development across countries in global south. Therefore the present study focused on the socioeconomic inclusion with the help of Human development index and financial inclusion index for the year 2022. This article investigates the relationship between financial inclusion and human development index positions in 138 countries throughout the global south. The purpose of this study is to investigate the nexus between financial inclusion and human development for global south nations, and analyze the relation between financial inclusion and human development. The study examines the effect of IFI on the human development index (HDI) at the aggregate level.

2025, Ardahan Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi

1970'li yıllarda ortaya çıkan ekonomik sorunlar, 1980'li yıllarda finansal serbestleşme sürecinin başlamasına neden olmuştur. Finansal serbestleşme sürecine öncelikle gelişmiş ülkeler katılmış ve piyasa ekonomilerinin işlerliği sebebiyle ekonomik büyümeleri olumlu etkilenmiştir. Gelişmekte olan ülkelerin finansal serbestleşme sürecine geçişi, iç ve dış dinamiklerden etkilenmiştir. İç dinamik ise, yoksulluğun kısır döngüsünün kırılamamasıdır Dış dinamikler ise uluslararası para sisteminde görülen istikrarsızlıklar, sermayenin uluslararasılaşması, uluslararası kuruluşların borç verme karşılığındaki beklentileri ve neoklasik doktrindir. Ancak gelişmekte olan ülkelerin çoğunluğu, finansal serbestleşmeden faydalanamamış, aksine ekonomileri kırılgan hale gelmiş ve kronik krizlerle karşılaşır hale gelmişlerdir. Çalışmada literatür taraması yönteminden yararlanılarak, finansal serbestleşmenin maliye politikasına etkisi incelenmiştir. Yapılan çalışma sonucunda; finansal serbestleşmenin maliye politikasını olumsuz etkilediği, maliye politikasını amaçlarından saptırdığını ve araçlarının kullanımını kısıtladığı görülmüştür.

2025, Coping strategies adopted by domestic investors in post 2017 Stock Market Crisis and its implications for Investment Sustainability in Lagos State, Nigeria

Social upheavals created as a result of the 2017 stock market crisis were so enormous as domestic investors started looking inwards on efficient ways of mitigating the effects of the crisis. Previous works on equities market led emphasis on risky assets and volatility, largely overlooking the social aspects of stock market crises. This study investigated investors' coping mechanisms in post 2017 stock market crisis in Lagos, Nigeria, and their impact on sustainable investment outcomes. The study was guided by rationalisation theory, whereas a descriptive research design was utilized. Snowball and purposive sampling methods were employed to select three stock brokerage firms and regulatory agencies, leveraging respondents' professional expertise in stock market activities. A total of forty in-depth interviews were conducted with clients from three firms: fourteen from Cowry Assets Management Limited, thirteen from Future view Financial Services Limited and thirteen from Greenwich Trust Limited. Six case studies were undertaken, comprising two clients from each of the three selected brokerage firms. Key informant interviews were conducted as follows: three staff from Securities and Exchange Commission, three from Nigerian Exchange Limited, and a dealing-clerk from each of the selected brokerage firms. Data were subjected to content analysis. Domestic investors adopted restructuring and diversification of assets as coping strategies; creating illiquidity in the stock market as funds were diverted to money market instruments which hindered stock market growth and investment Coping Strategies Adopted by Domestic Investors 73 sustainability. There is need for formulation and implementation of stable policies that will guarantee growth and investment sustainability.

2025

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Cette étude examine l'efficacité de l'approche de gestion actif-passif (ALM) dans l'amélioration de la rentabilité
des banques marocaines pendant la crise de la COVID-19. Face aux défis sans précédent posés par la pandémie,
le secteur bancaire marocain a dû s'adapter rapidement pour maintenir sa stabilité financière et sa rentabilité. Notre
recherche se concentre sur la période 2019-2022, englobant les phases pré-crise, crise aiguë et post-crise
immédiate. Utilisant la méthode des équations structurelles, nous avons analysé un ensemble complet de données
financières et opérationnelles collectées auprès des huit principales banques marocaines, représentant plus de 80%
du marché bancaire national. Nos résultats suggèrent que l'ALM a joué un rôle crucial dans la stabilisation de la
rentabilité bancaire durant cette période turbulente, avec une corrélation positive significative entre l'efficacité de
l'implémentation de l'ALM et plusieurs indicateurs de performance, notamment la marge nette d'intérêt, le
rendement des actifs (ROA) et le rendement des capitaux propres (ROE). Les banques ayant adopté des approches
ALM plus sophistiquées ont démontré une meilleure capacité à gérer les risques de liquidité et de taux d'intérêt,
les grandes banques ayant particulièrement bénéficié de leurs systèmes ALM. Ces résultats soulignent l'importance
de l'ALM dans la gestion des risques et l'optimisation des performances financières, particulièrement en période
de crise.

2025

The main objective of the study is to analyze the validity of the Phillips curve for 38 OECD countries using annual unemployment rate and inflation rate data covering the period 1991-2023. For this purpose, in the analysis part of the study, the cointegration relationship between unemployment and inflation variables is tested with the Panel Fourier cointegration test. Panel IFE method was used for the long-run coefficient estimates between the variables. According to the results of the analysis, it is concluded that there is an econometrically significant and negative relationship between inflation and unemployment variables. Therefore, it is determined that the Phillips curve is valid for OECD countries. Based on the findings, policymakers in OECD countries should consider the inflation risk when implementing expansionary policies to reduce unemployment or be prepared for an increase in unemployment when implementing contractionary policies to reduce inflation.

2025

Motivated by the regulatory changes undertaken in leading emerging economies of the world during the last three decades, this study investigates the impacts on international financial integration using co-integration methodologies suggested by Engle and Granger as well as by Johansen. Using financial time series data from stock índices of Argentina, Brazil, China, Greece, India, Indonesia, Malaysia, Mexico, South Korea and Taiwan; the study could empirically prove that the selected economies are at least in the process of getting financially integrated.

2025

This study investigates the impact of capital account liberalization on exchange rate volatility in Mozambique from 2000 to 2023, using an Error Correction Model (ECM). The analysis is based on the conditions of Purchasing Power Parity (PPP) and Interest Rate Parity (IRP), with exchange rate volatility measured using the Hodrick-Prescott (HP) filter and the GARCH model. The results indicate that de facto liberalization increases exchange rate volatility, while de jure liberalization has no significant effect. The financial market plays a central role, with the exchange rate adjusting to interest rate differentials and risk premia in the long run. In the short run, volatility persistence is observed, influenced by factors such as domestic inflation and money supply, while economic growth contributes to exchange rate stability. The robustness analysis confirms the relationship between de facto liberalization and exchange rate volatility, highlighting the need for a cautious approach. The study recommends that the Bank of Mozambique adopt prudential measures, strengthen financial regulation, and promote a gradual liberalization process to minimize risks to exchange rate stability.

2025

Publicação cujo objetivo é divulgar resultados de estudos direta ou indiretamente desenvolvidos pelo Ipea, bem como trabalhos que, por sua relevância, levam informações para profissionais especializados e estabelecem um espaço para... more

2025, Çekmece Sosyal Bilimler Dergisi

Küreselleşen sermaye, ülkelere likidite ve yatırım olanağı sağlarken, ekonomik şoklar karşısında ani çıkışlar yoluyla krizlere neden olabilmektedir. Özellikle portföy yatırımları ve kısa vadeli sermaye hareketlerinin yüksek akışkanlığı, döviz kurlarında dalgalanmalara yol açmaktadır. Bu çalışma, Türkiye'nin 2018-2020 döneminde yaşadığı sermaye hareketleri ve döviz kuru şoklarını analiz ederek, finansal işlem vergilerinin bu süreçteki rolünü incelemektedir. Bu kapsamda, önce sermaye hareketlerinin gelişimi ve döviz kuru ile ilişkisi ele alınmakta; ardından bu hareketleri kontrol etmeye yönelik vergi politikalarının etkinliği tartışılmaktadır. Son olarak, 2018-2020 yıllarında Türkiye'de yaşanan döviz kuru şokları sırasında izlenen ekonomi politikaları incelenmekte ve bu bağlamda finansal işlem vergilerinin hayata geçirilme potansiyeli değerlendirilmektedir. Çalışma, bu tür vergilerin uygulanmasına ilişkin belirsizliklerin göz önünde bulundurulması gerektiğini; Tobin, Spahn ve Eichengreen-Wyplosz gibi alternatif modellerin Türkiye finansal piyasalarına ne ölçüde uyum sağlayabileceğinin tartışılması gerektiğini vurgulamaktadır. Ayrıca, sermaye hareketlerinin olumsuz etkilerini azaltacak, spekülatif giriş-çıkışları sınırlarken yatırımcıyı caydırmayacak nitelikte bir vergi sisteminin gerekliliği ifade edilmektedir.

2025, … . Rio de Janeiro. Vol. 4, n. …

This paper aims at (i) analyzing conventional currency crises models and (ii) offering an alternative proposal to reform the international monetary and financial system. It presents a critical reading of those conventional models, especially with regard to their fundamentals, i.e. the applicability of the efficient market theory to financial markets and the need of ad hoc microfoundations to explain "irrational" exchange crises. The article then develops a post-Keynesian view of financial instability and speculative attacks in an uncertain and globalized world. Finally, it presents a post-Keynesian proposal to reform the international monetary and financial system on the basis of Keynes's pioneer ideas and Davidson's recent developments.

2025, Anais do XXXI Encontro …

O Plano Real conseguiu debelar o processo inflacionário persistente da economia brasileira, porém a "armadilha do câmbio" gerou sérias restrições macroeconômicas, quais sejam, elevada fragilidade externa e desequilíbrio fiscal crônico, causado pelo crescimento acelerado da dívida pública. Além do mais, a economia brasileira foi alvo de contágio e sofreu uma sucessão de crises, tais como as ocorridas no México (1994México ( /1995)), no Leste Asiático (1997), na Rússia (1998), sua própria (1999) e mais recentemente na Argentina (2001Argentina ( /2002)). Essas crises contagiaram a economia brasileira, haja vista a percepção dos agentes econômicos de que (i) há uma elevada vulnerabilidade externa da economia brasileira, conseqüência da necessidade de financiar os déficits do balanço de pagamentos em transações correntes, (ii) a economia continua estagnada posto que, apesar da mudança do regime cambial, em janeiro de 1999, e da introdução do regime de metas de inflação, em junho do mesmo ano, não ocorreu uma melhora significativa nos indicadores macroeconômicos relacionados à atividade econômica, e (iii) o Banco Central do Brasil tem adotado uma política monetária restritiva, pressionando, assim, tanto o déficit público quanto à dívida pública. Todos esses fatores, enfim, têm contribuído para uma permanente situação de instabilidade macroeconômica. Diante do atual contexto de vulnerabilidade externa, desequilíbrio fiscal -causado tanto pela elevada taxa de juros quanto pela volatilidade acentuada da taxa de câmbio -e da estrutura implementada para o regime de metas de inflação, os principais efeitos decorrentes da atual da política econômica são: (i) restrição ao crescimento econômico, via preço do crédito -taxa de juros -além da influência negativa sobre as expectativas dos empresários; e (ii) aumento da dívida pública devido às sucessivas elevações das taxas de juros e das desvalorizações cambiais que se constituem nos principais indexadores dos papéis governamentais. Nesse sentido, surge a seguinte questão: como deve ser articulada a política econômica de maneira que as restrições macroeconômicas atualmente existentes, sobretudo as de natureza externa, deixem de ser obstáculos para que a economia brasileira retome seu ciclo de crescimento econômico auto-sustentável em um contexto de estabilização monetária? Buscar uma resposta para a referida pergunta, é o objetivo central deste artigo. As atenções, todavia, voltar-se-ão para a restrição externa da economia brasileira. Nesse particular, depois de uma análise teórica sobre a dinâmica de regimes cambiais e as implicações desses sobre a política macroeconômica para países suscetíveis a crises cambiais, a idéia consiste em apresentar uma proposição de regime cambial para a economia brasileira que vise mitigar seus constrangimentos externos recentes, especificamente a partir do Plano Real. Para tanto, além desta breve introdução, o capítulo está dividido em 4 seções: na seção seguinte, é realizada uma análise do regime de câmbio flexível para países emergentes; a seção subseqüente apresenta uma estratégia de regime cambial para reduzir e/ou eliminar a volatilidade das taxas de câmbio e dos movimentos de capitais nos países emergentes; a proposição de um regime cambial do tipo crawling peg para a economia brasileira, cuja implementação exigiria a existência de uma taxa real de câmbio inicial sub-desvalorizada e a adoção de controles de capitais, é o que se discute na seção seguinte; e, finalmente, são apresentadas as principais conclusões.

2025, Economics Bulletin

This paper studies the relationship between financial development and economic growth in a large sample of developing, emerging and advanced economies over the recent period. Estimation results based on various nonlinear threshold regression models do not confirm the too-muchfinance-is-bad hypothesis. We cannot indeed identify a tipping point beyond which financial development has a clear negative relation to economic development. Our results also show that banking and market finance are complementary. The positive effect of bank credit on growth is larger in stock markets that are deeper. But the thresholds above which complementarity kicks in are rather low level. Finally, the effects of bank and market finance do not seem to depend on economic development and trade openness.

2025, Policy Research Working Papers

The empirical evidence, based on data for 56 countries affects the probability of a financial crisis. in 1977-97, supports this theoretical model. The authors They construct a model in which banks cannot find that lack of transparenicy increases the probability of distinguish between aggregate shocks and government a crisis following financial liberalization. This implies policy, on the one hand, and firms' quality, on the other. that countries should focus on increasing transparency of Banks may therefore overestimate firms' returns and economic activity and government policy, as well as increase credit above the level that would be optimal increasing transparency in the financial sector, given the firms' returns. particularly during a period of transition such as financial Once banks discover their large exposure, they are liberalization. likely to roll over loans rather than declare their losses. This delays the crisis but increases its magnitude. This papera product of Governance, Regulation, and Finance, World Bank Instituteis part of a larger effort in the institute to research governance and transparency and apply the findings in learning and operational programs. (For details, visit www.worldbank.org/wbi/gac.) Copies of the paper are available free from :he World Bank,

2025, 경제논집

International trade is an important conduit for international technology diffusion. Considering the endogenous growth theory, a rapid increase of foreign patent application, and international trade in Korea, it seems meaningful to study the role of international trade in the technology diffusion from foreign countries to Korea. This paper investigates the relationship between the trade and technology diffusion by using Korean patent data and trade data. We found that the international trade of Korea with foreign countries was very significant variable.

2025, Asian Journal of Economic Modelling

This paper aims to assess the effect of monetary policy on inflation in Sub-Saharan Africa. The recent global economic crises have greatly brought about pervasive price distortions in many economies of Sub-Saharan Africa (SSA). However, a credible and sound monetary policy can provide a solution by influencing real economic outcomes. This paper employs the system General Method of Moment (GMM) technique based on a sample of 23 countries in SSA using a quarterly panel dataset for the period 2013-2022. According to the paper, contractionary monetary policy leads to a fall in inflation, and vice versa. Additionally, the inflation, interest rate, potential growth rate, and exchange rate negatively and significantly influence inflation in SSA. Further, inflation square, public debt, and oil prices positively and significantly influence inflation in SSA. Moreover, type of exchange rate regimes pursued by countries in SSA positively influences inflation. Monetary policy significantly influences inflation in SSA. This paper contributes to knowledge in terms of the monetary policy and inflation relationship and sheds more insight into how monetary policy brings probable changes in inflation in SSA, which informs policy decisions of monetary authorities. Contribution/ Originality: This paper provides an in-depth analysis and understanding of how monetary policy interacts with inflation in SSA, which had a limited focus in the previous studies. Also, the panel data analysis technique provides a more nuanced understanding of the transmission mechanisms and effects of monetary policy on inflation in SSA.

2025

The entire process of Korean economic development in the 1960s, 1970s, and 1980s demonstrated the possibility of economic development in the third world. The 1997 financial crisis led many to affirm that the Korean state had lost its ability to deal with domestic economic and welfare policies. Using Cerny's three "shifts" in the character and nature of the welfare state, this paper examines changes in the Korean state after the economic crisis and assesses whether globalization and neo-liberal economic restructuring have resulted in the emergence of a new type of state in Korea. The results suggest that although globalization undermines the economic and political conditions on which the developmental state was based, there is no indication that the developmental interventionist state, which had been a crucial feature of Korea's industrialization process over the past few decades, has actually weakened. Rather, as compared with previous regimes, the state has become more powerful and more interventionist. Despite a convergence in national economic policies toward the economic paradigm of the competition state, there are still unique domestic responses to globalization according to different national economic ideologies and past practices.

2025

2025, CARF F-Series

Supported by most theories, employment protection often is found to reduce economic growth. Almost all existing empirical studies, however, are based on data from continental Europe and Japan, where labor protection is generous. Using data for the United States, where labor protection is minimal, we find, by contrast, positive effects but only in knowledge-intensive industries. To reconcile these facts, we propose a simple theoretical model based on a hold-up problem arising from firm-specific investment. This makes some job security efficient and the relationship between job security and growth an inverted U-shaped, i.e., basic labor protection increases growth, but generous protection reduces it. Importantly, we show that a firm faces a time inconsistency problem so that its promise of job security is not credible. Thus, legal restrictions become valuable if they are well designed. Since job security is even less for financially distressed firms, interactions also arise between fi...

2025, Finanzas desde la periferia.Debates y desafíos para el desarrollo económico

Este texto hace un repaso de lo ocurrido durante el gobierno de Cambiemos (2015-2019) en Argentina, con el foco puesto en la deuda externa y la fuga de capitales. Esos movimientos son mencionados como el principal problema que tuvo el... more

2025

the overall degree of financial liberalization is not too high. Moreover, financial development helps spread the proceeds of financial liberalization equally across the income distribution. However, in financially liberalized economies, further liberalizations will have a negative effect on income distribution. A cross-country empirical analysis supports these theoretical findings.

2025

This study analysed the nexus between monetary policy and Foreign Direct Investment (FDI) in Nigeria (1981Nigeria ( -2022)). The study uses both ARDL and Nonlinear ARDL econometric techniques. The analysis reveals that monetary policy has long-run and short-run relationships with FDI in Nigeria even though the instruments do not influence FDI similarly. Real Exchange Rate (REXR) has a negative symmetric impact on FDI in both short and long terms. There is however no asymmetric relationship between REXR and FDI. A stable and market-reflective exchange rate will have a stronger effect on FDI than a currency appreciation in Nigeria. The short-term impact is found to be significant. Monetary contraction in terms of Monetary Policy Rate (MPR) has both short and long-term negative impacts on FDI and an asymmetric effect on FDI with the negative shock having a stronger impact. Money Supply (M2) is attractive to FDI in the short term but not significantly impactful on FDI in the long term. The study recommends the implementation of a moderate and stable monetary policy rate and exchange rate systems that balance the need to create an investment-friendly climate to make Nigeria a destination for foreign investors.

2025

The process of trade and financial liberalization has fundamental consequences on the development of Brazilian industry. The relatively rapid reconfiguration of the institutional form of integration into the international system, in a context of intensification of foreign competition and lack of consistent industrial policy will be the engine of significant changes in the structure of industry. At the end of the 1990s, would be another mode of regulation, based on a new regime of accumulation, which emerged from the structural changes observed. Several empirical studies have highlighted the occurrence of deindustrialization and "Dutch disease" caused by the high appreciation and volatility of the exchange, while others do not see only the opportunity for modernization of plants from the lower prices for the investment. This paper provides new empirical evidence on the chances of industrialization and " Dutch disease ", which marks the current debate on the effects of real appreciation of the exchange to the Brazilian economy. For its relevance to the future of the industry in this country, the work also examines the recent evolution of the Brazilian growth front of the spread of American crisis. This system has been characterized by strong dominance of the accumulation of financial decisions on investment and consumption, which would explain the sharp drop in industrial production in late 2008, when the global financial markets were largely affected. Consequently, the prospects of Brazil's macroeconomic performance depends crucially from the reactions of the current mode of regulation, and the regime of accumulation, the challenges posed by the current stage of evolution of the global economy.

2025, Revue d’Etudes en Management et Finance d’Organisation

Dans la littérature financière plusieurs contributions ont étudié la performance bancaire et les principaux indicateurs de son évaluation. En général, le but de chaque banque est de pouvoir assurer une rentabilité pérenne dans un contexte de plus en plus caractérisé par des turbulences économiques et financières. L'objectif du présent article est d'analyser l'évolution de la performance financière de trois grandes banques marocaines, pour la période 2005-2018, en se basant sur trois indicateurs fondamentaux à savoir : le ROE, le ROA et le coefficient d'exploitation. Notre analyse fait ressortir l'existence d'un lien empirique de cause à effets entre la performance financière des banques et la conjoncture économique nationale et internationale.

2025

Economists drew a number of lessons from the Asian financial crisis of 1997-98 for preventing such episodes or mitigating their effects. Some of those are similar to lessons drawn from the global financial crisis of 2007-09. But differences in economic development and sophistication of the financial systems of East Asian countries compared with those of the United States and Western Europe made it difficult to apply the lessons of the earlier crisis. The recent global financial crisis caught many by surprise and prompted economists to look again at past crises going back to the Great Depression and even further. In their 2009 book, Carmen Reinhart and Kenneth Rogoff demonstrated that the U.S. subprime financial crisis was not unique, but rather fit well with historical patterns of financial market booms and busts around the world. In this and other work, they also showed that lessons from past crises could have helped soften the impact of the recent crisis. However, these lessons were formulated after the onset of the 2007-09 crisis, with the benefit of hindsight based on the most recent experience.

2025

2025 Ocak ayında cari işlemler dengesi 4,4 milyar $ açık vermiştir. Geçen yıl Ocak-Şubat döneminde 5,6 milyar $ olan cari açık, bu yıl 8,4 milyar $'a yükselmiştir. Şubat ayında ihracat %1,6 gerilerken ithalat %2,4 yükselmiştir.

2025, Applied Economics Letters

Using micro-level panel data, the paper analyzes the impacts of macroeconomic uncertainty and country risk on real investment under financial liberalization. The results suggest that increasing macroeconomic volatility and country risk... more

2025, International Journal of Supply Chain Management

The aim of this study was to build a price model for premium and medium rice in South Sumatra Province, being a major centre for production in Indonesia. This was estimated using the ARCH/GARCH model, based on the weekly data obtained between March 2016 and July 2019. The results showed the occurrence of price volatility for premium and medium variety, despite the polity implementation by government. Therefore, the best volatility model was identified, termed TGARCH (1,1), with a threshold of 1, characterized by futuristic price predictability. In addition, the estimations provide an overview, and also serve as a material for policy evaluation, in order to enhance effectivity and promote the actualization of goals.

2025, Economics Bulletin

Using a distance-based approach, this paper proposes an index of financial inclusion (IFI) â€“ a measure of inclusiveness of a financial system that incorporates information on various dimensions of financial inclusion in a single number lying between 0 and 1. The proposed index is easy to compute and is comparable across economies and over time. It is unit-free, monotonous and homogeneous.

2025, Geography in the 21st Century: Defining Moments that Shaped Society

In February of 2007 the British bank HSBC became the first to announce it had suffered major financial losses from the collapse of the subprime mortgage industry in the United States (USA). By September of 2007, another British bank Northern Rock started to run out of money as customers flocked to withdraw their funds (what economists call a "bank run"). These banks, like many others, had become intricately linked together with the investment funds that had financed the real-estate boom in the United States. The situation had been compounded by risky investments, like collateralized debt obligations, that underpinned mortgages and transnational credit flows. Over the previous thirty years of globalization the international financial system had geographically expanded and grown in size and thus ever more complex as more and more countries liberalized trade and opened their borders to flows of foreign investments. The financial crisis was shaped by imbalances in these international flows of investments, and by the unwinding of the Bretton Woods System that established the United States at the top of the international financial system by having mandated the dollar as the world's international reserve currency. The onset of neoliberal deregulation policies in the 1980s and 1990s helped foster further transnational movements of investments to the United States and its large liquid markets, which helped keep interest rates in the United States low. This cheap credit helped fuel the housing construction boom in the United States that combined with deregulation to foster the subprime mortgage industry (see Chapter 10).

2025, Dr.Ashima Negi

Purpose The aim of the research is to understand the practical and industry driven steps taken by the Central and various state government(s) towards financial inclusion in India, for Females, Reserved categories and minorities. Design/Methodology/Approach The paper is based on qualitative and quantitative date to enumerate the growth needs of all sections of the society in terms of financial literacy and digital literacy, alike. Findings The research is conducted on the qualitative and quantitative data gathered through literature review as well secondary data collection, helping understand the changes carried on at the background and forefront, towards a change in Indian economic horizon, contributory from financial digital literacy, more impact created through ease of business due to change in the way India does business and through creation of fin-tech platform(s) for a rise in money transaction(s) accessibility. Practical Implications The paper visits the ongoing positive impacts; the various government schemes carry towards the increment of sectoral and employment sector growth(s). Originality/Value The research paper visits the new-age dawned on the Indian citizens, providing finance sector jobs, bringing in speed of money processing transactions and an upward rise in the economic contribution(s) from the financial domain, brought in through digital literacy at consumer level and job creation at business level.

2025, CIRJE Discussion Papers Series

The paper surveys selectively and analytically the implications of the various (macroeconomic) computable general equilibrium (CGE) models constructed for the purpose of integrating poverty analysis with the usual macroeconomic variables and relationships. It is found that a dual-dual production structure with sufficient details on the labor markets and household side can capture some of the effects of trade liberalization on poverty reduction. Further work needs to be done in expanding the export sectors and adding financial structure in order to carry out a detailed analysis of the impact of both trade and financial liberalization on poverty reduction. To this end a preliminary model is presented which can be compactified to carry out this type of analysis. Four broad categories of Asian economies are suggested for further analysis. As a first step in this direction, a modified model based on data about the structure of Bangladesh economy can be used as a "generic" model for the least developed poor Asian economies.

2025

2025 Ocak ayında cari açık 2,3 milyar dolardan 3,8 milyar dolara yükselmiş, ihracat/ithalat oranı %76,4'ten %73,7'ye gerilemiştir. Resmi rezervlerde 6,4 milyar dolar artış olmuş. Finansman ihtiyacının tamamı sıcak para ile finanse... more

2025, UNU-INRA (Université des Nations Unies – Institut pour les Ressources Naturelles en Afrique) Working paper N°30,

Dans un contexte africain où les désidératas environnementaux et socio-économiques sont des plus criards, la présente recherche se propose d’analyser l’influence des pratiques de la finance verte sur la performance des groupes bancaires implantés sur ce continent. Cette étude s’appuie sur les rapports annuels de 42 banques multinationales originaires de six régions et une période allant de 2005 à 2014. Au terme d’une régression en données de panel, il apparaît qu’en Afrique, l’adoption des normes et procédures de gestion vertes, la parité hommes/femmes au niveau de l’équipe dirigeante et les investissements philanthropiques sont positivement corrélés à la performance économique et financière des holdings bancaires. Par ailleurs, les produits et services financiers verts, la proportion de crédits accordée aux investissements nocifs à l’environnement, la qualité de la politique de crédits verts, la parité au sein du conseil d’administration, l’actionnariat salarial, la pratique de la finance solidaire, la transparence bancaire et les activités bancaires offshores influencent négativement la rentabilité financière et économique des organisations bancaires à vocation internationale sur le continent. Au final, on peut dire que la pratique de la finance verte est une opportunité d’affaires certaine que les banquiers et les États africains gagneraient à s’en approprier ou à créer un cadre propice.

2025, IMF working paper

The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. The study documents evidence of a "quality effect" of financial liberalization on allocative efficiency, which is measured by the dispersion in Tobin's Q across firms. Based on a simple model, the authors predict that financial liberalization, by equalizing access to credit, reduces the variation in expected marginal returns. They test this prediction using a new financial liberalization index and firm-level data for five emerging markets: India, Jordan, Korea, Malaysia, and Thailand. They find strong evidence that financial liberalization, rather than financial deepening, improves allocative efficiency.

2025

We identify a new channel through which banks affect economic activity, namely, bank’s monopolistic power over job security. We develop a simple theory, extending the hold-up problem associated with firm-specific investment to banks’ influence over worker layoffs at distressed firms, to show how banks’ power, depending on the industry, can enhance or reduce the productivity of firms. We test and confirm our predictions using quasi-natural experiments that increased employment protection and bank competition in the U.S. between the 1970s and 1990s. We find that greater employment protection increases industry output in knowledge-intensive industries, with this effect increasing with greater bank competition.

2025, RePEc: Research Papers in Economics

BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. This publication is available on the BIS website (www.bis.org).

2025, Mediterranean Journal of Social Sciences

Financial liberalization plays a major role in stimulating economic growth. In light of this, the paper examines the impact of financial liberalization on macroeconomic performance in South Africa by using time series econometric analysis over the time period 1990-2011. The study uses GDP, the dependent variable as a measure of economic growth and the following macroeconomic variables: inflation, lending rate exchange rate and financial deepening (M2/GDP) as financial liberalization indices. To confirm the order of integration, the Augmented Dickey-Fuller and Phillips Perron unit root tests are employed. The study uses the Johansen co-integration and the Error Correction Mechanism to obtain long run and short run coefficients. Findings of the study are that inflation, lending rate and financial deepening have positive influence on economic growth whilst exchange rate has a negative impact on economic growth. This study recommends that the government should put in place measures that stimulate investments with fair lending rates so as to deepen the financial system which in turn promotes economic growth.