Financial Deepening and Post-Crisis Development in Emerging by Aleksandr V. Gevorkyan PDF

By Aleksandr V. Gevorkyan

ISBN-10: 1137522453

ISBN-13: 9781137522450

ISBN-10: 1137522461

ISBN-13: 9781137522467

This assortment empirically and conceptually advances our figuring out of the intricacies of rising markets’ monetary and macroeconomic improvement within the post-2008 difficulty context. overlaying an unlimited geography and a large variety of monetary viewpoints, this examine serves as an educated advisor within the unchartered waters of basic uncertainty because it has been redefined within the post-crisis interval. members to the gathering transcend risks-opportunities analyses, taking a look deeper into the nuanced interpretations of knowledge and monetary different types as interaction of constructing global features within the context of redefined primary uncertainty. these matters relate to the problems of small kingdom finance, the industrialization of the constructing global, the position of commodity cycles within the international financial system, sovereign debt, speculative monetary flows and forex pressures, and connections among monetary markets and genuine markets. Compact and complete, this assortment bargains detailed views into modern problems with monetary deepening and actual macroeconomic improvement in small constructing economies that infrequently floor within the greater coverage and improvement debates.

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Extra info for Financial Deepening and Post-Crisis Development in Emerging Markets: Current Perils and Future Dawns

Sample text

1 INTRODUCTION The period following the 2008 global financial crisis has had two consequences in emerging market economy (EME) capital markets. In the first place, it has successfully tested the extent of the transformation of EMEs’ local currency bond markets (LCBMs), specifically government, into deeper and long-term financing sources that had been building up over the previous decade. EMEs’ government debt markets in local currency have been able to show resilience in the midst of capital volatility and international market instability in general.

As discussed in more detail as follows, the growth of EME corporate debt was initially more pronounced in international capital markets, where they continue to be dominant as a result of several factors: the scarcity value generated by the significant reduction of EME hard currency sovereign debt, the search for yield by international investors, and the slower pace of reforms in domestic corporate bond markets. Domestic issuances of corporate debt also started to grow in the years before the crisis, but they were highly concentrated in a few more developed EMEs.

Continuing with problems of currency, Chap. 4, written by Vikram Kumar, tackles the question of devaluation and labor market dualism in emerging markets. Set in the post-crisis scenario, this contribution unveils the role of two structural elements of a typical developing economy: labor market segmentation between formal and informal sectors and the stylized mapping across tradable and nontradable goods production in relation to each aspect of the labor market, respectively. Kumar identifies particular circumstances when devaluation is immiserizing, hence causing differential wage effects across countries.

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Financial Deepening and Post-Crisis Development in Emerging Markets: Current Perils and Future Dawns by Aleksandr V. Gevorkyan


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