Financial opening: evidence and policy options
This paper evaluates the empirical evidence of increasing the chances of financial crises induced by opening up developing countries to short-term capital inflows, and appraises the various proposals made for mitigating the severity of financial crises. We point out that there is solid evidence that...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2002
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
8900 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper evaluates the empirical evidence of increasing the chances of financial crises induced by opening up developing countries to short-term capital inflows, and appraises the various proposals made for mitigating the severity of financial crises. We point out that there is solid evidence that financial opening increases the chance of financial crises. There is more tenuous evidence that financial opening contributes positively to long-run growth. Hence, there may be a complex trade off between the adverse intermediate run and the beneficial long run effects of financial opening. The literature is abounded with proposals aimed at improving this intertemporal trade-off, reducing the costs of financial crises. A version of the Lucas critic may limit the welfare gain of these proposals. Hence, a better understanding of the structural characteristics leading to exposure and crises is the key for designing a successful restructuring of the global capital market. Some of the reforms may fall short of success due to coordination failure: they may be effective only if they were adopted comprehensively by all the relevant financial centers. Finally, some of the proposals may be too optimistic, ignoring the time inconsistency and political economy considerations, as well as presuming the ability to verify unambiguously the quality of adjustment. |
| Beschreibung: | 27 S. graph. Darst. |
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 8900 | |
| 520 | |a This paper evaluates the empirical evidence of increasing the chances of financial crises induced by opening up developing countries to short-term capital inflows, and appraises the various proposals made for mitigating the severity of financial crises. We point out that there is solid evidence that financial opening increases the chance of financial crises. There is more tenuous evidence that financial opening contributes positively to long-run growth. Hence, there may be a complex trade off between the adverse intermediate run and the beneficial long run effects of financial opening. The literature is abounded with proposals aimed at improving this intertemporal trade-off, reducing the costs of financial crises. A version of the Lucas critic may limit the welfare gain of these proposals. Hence, a better understanding of the structural characteristics leading to exposure and crises is the key for designing a successful restructuring of the global capital market. Some of the reforms may fall short of success due to coordination failure: they may be effective only if they were adopted comprehensively by all the relevant financial centers. Finally, some of the proposals may be too optimistic, ignoring the time inconsistency and political economy considerations, as well as presuming the ability to verify unambiguously the quality of adjustment. | ||
| 650 | 4 | |a Entwicklungsländer | |
| 650 | 4 | |a Capital movements |z Developing countries | |
| 650 | 4 | |a Financial crises |z Developing countries | |
| 650 | 4 | |a Open market operations |z Developing countries | |
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| id | DE-604.BV014327559 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T19:01:45Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-009828658 |
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| physical | 27 S. graph. Darst. |
| publishDate | 2002 |
| publishDateSearch | 2002 |
| publishDateSort | 2002 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Aizenman, Joshua 1949- Verfasser (DE-588)124080057 aut Financial opening evidence and policy options Joshua Aizenman Cambridge, Mass. National Bureau of Economic Research 2002 27 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 8900 This paper evaluates the empirical evidence of increasing the chances of financial crises induced by opening up developing countries to short-term capital inflows, and appraises the various proposals made for mitigating the severity of financial crises. We point out that there is solid evidence that financial opening increases the chance of financial crises. There is more tenuous evidence that financial opening contributes positively to long-run growth. Hence, there may be a complex trade off between the adverse intermediate run and the beneficial long run effects of financial opening. The literature is abounded with proposals aimed at improving this intertemporal trade-off, reducing the costs of financial crises. A version of the Lucas critic may limit the welfare gain of these proposals. Hence, a better understanding of the structural characteristics leading to exposure and crises is the key for designing a successful restructuring of the global capital market. Some of the reforms may fall short of success due to coordination failure: they may be effective only if they were adopted comprehensively by all the relevant financial centers. Finally, some of the proposals may be too optimistic, ignoring the time inconsistency and political economy considerations, as well as presuming the ability to verify unambiguously the quality of adjustment. Entwicklungsländer Capital movements Developing countries Financial crises Developing countries Open market operations Developing countries Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 8900 (DE-604)BV002801238 8900 http://papers.nber.org/papers/w8900.pdf kostenfrei Volltext |
| spellingShingle | Aizenman, Joshua 1949- Financial opening evidence and policy options National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Entwicklungsländer Capital movements Developing countries Financial crises Developing countries Open market operations Developing countries |
| title | Financial opening evidence and policy options |
| title_auth | Financial opening evidence and policy options |
| title_exact_search | Financial opening evidence and policy options |
| title_full | Financial opening evidence and policy options Joshua Aizenman |
| title_fullStr | Financial opening evidence and policy options Joshua Aizenman |
| title_full_unstemmed | Financial opening evidence and policy options Joshua Aizenman |
| title_short | Financial opening |
| title_sort | financial opening evidence and policy options |
| title_sub | evidence and policy options |
| topic | Entwicklungsländer Capital movements Developing countries Financial crises Developing countries Open market operations Developing countries |
| topic_facet | Entwicklungsländer Capital movements Developing countries Financial crises Developing countries Open market operations Developing countries |
| url | http://papers.nber.org/papers/w8900.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT aizenmanjoshua financialopeningevidenceandpolicyoptions |