Emerging economies and the global financial system: post-Keynesian analysis
"This book provides a comprehensive overview of the financial integration of emerging economies through an in-depth analysis of the international monetary system, how it impacts capital flows and exchange rates, and its implications for policy making. The financial integration of emerging econo...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London ; New York
Routledge, Taylor & Francis Group
2021
|
| Schriftenreihe: | Routledge critical studies in finance and stability
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Zusammenfassung: | "This book provides a comprehensive overview of the financial integration of emerging economies through an in-depth analysis of the international monetary system, how it impacts capital flows and exchange rates, and its implications for policy making. The financial integration of emerging economies has been a remarkable development of the past two decades. The growth of cross-border transactions and asset ownership, not least through the accumulation of foreign exchange reserves, has put many of these countries in a more prominent, if still peripheral, position within the global financial system. This has not been a smooth process, as integration has been marked by cyclical waves of capital flows, with financial and currency instability often accompanying the acute phases of these cycles. While conventional economic theory traditionally sees financial integration as a positive development, Post Keynesian economists, working in the tradition of Keynes, Minsky and Kalecki, have long taken a more sceptical viewpoint. By centering the analysis of financial dynamics on concepts as liquidity, uncertainty, balance-sheet structures and institutions, Post-Keynesian theory highlights the intrinsic character of shocks imposed by financial integration upon emerging economies, and their implications for economic growth and distribution. This book demonstrates that these analyses can be fruitfully used to gain a better understanding of financial (in)stability and economic development in emerging economies as they integrate into the global financial system. This work provides key reading for students and scholars of economics, political economy and finance that are interested in the financial integration of emerging economies, and how the heterodox tradition of Post-Keynesian economics contributes to its analysis." |
| Beschreibung: | Includes bibliographical references and index |
| Beschreibung: | xi, 277 Seiten Diagramme |
| ISBN: | 9780367111427 9780367700591 036711142X |
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| 520 | 3 | |a "This book provides a comprehensive overview of the financial integration of emerging economies through an in-depth analysis of the international monetary system, how it impacts capital flows and exchange rates, and its implications for policy making. The financial integration of emerging economies has been a remarkable development of the past two decades. The growth of cross-border transactions and asset ownership, not least through the accumulation of foreign exchange reserves, has put many of these countries in a more prominent, if still peripheral, position within the global financial system. This has not been a smooth process, as integration has been marked by cyclical waves of capital flows, with financial and currency instability often accompanying the acute phases of these cycles. While conventional economic theory traditionally sees financial integration as a positive development, Post Keynesian economists, working in the tradition of Keynes, Minsky and Kalecki, have long taken a more sceptical viewpoint. By centering the analysis of financial dynamics on concepts as liquidity, uncertainty, balance-sheet structures and institutions, Post-Keynesian theory highlights the intrinsic character of shocks imposed by financial integration upon emerging economies, and their implications for economic growth and distribution. This book demonstrates that these analyses can be fruitfully used to gain a better understanding of financial (in)stability and economic development in emerging economies as they integrate into the global financial system. This work provides key reading for students and scholars of economics, political economy and finance that are interested in the financial integration of emerging economies, and how the heterodox tradition of Post-Keynesian economics contributes to its analysis." | |
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Datensatz im Suchindex
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| adam_text | Contents List offigures List of contributors viii ix PART I Introduction andbackground 1 Introduction 1 3 BRUNO BONIZZI, ANNINA KALTENBRUNNER AND RAQUEL A. RAMOS 2 Two post-Keynesian approaches to international finance: The compensation thesis and the cambist view 14 MARC LAVOIE 3 Trade versus capital flows: The key implicit and methodological differences between the Neoclassical and the Post Keynesian approaches to exchange rate determination 28 JOHN T. HARVEY PART И Minsky, balance sheets and cycles 4 A Minskyan framework for the analysis of financial flows to emerging economies 41 43 BRUNO BONIZZI AND ANNINA KALTENBRUNNER 5 Post Keynesian and structuralist approaches to boom-bust cycles in emerging economies KARSTEN KOHLER 56
vi Contents 6 Cost competitiveness and asset prices as determinants of the current account in emerging economies 70 ALEXANDER GUSCHANSKI AND ENGELBERT STOCKHAMMER 7 Space in Post Keynesian monetary economics: An exploration of the literature 84 GARY DYMSKI AND ANNINA KALTENBRUNNER PART III Currency hierarchy 8 Evolving international monetary and financial architecture and the development challenge: A liquidity preference theoretical perspective 99 101 JÖRG BIBOW 9 International money, privileges and underdevelopment 116 HANSJÖRG HERRAND ZEYNEP NETTEKOVEN 10 The Post Keynesian view on exchange rates: Towards the consolidation of the different contributions in the ABM and SFC frameworks 137 RAQUEL A. RAMOS AND DANIELA MAGALHÃES PRATES 11 A Post Keynesian framework for real exchange rate determination: An overview 149 LÚCIO BARBOSA, FREDERICO G. JAYME JR. AND FÄBRÍCIO J. MISSIO PART IV Current account and growth 165 12 The Kaleckian theory of exchange rates 167 JAN TOPOROWSKI 13 Financial liberalisation, exchange rate dynamics and the financial Dutch disease in developing and emerging economies 181 ALBERTO BOTTA 14 Global financial flows in Kaleckian models of growth and distribution: A survey PABLO G. BORTZ 197
Contents vii PART V Policy implications 215 15 Implications of modern money theory on development finance 217 VAN LIANG 16 Monetary sovereignty in the Post Keynesian perspective: In the search of a concept 230 DANIELA MAGALHÃES PRATES 17 Dealing with global financial asymmetry: Contributions of regional monetary cooperation between emerging markets and developing countries 245 LAURISSA MÜHLIGH AND BARBARA FRITZ 18 De-regulation of finance in China and India: A Post-Keynesian analysis 258 SUNANDA SEN Index 27 5
|
| adam_txt |
Contents List offigures List of contributors viii ix PART I Introduction andbackground 1 Introduction 1 3 BRUNO BONIZZI, ANNINA KALTENBRUNNER AND RAQUEL A. RAMOS 2 Two post-Keynesian approaches to international finance: The compensation thesis and the cambist view 14 MARC LAVOIE 3 Trade versus capital flows: The key implicit and methodological differences between the Neoclassical and the Post Keynesian approaches to exchange rate determination 28 JOHN T. HARVEY PART И Minsky, balance sheets and cycles 4 A Minskyan framework for the analysis of financial flows to emerging economies 41 43 BRUNO BONIZZI AND ANNINA KALTENBRUNNER 5 Post Keynesian and structuralist approaches to boom-bust cycles in emerging economies KARSTEN KOHLER 56
vi Contents 6 Cost competitiveness and asset prices as determinants of the current account in emerging economies 70 ALEXANDER GUSCHANSKI AND ENGELBERT STOCKHAMMER 7 Space in Post Keynesian monetary economics: An exploration of the literature 84 GARY DYMSKI AND ANNINA KALTENBRUNNER PART III Currency hierarchy 8 Evolving international monetary and financial architecture and the development challenge: A liquidity preference theoretical perspective 99 101 JÖRG BIBOW 9 International money, privileges and underdevelopment 116 HANSJÖRG HERRAND ZEYNEP NETTEKOVEN 10 The Post Keynesian view on exchange rates: Towards the consolidation of the different contributions in the ABM and SFC frameworks 137 RAQUEL A. RAMOS AND DANIELA MAGALHÃES PRATES 11 A Post Keynesian framework for real exchange rate determination: An overview 149 LÚCIO BARBOSA, FREDERICO G. JAYME JR. AND FÄBRÍCIO J. MISSIO PART IV Current account and growth 165 12 The Kaleckian theory of exchange rates 167 JAN TOPOROWSKI 13 Financial liberalisation, exchange rate dynamics and the financial Dutch disease in developing and emerging economies 181 ALBERTO BOTTA 14 Global financial flows in Kaleckian models of growth and distribution: A survey PABLO G. BORTZ 197
Contents vii PART V Policy implications 215 15 Implications of modern money theory on development finance 217 VAN LIANG 16 Monetary sovereignty in the Post Keynesian perspective: In the search of a concept 230 DANIELA MAGALHÃES PRATES 17 Dealing with global financial asymmetry: Contributions of regional monetary cooperation between emerging markets and developing countries 245 LAURISSA MÜHLIGH AND BARBARA FRITZ 18 De-regulation of finance in China and India: A Post-Keynesian analysis 258 SUNANDA SEN Index 27 5 |
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| spelling | Emerging economies and the global financial system post-Keynesian analysis edited by Bruno Bonizzi, Annina Kaltenbrunner and Raquel A. Ramos London ; New York Routledge, Taylor & Francis Group 2021 xi, 277 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Routledge critical studies in finance and stability Includes bibliographical references and index "This book provides a comprehensive overview of the financial integration of emerging economies through an in-depth analysis of the international monetary system, how it impacts capital flows and exchange rates, and its implications for policy making. The financial integration of emerging economies has been a remarkable development of the past two decades. The growth of cross-border transactions and asset ownership, not least through the accumulation of foreign exchange reserves, has put many of these countries in a more prominent, if still peripheral, position within the global financial system. This has not been a smooth process, as integration has been marked by cyclical waves of capital flows, with financial and currency instability often accompanying the acute phases of these cycles. While conventional economic theory traditionally sees financial integration as a positive development, Post Keynesian economists, working in the tradition of Keynes, Minsky and Kalecki, have long taken a more sceptical viewpoint. By centering the analysis of financial dynamics on concepts as liquidity, uncertainty, balance-sheet structures and institutions, Post-Keynesian theory highlights the intrinsic character of shocks imposed by financial integration upon emerging economies, and their implications for economic growth and distribution. This book demonstrates that these analyses can be fruitfully used to gain a better understanding of financial (in)stability and economic development in emerging economies as they integrate into the global financial system. This work provides key reading for students and scholars of economics, political economy and finance that are interested in the financial integration of emerging economies, and how the heterodox tradition of Post-Keynesian economics contributes to its analysis." Internationaler Kapitalmarkt (DE-588)4027402-0 gnd rswk-swf Integration (DE-588)4027238-2 gnd rswk-swf Neokeynesianismus (DE-588)4138182-8 gnd rswk-swf Schwellenländer (DE-588)4053920-9 gnd rswk-swf International finance Keynesian economics Developing countries / Foreign economic relations International economic relations Developing countries (DE-588)4143413-4 Aufsatzsammlung gnd-content Internationaler Kapitalmarkt (DE-588)4027402-0 s Integration (DE-588)4027238-2 s Schwellenländer (DE-588)4053920-9 g Neokeynesianismus (DE-588)4138182-8 s b DE-604 Bonizzi, Bruno (DE-588)1233763563 edt win aut Kaltenbrunner, Annina (DE-588)1236371682 edt win aut Ramos, Raquel A. (DE-588)120955271X edt win aut Erscheint auch als Online-Ausgabe Emerging economies and the global financial system New York : Routledge, 2021 978-0-429-02503-7 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032621909&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bonizzi, Bruno Kaltenbrunner, Annina Ramos, Raquel A. Emerging economies and the global financial system post-Keynesian analysis Internationaler Kapitalmarkt (DE-588)4027402-0 gnd Integration (DE-588)4027238-2 gnd Neokeynesianismus (DE-588)4138182-8 gnd |
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| title | Emerging economies and the global financial system post-Keynesian analysis |
| title_auth | Emerging economies and the global financial system post-Keynesian analysis |
| title_exact_search | Emerging economies and the global financial system post-Keynesian analysis |
| title_exact_search_txtP | Emerging economies and the global financial system post-Keynesian analysis |
| title_full | Emerging economies and the global financial system post-Keynesian analysis edited by Bruno Bonizzi, Annina Kaltenbrunner and Raquel A. Ramos |
| title_fullStr | Emerging economies and the global financial system post-Keynesian analysis edited by Bruno Bonizzi, Annina Kaltenbrunner and Raquel A. Ramos |
| title_full_unstemmed | Emerging economies and the global financial system post-Keynesian analysis edited by Bruno Bonizzi, Annina Kaltenbrunner and Raquel A. Ramos |
| title_short | Emerging economies and the global financial system |
| title_sort | emerging economies and the global financial system post keynesian analysis |
| title_sub | post-Keynesian analysis |
| topic | Internationaler Kapitalmarkt (DE-588)4027402-0 gnd Integration (DE-588)4027238-2 gnd Neokeynesianismus (DE-588)4138182-8 gnd |
| topic_facet | Internationaler Kapitalmarkt Integration Neokeynesianismus Schwellenländer Aufsatzsammlung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032621909&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT bonizzibruno emergingeconomiesandtheglobalfinancialsystempostkeynesiananalysis AT kaltenbrunnerannina emergingeconomiesandtheglobalfinancialsystempostkeynesiananalysis AT ramosraquela emergingeconomiesandtheglobalfinancialsystempostkeynesiananalysis |