By Patrick Honohan, James A. Hanson, Giovanni Majnoni
Given the benefit with which capital flows among nations and the effect such flows could have on international locations with susceptible nationwide monetary platforms, it really is transparent that finance is a basic measurement of globalization.. notwithstanding, till a monetary drawback erupts, analysts and policy-makers frequently stay all for the household monetary industry, overlooking the worldwide effect in their offerings. the result's that they behave reactively and belatedly to the pressures from abroad.
Globalization and nationwide monetary structures breaks new floor via exploring the demanding situations, constraints, and possibilities of nationwide monetary platforms in constructing international locations, whereas noting that each one such platforms needs to be thought of small while seen within the context of worldwide finance. Banking, securities, contractual discount rates, and systemic macroeconomic points are all thought of. The targeted attention of markets and associations in an international context takes the reader a ways past the normal research of both locally orientated finance or the macroeconomic implications of capital flows.
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Additional resources for Globalization and National Financial Systems (World Bank Publication)
Contractual Savings Pension funds and other forms of contractual saving in small economies exhibit the same problems of high costs, lack of competition, and lack of diversification as banking and capital markets. Economies of scale in pensions and other forms of contractual saving are an important issue (Ghilarducci and Terry 1999). In their exhaustive review of the subject, Glaessner and Valdés-Prieto (chapter 8 in this volume) break down the supply of pension funds into elementary functions and services.
However, it may also encourage individuals and firms to move toward more foreign currency–denominated assets and liabilities, which also reduces the effectiveness of monetary policy. Moreover, the importance of foreign currency–denominated assets and liabilities in the GLOBALIZATION AND NATIONAL FINANCIAL SYSTEMS 29 domestic financial system often seems to lead to countries aiming their policies at stabilizing the “flexible” exchange rate (Calvo and Reinhart 2000). References The word processed describes informally produced works that may not be commonly available through libraries.
1996. ” International Monetary Fund Staff Papers 43(4): 639–87. , W. Helkie, R. Tyron, and J. Underwood. 1986. ” Journal of Development Economics 21(2): 283–318. , and S. Edwards. 1991. The Macroeconomics of Populism in Latin America. Chicago: University of Chicago Press. Easterly, W. 2000. “Small States, Small Problems? ” World Development 28(11): 2013–27. , R. Islam, and J. E. Stiglitz. 2001. ” In B. Pleskovic and J. , Annual Bank Conference on Development Economics, 2000. : World Bank. Edwards, S.
Globalization and National Financial Systems (World Bank Publication) by Patrick Honohan, James A. Hanson, Giovanni Majnoni