Emerging Market Economies and Financial Globalization

Stanley, Leonardo

doi:10.2307/j.ctt216683k

Cited by 8 publications

(6 citation statements)

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“…The regulations in place before December of 2015 were of little help to avoid a reduction in the stock of foreign exchange reserves, most likely due to the presence of other unsound macroeconomic policies (i.e., a very low real interest rate and an overvalued real exchange rate). The recent Argentinean experience is certainly an example of the ineffectiveness of some forms of capital controls (Stanley, 2018). The emergence of a black-market premium did not eliminate the pressures towards depreciation and capital flight continued, albeit at a slower pace.…”

Section: The December 2015 Program Setting the Stagementioning

confidence: 99%

Goodbye Capital Controls, Hello IMF Loans, Welcome Back Financial Repression. Notes on Argentina’s 2018/2019 Currency Crash

Libman

Stanley²

2022

Ens. Econ.

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This article describes the Argentinean experience during the first two decades of the 21st century. After a successful recovery phase from the 2001 debt crisis, during 2011 Argentina adopted incorrect macroeconomic policies to avoid the contractionary and inflationary effects from a large depreciation of the currency, by implementing a strict system of restrictions on foreign exchange purchase and sale. The restrictions were lifted 4 years after their implementation, and during 2016-2017 Argentina drew heavily from international capital markets until the country suffered a sudden stop of capital flows.

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Section: The December 2015 Program Setting the Stagementioning

confidence: 99%

Goodbye Capital Controls, Hello IMF Loans, Welcome Back Financial Repression. Notes on Argentina’s 2018/2019 Currency Crash

Libman

Stanley²

2022

Ens. Econ.

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“…The wide-ranging economic reforms established by General Park in 1963 were based on a mix of market incentives and state direction, together with a highly repressed financial market where domestic savings (plus international aid) financed capital accumulation. To adopt a rigorous industrial policy and build the foundation for a manufacturing-based economy, the government guided financial system behavior, with (national) banks directing funds to the productive sector (Kuznets, 1985;Kim, 1991;Eich-Born and Hassink 2005;Stanley 2008). As we have noted earlier in this section, South Korean healthcare investment was a key priority for successive governments, with universal healthcare being achieved in 1989.…”

Section: Neoliberalism V Mixed Economy and The Global Shiftmentioning

confidence: 99%

Why were the UK and USA unprepared for the COVID-19 pandemic? The systemic weaknesses of neoliberalism: a comparison between the UK, USA, Germany, and South Korea

Mellish¹,

Luzmore²,

Shahbaz³

2020

Journal of Global Faultlines

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Pandemics historically have killed as many people as the wars that have beset this world, yet the resources committed to pandemic prevention and response are a fraction of the resources we commit to security. This paper examines the COVID-19 pandemic of 2020 by analysing the preparedness and responses of the UK, the USA, Germany, and South Korea. We will evidence that the UK and USA lacked the levels of preparedness that global health reports indicated, and that their responses were diametrically opposite of those of Germany and South Korea. We argue that decades of deregulation and privatization due to neoliberal, free-market economics by the UK and USA led to the Great Recession of 2008. This, in turn, led to economic collapse and austerity (increased neoliberalism), which negatively impacted investment in healthcare in the UK and USA. This resulted in very different levels of preparedness and responses by the four countries under the microscope.

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“…Capital outflow can also accompany turbulence, which can spread negative sentiments in the general economy and pose severe problems to policymakers (Stanley, 2018). The evidence in China shows that while the net acquisition of financial assets declined during 2008, it remained positive, pointing to the…”

Section: Comparison Of the 2008 And 2015 Market Interventionsmentioning

confidence: 99%

Weathering financial crisis in China: the role of global market integration

Singh

Roca

2020

Applied Economics

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We test the hypothesis that the integration of China into the global financial system, as a consequence of domestic market reforms, reduced the effectiveness of intervention efforts during the stock market crises. Using an event study methodology in tandem with the DCC GARCH and Markov Regime Switching models, we investigate whether the interventions were able to address the decline in market returns and volatility during the 2008 and 2015 stock market collapses. Results show that the 2015 measures were ineffective compared to the 2008 ones and that the increasing global integration of the Chinese market played a significant role in their failure. This study is the first of its kind and the results have important implications for policymakers, given the vital position of China in the international economy.

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Emerging Market Economies and Financial Globalization

Cited by 8 publications

References 0 publications

Goodbye Capital Controls, Hello IMF Loans, Welcome Back Financial Repression. Notes on Argentina’s 2018/2019 Currency Crash

Goodbye Capital Controls, Hello IMF Loans, Welcome Back Financial Repression. Notes on Argentina’s 2018/2019 Currency Crash

Why were the UK and USA unprepared for the COVID-19 pandemic? The systemic weaknesses of neoliberalism: a comparison between the UK, USA, Germany, and South Korea

Weathering financial crisis in China: the role of global market integration

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