The Benefits and Risks of Financial Globalization

Schmukler, Sergio L.

doi:10.1093/acprof:oso/9780199230587.003.0002

Cited by 27 publications

(9 citation statements)

References 21 publications

(24 reference statements)

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“…These two (connected) debates are largely in the realm of economics, and seek to understand the relationship between various forms of liberalization and growth. This study has taken an explicitly post-Keynesian attitude to this debate, arguing that increasing financialization will increase volatility and the likelihood of financial crisis (see Stallings 2006;Schmukler 2008 on the cost of crises). This is not to suggest, however, that there can be no positives to increasing market financialization, including by introducing international investors.…”

Section: What Should Governments Do?mentioning

confidence: 99%

Financialization and Government Borrowing Capacity in Emerging Markets

Hardie

2012

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Series Standing Order ISBN 978-0-333-71708-0 hardcover Series Standing Order ISBN 978-0-333-71110-1 paperback (outside North America only)You can receive future titles in this series as they are published by placing a standing order. Please contact your bookseller or, in case of diffi culty, write to us at the address below with your name and address, the title of the series and one of the ISBNs quoted above.

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Section: What Should Governments Do?mentioning

confidence: 99%

Financialization and Government Borrowing Capacity in Emerging Markets

Hardie

2012

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“…Such an environment can also contribute to an increase in institutional quality by reducing perceived investment risks, since foreign investors enforce market discipline on private and public borrowers at the macro and micro levels (Auerbach and Siddiki, 2004;Schmukler, 2008). In addition, openness enables dissemination of good practices from one country to another and contributes to the improvement of financial infrastructures by reducing the problem of asymmetric information, such as adverse selection and moral hazard.…”

Section: Opennessmentioning

confidence: 99%

“…In the EU, the growth rate of mortgage debt has remained below that of the economy for only2008 in the period between 1990 (European Mortgage Federation, 2017Eurostat, 2017).…”

mentioning

confidence: 99%

European Mortgage Markets Versus Institutions

Akçay¹,

Güler²

2021

IRER

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This study aims to measure the institutional features of residential mortgage markets in the European Union (EU) countries. The institutional features of the mortgage markets include access to credit information, protection of creditor rights, and enforcement of contracts among others, and attributes that define the evolution and functioning of mortgage markets. Differences among these features lead to institutional variations in mortgage markets among countries. In this study, we measure the institutional features along four dimensions (financial, legal, openness and cultural), and compare them to a benchmark. To achieve this, composite indices (overall index and its sub-indices) are developed with the use of a factor analysis. The findings show that the institutional features of the EU mortgage markets are diverse; northern European countries and the United Kingdom (UK) take the lead with respect to the institutional environment of their mortgage markets and have markets with higher institutional quality than the others. That is, these countries have mortgage markets with a more efficient legal framework, more government transparency in policymaking, easier access to financial services and credit information, etc.

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“…There is a fairly general recognition that the problems analysed above are more powerful in the case of emerging and developing countries, and therefore that CML has generated risks and has made it more difficult for developing countries to achieve real macroeconomic stability (see, for example, Schmukler 2008). There is a relatively broad recognition that it has also failed to help these countries achieve faster rates of economic growth.…”

Section: Particular Issues Of Emerging and Developing Countriesmentioning

confidence: 99%

Capital account liberalization and management

Ocampo¹

2015

WIDER Working Paper

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Typescript prepared by Jennifer Stanley Smith for UNU-WIDER. UNU-WIDER gratefully acknowledges the financial contributions to the research programme from the governments of Denmark, Finland, Sweden, and the United Kingdom. The World Institute for Development Economics Research (WIDER) was established by the United Nations University (UNU) as its first research and training centre and started work in Helsinki, Finland in 1985. The Institute undertakes applied research and policy analysis on structural changes affecting the developing and transitional economies, provides a forum for the advocacy of policies leading to robust, equitable and environmentally sustainable growth, and promotes capacity strengthening and training in the field of economic and social policy-making. Work is carried out by staff researchers and visiting scholars in Helsinki and through networks of collaborating scholars and institutions around the world.

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The Benefits and Risks of Financial Globalization

Cited by 27 publications

References 21 publications

Financialization and Government Borrowing Capacity in Emerging Markets

Financialization and Government Borrowing Capacity in Emerging Markets

European Mortgage Markets Versus Institutions

Capital account liberalization and management

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