Arestis, Philip and Singh, Ajit (2010): Financial globalisation and crisis, institutional transformation and equity. Published in: Centre for Business Research Working Paper Series No. WP405 (June 2010)
Download (74kB) | Preview
This paper comprises the long introduction to the symposium of five papers on financial globalisation published in the Cambridge Journal of Economics, volume 34, no 2. The paper discusses the impact of financial globalisation in a variety of spheres and shows how the five papers link together to provide a coherent view of the current economic and financial crisis. In this paper we also examine the globalisation of finance more broadly both in historical terms as well as in relation to the current widespread failure in the financial markets. We take up the policy question of how the interests of the poor in particular, and developing countries in general, could be safeguarded from the vagaries of financial globalisation, questioning how much choice communities and countries have and what can the international community do to extend these choices?
|Item Type:||MPRA Paper|
|Original Title:||Financial globalisation and crisis, institutional transformation and equity|
|Keywords:||Financial globalisation, crisis, institutional transformation and equity|
|Subjects:||G - Financial Economics > G1 - General Financial Markets > G15 - International Financial Markets
G - Financial Economics > G1 - General Financial Markets > G18 - Government Policy and Regulation
G - Financial Economics > G2 - Financial Institutions and Services > G20 - General
G - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
|Depositing User:||Ajit Singh|
|Date Deposited:||26. May 2012 16:25|
|Last Modified:||24. Mar 2015 14:58|
Arestis, P. and Caner, A. (2010) ‘Capital Account Liberalisation and Poverty: How Close is the Link?’ Cambridge Journal of Economics, 34(2): 295
Banerjee, A.(1992), ‘A Simple Model of Herd Behavior’. Quarterly Journal of Economics, 107/3: 797-817.
Bhagwati, J. (2000), The Wind of the Hundred Days. MIT Press.
Bikhchandani, S., Hirshleifer, D., and Welch, I. (1992), ‘A Theory of Fads, Fashion Custom and Cultural Change as Informational Cascades’. Journal of Political Economy, 100/5: 992-1026.
Calvo, G. and Mendoza, E. (2000), ‘Rational Contagion and the Globalization of Securities Markets’. Journal of International Economics, 51/1: 79-113.
Clarke, G., Robert, G., Cull, M. P. and Sanchez, S. (2005), ‘Bank Lending to Small Businesses in Latin America: Does Bank Origin Matter?’ Journal of Money, Credit and Banking, 37 (1), 83-118.
Davidson, P. (2001), ‘If Markets are Efficient, Why Have There Been So Many International Financial Market Crises Since the 1970s?’ in P. Arestis, M. Baddeley, and J.McCombie (eds), What Global Economic Crisis?, NY and UK: Palgrave, Hampshire.
Detragiache, E., Gupta, P. and Tressel, T. (2006) ‘Foreign Banks in Poor Countries: Theory and Evidence’, Journal of Finance, 63(5), 2123-2160.
Dymski, G. (2010) ‘Why the Subprime Crisis is Different: A Minskyian Approach’ Cambridge Journal of Economics, 34(2), 239-255.
Epstein, G. (ed.), (2005), Financialization and the World Economy, Cheltenham: Edward Elgar Publishers.
Eichengreen, B. (2001). ‘Capital Account Liberalization: What Do Cross-Country Studies Tell Us?’ The World Bank Economic Review, 15/3: 341
Felix, D. (2002). ‘The Economic Case against Free Capital Mobility’ in Leslie Elliott Armijo (ed), Debating the Global Financial Architecture. State of University of New York Press, Albany.
Fischer, S. (1997), ‘Capital Account Liberalization and the Role of the IMF’, Paper presented at the seminar Asia and the IMF, Hong Kong, China, September 19th
IMF (2008), ‘IMF Warns Gains Against Poverty Are in Jeopardy’, IMF Survey Magazine: In the News, 3 December, Washington D.C.: International Monetary Fund.
Kaminsky, G.L. and Reinhart, C.L., (1999), ‘The Twin Crises: The Causes of Banking and Balance-of –Payments Problems’, American Economic Review, 89(3): 473-500.
Kose, M. A., Pasad, E., Rogoff, K., and Wei, S.-J. (2006). ‘Financial Globalization: A Reappraisal’. IMF Working Paper 06/189. Washington, DC: International Monetary Fund.
Kregel, J. (2007), ‘The Natural Instability of Financial Markets’, Levy Institute Working Paper no 523.
Krugman, P. (2008), ‘We All Go Together When We Go’. The Guardian, 6 December.
Lazonick, W. and M. O’Sullivan (2000), ‘Maximizing Shareholder Value: A New Ideology for Corporate Governance’, Economy and Society, 29(1), 13-35.
Llewlyn, J. (2008a), ‘The Shock of the New’, Prospect, November.
Llewelyn, J. (2008b), ‘Not Dancing Now’, The World Today, Chatham House, November.
Maddison, A. (1985) Two Crises : Latin America and Asia, 1929-38 and 197383, OECB Paris
Milberg, W. and Winkler, D. (2010) ‘Financialisation and the Dynamics of Offshoring in the USA’ Cambridge Journal of Economics, 34(2): 275
Minsky, H.P., (1982), Can ‘IT’ Happen Again: Essays on Instability and Finance. Armonk, NY: M.E. Sharpe.
Nurkse, R., (1944), International Currency Experience: Lessons of the Interwar Period. Princeton: League of Nations.
Ocampo, J. A., Spiegel, S., and Stiglitz, J. E. (2008), in Capital Market Liberalization and Development. (Eds. Ocampo and Stiglitz), Initiative for Policy Dialogue Series, Oxford University Press.
Ocampo, J.A. and Taylor, L. (2000) Trade Liberalization in Developing Economies: Modest Benefits But Problems with Productivity Growth, Macro Prices and Income Distribution in H.D. Dixon (ed.) Controversies in Macroeconomics Growth, Trade and Policy. Oxford, Blackwell.
Orhangazi, O. (2008), ‘Financialization and Capital Accumulation in the Nonfinancial Corporate Sector: A Theoretical and Empirical Investigation on the USA Economy, 1973-2004’, Cambridge Journal of Economics, 32(6), 863-886.
Prasad, E., Rogoff, K., Wei, S.-J., and Kose, M.A. (2003). ‘Effects of Financial Globalization on Developing Countries: Some Empirical Evidence’. IMF Occasional Paper no. 220. Washington, DC: International Monetary Fund.
Ramaswami, R., (2003) ‘Global Capital Flows and Emerging Markets’. Economic and Political Weekly Review, February 1st .
Sarkar, P. and Singh, A. (2010) ‘Capital Account Liberalisation and Poverty: How Close is the Link?’ Cambridge Journal of Economics, 34(2): 325
Shiller, R. J. (2000). Irrational Exuberance. Princeton: Princeton University Press.
Singh, A. (2003) ‘Capital Account Liberalisation, Free Long-term Capital Flows, Financial Crises and Economic Development’, Eastern Economic Journal, Vol. 29, no. 2, Spring, pp. 191-216.
Stein, H. (2010) ‘Financial Liberalisation, Institutional Transformation and Credit Allocation in Developing Countries: the World Bank and the Internationalisation of Banking’ Cambridge Journal of Economics, 34(2): 257-273.
Stiglitz, J. (2000), ‘Capital Market Liberalization, Economic Growth and Instability’, World Development, 28(6): 1075-86.
Stockhammer, E. (2004), ‘Financialisation and the Slowdown of Accumulation’, Cambridge Journal of Economics, 28 (5), pp. 719-741.
Summers, L. (2000),’International Financial Crises: Causes, Prevention and Cures’, American Economic Review, Papers and Proceedings, 90:1-16.