International initiatives to bring stability to financial integration by Eduardo Fernandez-Arias

Cover of: International initiatives to bring stability to financial integration | Eduardo Fernandez-Arias

Published by Inter-American Development Bank, Office of the Chief Economist in Washington, D.C .

Written in English

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Subjects:

  • International economic integration.,
  • International finance.,
  • Capital movements.,
  • Financial crises.

Edition Notes

Book details

Statementby Eduardo Fernandez-Arias, Ricardo Hausmann.
SeriesWorking paper series ;, 402, Working paper series (Inter-American Development Bank. Office of the Chief Economist) ;, 402.
ContributionsHausmann, Ricardo., Inter-American Development Bank. Office of the Chief Economist.
Classifications
LC ClassificationsHF1418.5 .F47 1999
The Physical Object
Pagination24 p. ;
Number of Pages24
ID Numbers
Open LibraryOL6878109M
LC Control Number00423408
OCLC/WorldCa43434790

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Financial liberalization and integration have generated disappointing results. They were supposed to set up a win-win situation: capital would flow from capital-abundant, low-return, aging industrial countries to capital-scarce, high-return, young emerging countries. international initiative bring stability financial integration inter-american development bank financial crisis chief economist marie claude jean valuable research support laura do real Powered by.

Request PDF | International Initiatives to Bring Stability to Financial Integration | This paper belongs to the series of research on Financial Crisis and contagion at the Office of the Chief.

International Initiatives to Bring Stability to Financial Integration By Eduardo Fernandez-Arias Ricardo Hausmann MARCH This paper belongs to the series of research on Financial Crisis and contagion at the Office of the Chief Economist, Inter-American Development Bank.

The two composite indicators of financial integration displayed in Chartwhich are designed to approximate the overall picture of euro area financial integration by combining information from the most important financial markets, still suggest discrepancies between integration as reflected in cross-border price differentials (the price.

International financial integration and the financial crisis Over the past decade or so, financial crises seem to have become more frequent and perhaps more disruptive than in the past.

They also seem to propagate more rapidly. Benefits and costs of international financial integration: theory and facts (English) Abstract.

The author provides a selective review of the recent analytical and empirical literature on the benefits and costs of international financial by:   In recent decades, the foreign assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions.

Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. This paper describes the broad trends in international financial integration Cited by:   This paper documents the evolution of international financial integration since the global financial crisis using an updated dataset on external assets and liabilities, covering over economies for the period It finds that the growth in cross-border positions in relation to world GDP has come to a halt.

This reflects much weaker capital flows to and from advanced economies, Cited by: 9. Implications for financial stability 52 6 Cross-Border Financial Integration 57 Evidence on international financial integration 58 Drivers of international financial integration and effects on efficiency and growth 60 Capital mobility and financial stability 60 Two current issues 65 Conclusions and policy implications Financial integration in Africa: implications for monetary policy and financial stability Benedicte Vibe Christensen1 1.

Introduction Most African countries were not directly affected by the global financial crisis because their financial integration with global markets was limited. With the benefit of hindsight, it might be tempting to Cited by: 5.

Abdullah R. Alotaibi, Anil V. Mishra, in Emerging Markets and the Global Economy, Abstract. This study examines the determinants of international financial integration of the Gulf Cooperation Council (GCC) markets with the rest of the world by constructing several quantity-based measures of financial integration.

The results provide strong evidence that Trade Openness; financial openness. Inter-American Development Bank Office of the Chief Economist International Initiatives to Bring Stability to Financial Integration By ().

This book includes comprehensive coverage of the financial sector viewed through the lens of further financial integration in the region. Latin America has been characterized by the predominant role of banks within the financial sector.

However, there is also significant scope for financial integration. Financial integration is an inseparable part of economic integration.

It affects capital movement and economic development. Certain studies have shown that financial integration is beneficial to the economy. However, integration may be slowed down by occurrence of Cited by: 1.

ASIAN INITIATIVES AT MONETARY AND FINANCIAL INTEGRATION: A CRITICAL REVIEW Introduction The world is lurching from one financial crisis to another.

In it was the Great Financial Crisis that led to the Great Recession. We were pulled out of the abyss. Global Financial Integration, Twin Crises, and the Enduring Search for Financial Stability 2 were to be expected in terms of capital flowing ‹uphill› or financial crises.

That begs the political economy question as to how the pre-crisis regime emerged, how policy was generated and whose interests were best served by the system that failed. Benefits and Costs of International Financial Integration: Theory 1.

Potential Benefits a. Consumption Smoothing b. Domestic Investment and Growth c. Enhanced Macroeconomic Discipline d. Increased Banking System Efficiency and Financial Stability 2. Potential Costs a.

Concentration of Capital Flows and Lack of Access Size: KB. Ricardo Hausmann and Eduardo Fernández-Arias. “International Initiatives to Bring Stability to Financial Integration.” In Wanted: World Financial Stability. edited by dez-Arias and R.

Hausmann. Washington, D.C., IADB/Johns Hopkins University Press, Ricardo Size: 67KB. Financial Integration and Financial Development: Does Financial Integration Metter. Besnik Fetai1 Abstract: The aim of this paper is to investigate the effects of financial development and financial integration on economic growth in 89 developed and countries in.

International Financial Stability Geneva Reports on the World Economy 9 By Roger W. Ferguson, Philipp Hartmann, Fabio Panetta, and Richard Portes Janu Towards financial integration of economics sees international financial integration as a catalyst for economic growth and stability, criticism against the economic wisdom of openness to Author: Samar Quddus.

financial integration and is a Fellow of the Centre for Economic Policy Research. Previously, he worked at the London School of Economics and the European Monetary Institute. Hartmann published research on financial, monetary and international issues in several books and numerous journal articles.

He serves as an associate editor of. History of International Monetary System Inter-war years and world war II Bretton Woods and the International Monetary Fund, Exchange Rate Regime, to date: The era of the managed float Current International Financial System International Monetary Fund (IMF) The IMF’s Exchange Rate Regime classificationsFile Size: 2MB.

International financial integration and economic growth Using the econometric methods outlined above, this section presents regression results concerning the relationship between economic growth and various measures of IFI and also assesses whether the growth-IFI relationship depends on economic, financial, institutional, and policy factors as Cited by: Financial Integration, Financial Stability and Central Banking Choongsoo Kim Governor, Bank of Korea Good morning, ladies and gentlemen.

It is a true pleasure and privilege for me to be here this morning. I am very grateful to Commissioner Hatanaka of the Financial Services Agency, Chairman Mae of Japan Securities Dealers Association, and President. This chapter reviews the recent analytical and empirical literature on the benefits and costs of international financial integration and the policy challenges that it creates.

The chapter also discusses the impact of financial openness and capital flows on consumption, investment, and growth, as well as the impact of foreign bank entry on the domestic financial system.

The annual European Financial Stability and Integration Review (EFSIR) provides an analysis of recent economic and financial developments and their impact on financial stability and integration in the EU. The report first describes general developments in financial markets and the financial.

By contrast, financial integration has been more sluggish, particularly regionally. As discussed in the last high-level seminar, Asia’s financial integration with the world is well advanced by some measures, including net private capital flows, foreign participation in. Using the aggregate financial stability index (AFSI) which measures the gradual progression and changes in financial market stability, this paper empirically evaluates the impact of financial and economic integration on financial stability in South Asian countries using time-series data for the period –Author: Samia Nasreen, Sofia Anwar.

The Bank for International Settlements and the Basel Committee on Banking Supervision jointly created the Financial Stability Institute (FSI) in to assist supervisors around the world in improving and strengthening their financial systems.

Financial stability and financial integration might influence each other via different channels. On the one hand, there is a financially stable system (i.e., finan-cial institutions, markets, and infrastructures), which is part and parcel of effective allocation of capital, and on the other hand, there is the financial integration process,Cited by: The author provides a selective review of the recent analytical and empirical literature on the benefits and costs of international financial integration.

He discusses the impact of financial openness on consumption, investment, and growth, and the impact of foreign bank entry on the domestic financial. International Financial Integration and Economic Growth Hali J. Edison, Ross Levine, Luca Ricci, Torsten Slok.

NBER Working Paper No. Issued in September NBER Program(s):International Finance and Macroeconomics This paper uses new data and new econometric techniques to investigate the impact of international financial integration on economic growth and also to assess whether this Cited by: Our financial stability initiatives include a national network of nearly 90 Financial Opportunity Centers; occupational skills training and Bridges to Career Opportunities programs; and credit-building products like Twin Accounts.

LISC is also committed to helping our colleagues in the field of financial stability. October This literature review joins with recent studies in arguing that financial integration must be carefully prepared and managed to ensure that the benefits outweigh the short-run risks.

But in contrast with some other studies, it adopts a more skeptical view of the benefits of capital flows other than foreign direct investment. acquiring company’s Chief Financial Officer (CFO) and the Finance team typically lead financial reporting integration, working closely with the M&A deal team.

The combined reporting capabilities should fulfill standard M&A requirements – enabling external reporting continuity, closing the books in a timely manner to meet SEC and. International Financial Integration and Crisis Contagion Michael B.

Devereux, Changhua Yu. NBER Working Paper No. Issued in September NBER Program(s):International Finance and Macroeconomics International financial integration helps to diversify risk but also may increase the trans- mission of crises across countries. WP/17/1. Benefits of Global and Regional Financial Integration in Latin America.

by Luc Eyraud, Diva Singh, and Bennett Sutton. IMF Working Papers. describe research in progress by the author(s File Size: KB. History.

Financial integration is believed to date back to the s and was briefly interrupted at the start of the French revolution (Neal, ).At the end of the 17th century, the world’s dominant commercial empire was the Dutch Republic with the most important financial center located in Amsterdam where Banking, foreign exchange trading, stock trading and bullion trading were situated.

The policy report, Policies to Enhance Sustainable Development, builds upon, and is complemented by, a more detailed analytical report on sustainable development (OECD, e).

It is provided as background for the OECD Council Ministerial Meeting in Mayand is published under the responsibility of the Size: KB.In this book I shall discuss the import and implications of a particular type of integration, namely financial integration, and then look at the most important problems connected with measuring it.

In the empirical investigation reported below I felt the need for an integrated micro-macro approach. Further progress in financial integration by itself will not bring a smooth transition to a world with fewer national financial crises with less contagion.

The degree of financial stability we face in the future will depend, as always, on a number of other factors, most importantly the wisdom of the choices governments make in economic policy.

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