Macroeconomic volatility, institutions and financial architectures : the developing world experience / edited by José María Fanelli.

Format:

Book

Contributor:

Fanelli, José María.

Language:

English

Subjects (All):

Macroeconomics.

Financial institutions--Developing countries.

Financial institutions.

Developing countries.

Developing countries--Economic policy.

Economic policy.

Physical Description:

xxi, 403 pages : illustrations ; 25 cm

Place of Publication:

Basingstoke [England] ; New York : Palgrave Macmillan, 2008.

Summary:

The deregulation of domestic financial markets and the capital account in developing countries has frequently been associated with financial turmoil and macro volatility. Neither domestic institutions nor the rules of the game of the international financial architecture have been able to cope effectively with certain financial disequilibria. This book analyzes the experiences of Argentina, Brazil, Chile, China, Nigeria, Russia, South Africa, and Thailand, and draws implications for building development-friendly domestic and international financial architectures. The central conclusion of the studies is that there is a bi-directional causality between volatility and institutions: high volatility and crises contribute to deteriorating the rules of the financial game, weak institutions reduce financial deepening and the ability to manage risks, and this feeds aggregate volatility. Hence, the policy recommendations are made in light of the key challenge: to design and implement policies able to control volatility while building the rules of the financial game that will ultimately contribute to mitigating the sources of aggregate risk.

Contents:

1 Macro Volatility and Financial Institutions / Jose Maria Fanelli 1

2 A Countercyclical Framework for a Development-Friendly IFA / Jose Antonio Ocampo, Stephany Griffith-Jones 25

3 Regional and Multilateral Efforts: Institution-Building / Yung Chul Park, Yunjong Wang, Doo Young Yang 45

4 Volatility: Prudential Regulation, Standards and Codes / Liliana Rojas-Suarez 73

5 The Political Economy of Reforming Domestic Financial Architectures / Andres Rius 101

6 China / Harry X. Wu, Esther Y.P. Shea 125

7 Thailand / Piriya Pholphirul, Pakorn Vichyanond 157

8 Russia / Anatoliy Peresetsky, Vladimir Popov 190

9 Argentina / Jose Maria Fanelli 220

10 Brazil / Francisco Eduardo Pires de Souza, Getulio Borges da Silveira Filho, Fernando J. Cardim de Carvalho 253

11 Chile / Igal Magendzo, Daniel Titelman 283

12 South Africa / Melvin Ayogu, Hashem Dezhbakhsh 316

13 Nigeria / S. Ibi Ajayi, Adeola Adenikinju 347.

Notes:

Includes bibliographical references (pages 374-389) and index.

ISBN:

0230542808

9780230542808

OCLC:

144328583

Online:

Contributor biographical information

Publisher description