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"Since the 1990s, several emerging market economies (EMEs) have, to varying degrees, embraced the process of 'financial globalisation', broadly defined as a set of policies that involve allowing for greater openness to cross-border capital flows as well as greater market access to foreign financial institutions. By 2010, the EMEs accounted for just under half of global GDP and are set to surpass the advanced economies in the next few years. However, EMEs are not without their concerns. They have been faced with a variety of policy challenges owing to their increasing integration with global financial markets. This book discusses some of the challenges relating to macroeconomic and financial management in a volatile and uncertain world, brought about by greater financial openness. The emphasis of the book is on exploring the implications of a key set of issues emanating from financial globalisation on emerging market economies in a rigorous but readable manner. "--
List of contents
PART I: EXCHANGE RATES, RESERVES AND CONTROLS 1. What is the Extent of Monetary Sterilisation in China? (With A. Ouyang and T.D. Willett) 2. What Determines Real Exchange Rate Fluctuations? (With A. Ouyang) 3. What is the Impact of Capital Controls? (With J. Li) 4. Can International Currency Taxation Stabilise Currency Fluctuations? (With G. Bird) 5. Why Do Countries Accumulate International Reserves? (With V. Yanamandra) PART II: FINANCIAL CRISES, FINANCIAL LIBERALISATION AND FOREIGN BANK ENTRY 6. Comparing Financial Crises: What Lessons for Asia from the Eurozone Crisis? 7. Financial Liberalisation and Foreign Bank Entry: What is the Nexus? 8. Do Foreign Banks Enhance Banking System Efficiency? 9. How Do Foreign Banks Affect Firms' Access to Credit? 10. Why Do Banks Go Abroad?
About the author
Ramkishen S. RAJAN is a Professor of International Economic Policy at the School of Policy, Government and International Affairs (SPGIA), George Mason University (GMU) and has been on the faculty since January 2006. He is also the Co-director of the Center for Emerging Market Policies (CEMP) at SPGIA, GMU. He is currently a Visiting Professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore and an Adjunct Senior Research Fellow at the Asia Competitiveness Institute (ACI), National University of Singapore. He is the Managing Editor of the Journal of International Commerce, Economics and Policy, Associate Editor of the Singapore Economic Review and sits on the Editorial Board of various other academic journals.
Sasidaran GOPALAN is a Post-Doctoral Research Fellow at the Institute for Emerging Market Studies (IEMS) and Institute for Advanced Study (IAS) at the Hong Kong University of Science and Technology (HKUST). He completed his PhD in Public Policy, specializing in International Finance at the School of Policy, Government and International Affairs (SPGIA), George Mason University, USA. He obtained his Bachelors and Masters degrees in Economics from Loyola College (Chennai) and Madras School of Economics (Chennai), respectively.
