Global S&T Development Trend Analysis Platform of Resources and Environment
Managing Financial Globalization: A Guide for Developing Countries Based on the Recent Literature | |
[unavailable] | |
2018-01-31 | |
出版年 | 2018 |
语种 | 英语 |
国家 | 国际 |
领域 | 气候变化 |
英文摘要 |
Cross-border capital flows can provide new opportunities for developing countries to improve efficiency, increase investment, and reduce risks; but they can also be a source of economic instability. We seek to draw lessons for developing countries based on a survey of the recent literature on financial globalization. First, while capital account openness holds promises (by potentially generating a lower cost of capital, better risk sharing, and stronger disciplines on policies), they do not always work out that way in the data. Distortions in the domestic financial market, international capital market, domestic labor market, and domestic public governance can make financial globalization less beneficial for developing countries. Second, developing countries sometimes need to insulate themselves from foreign monetary policy shocks. The empirical pattern appears to be somewhere between a trilemma and a dilemma. While nominal exchange rate flexibility is insufficient for policy autonomy, capital flow management may be needed to confer more monetary policy autonomy. WORKING PAPER NO: 804 |
URL | 查看原文 |
来源平台 | Asian Development Bank |
文献类型 | 科技报告 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/234712 |
专题 | 气候变化 |
推荐引用方式 GB/T 7714 | [unavailable]. Managing Financial Globalization: A Guide for Developing Countries Based on the Recent Literature,2018. |
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文件名称/大小 | 文献类型 | 版本类型 | 开放类型 | 使用许可 | ||
adbi-wp804.pdf(211KB) | 科技报告 | 开放获取 | CC BY-NC-SA | 浏览 下载 |
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