Financialisation in Emerging Economies
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Financialisation in Emerging Economies : Changes in Central Banking

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Description

Since the beginning of the 2000s, emerging market economies, or middle income countries, have embarked on major changes in their domestic financial systems. These changes, in which central banks have been the main players, have been shaped by the process of financialisation, which can generally be characterized by the dominance of financial considerations in the conduct of major agents (banks, non-financial corporations and households). As a consequence of the Emerging Market crisis of the end of 1990s and beginning of the 2000s, the past decade has seen a new phenomenon in global financial markets: a massive accumulation of foreign reserves in middle-income and developing countries. This has had important consequences for the global economy in which the developed countries have been the main beneficiaries. This book studies the trend towards financialisation in middle income countries, focusing on the effects of the process of reserve accumulation in the international and domestic spheres of those countries. These trends have been exacerbated by the Global financial crisis as well as the extraordinary liquidity measures undertaken by the major central banks to deal with the effects of this crisis. In this vein, foreign investors invested an enormous amount into developing countries between 2010 and 2012 and emerging-market financial assets have nearly doubled since 2008. Finally, the recent US monetary policy tapering has just added more complexity to these trends since 2013 by putting pressure on emerging markets related to the level of global liquidity. In this context, the book analyses the unfolding of the financial integration of emerging market economies into international financial markets.show more

Product details

  • Hardback | 200 pages
  • Taylor & Francis Ltd
  • ROUTLEDGE
  • London, United Kingdom
  • English
  • 1138947113
  • 9781138947115

Table of contents

Part I: Setting the Scene on Financialisation in Middle Income Countries  1. Defining Financialisation  2. Political Economy of Financialisation  3. Developing Countries in the Era of Financialisation  Part II: Key Emerging Markets Experience in Latin America and East Asia: Brazil and South Korea  4. A Political Economy Analysis of Central Banks in the Brazilian and Korean Economies  5. Loanable Capital Movement in Brazil and Korea  Part III: Generalising key trends of Financialisation in selected middle income countries  6. A Political Economy Analysis of Central Banks in selected Emerging Market Economies  7. Loanable Capital Movement in selected Middle-income countries  8. Perspectives on Financialisation in Middle-income countriesshow more

About Juan Pablo Painceira

Juan Pablo Painceira  is a financial analyst at the Brazilian Central Bank.show more