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Author: Michael D. Bordo
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper describes the challenges of globalization in terms of the logic underpinning four distinct policy constraints or "trilemmas" and their interrelationship; in particular the disturbances that arise from capital flows and the difficulties of adjusting monetary policies to a global monetary environment. These trilemmas intersect and interlock. The trilemmas are: 1. The traditional Macroeconomic trilemma between capital mobility, fixed exchange rates and monetary autonomy; 2. The International relations trilemma between capital mobility, sovereignty and international order; 3. The Political economy trilemma between capital mobility, democracy and sovereignty; 4. The Financial stability trilemma between capital mobility, financial stability and independent national policies. The four trilemmas offer a way to analyze how domestic monetary, financial, economic and political systems are interconnected within the international system that opens up vulnerabilities. They can be described as the impossible policy choices at the heart of globalization.
Author: Michael D. Bordo
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper describes the challenges of globalization in terms of the logic underpinning four distinct policy constraints or "trilemmas" and their interrelationship; in particular the disturbances that arise from capital flows and the difficulties of adjusting monetary policies to a global monetary environment. These trilemmas intersect and interlock. The trilemmas are: 1. The traditional Macroeconomic trilemma between capital mobility, fixed exchange rates and monetary autonomy; 2. The International relations trilemma between capital mobility, sovereignty and international order; 3. The Political economy trilemma between capital mobility, democracy and sovereignty; 4. The Financial stability trilemma between capital mobility, financial stability and independent national policies. The four trilemmas offer a way to analyze how domestic monetary, financial, economic and political systems are interconnected within the international system that opens up vulnerabilities. They can be described as the impossible policy choices at the heart of globalization.
Author: Dani Rodrik
Publisher: OUP Oxford
ISBN: 0191634255
Category : Political Science
Languages : en
Pages : 442
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Book Description
For a century, economists have driven forward the cause of globalization in financial institutions, labour markets, and trade. Yet there have been consistent warning signs that a global economy and free trade might not always be advantageous. Where are the pressure points? What could be done about them? Dani Rodrik examines the back-story from its seventeenth-century origins through the milestones of the gold standard, the Bretton Woods Agreement, and the Washington Consensus, to the present day. Although economic globalization has enabled unprecedented levels of prosperity in advanced countries and has been a boon to hundreds of millions of poor workers in China and elsewhere in Asia, it is a concept that rests on shaky pillars, he contends. Its long-term sustainability is not a given. The heart of Rodrik’s argument is a fundamental 'trilemma': that we cannot simultaneously pursue democracy, national self-determination, and economic globalization. Give too much power to governments, and you have protectionism. Give markets too much freedom, and you have an unstable world economy with little social and political support from those it is supposed to help. Rodrik argues for smart globalization, not maximum globalization.
Author: Roger Trinquier
Publisher: DIANE Publishing
ISBN: 142891689X
Category : France
Languages : en
Pages : 131
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Book Description
Author: Leonardo E. Stanley
Publisher: Anthem Press
ISBN: 1783086750
Category : Business & Economics
Languages : en
Pages : 260
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Book Description
In the past, foreign shocks arrived to national economies mainly through trade channels, and transmissions of such shocks took time to come into effect. However, after capital globalization, shocks spread to markets almost immediately. Despite the increasing macroeconomic dangers that the situation generated at emerging markets in the South, nobody at the North was ready to acknowledge the pro-cyclicality of the financial system and the inner weakness of “decontrolled” financial innovations because they were enjoying from the “great moderation.” Monetary policy was primarily centered on price stability objectives, without considering the mounting credit and asset price booms being generated by market liquidity and the problems generated by this glut. Mainstream economists, in turn, were not majorly attracted in integrating financial factors in their models. External pressures on emerging market economies (EMEs) were not eliminated after 2008, but even increased as international capital flows augmented in relevance thereafter. Initially economic authorities accurately responded to the challenge, but unconventional monetary policies in the US began to create important spillovers in EMEs. Furthermore, in contrast to a previous surge in liquidity, funds were now transmitted to EMEs throughout the bond market. The perspective of an increase in US interest rates by the FED is generating a reversal of expectations and a sudden flight to quality. Emerging countries’ currencies began to experience higher volatility levels, and depreciation movements against a newly strong US dollar are also increasingly observed. Consequently, there are increasing doubts that the “unexpected” favorable outcome observed in most EMEs at the aftermath of the Global Financial Crisis (GFC) would remain.
Author: Ulrich Bindseil
Publisher: Oxford University Press
ISBN: 0192589938
Category : Business & Economics
Languages : en
Pages : 337
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Book Description
Although central banking is today often presented as having emerged in the nineteenth or even twentieth century, it has a long and colourful history before 1800, from which important lessons for today's debates can be drawn. While the core of central banking is the issuance of money of the highest possible quality, central banks have also varied considerably in terms of what form of money they issued (deposits or banknotes), what asset mix they held (precious metals, financial claims to the government, loans to private debtors), who owned them (the public, or private shareholders), and who benefitted from their power to provide emergency loans. Central Banking Before 1800: A Rehabilitation reviews 25 central banks that operated before 1800 to provide new insights into the financial system in early modern times. Central Banking Before 1800 rehabilitates pre-1800 central banking, including the role of numerous other institutions, on the European continent. It argues that issuing central bank money is a natural monopoly, and therefore central banks were always based on public charters regulating them and giving them a unique role in a sovereign territorial entity. Many early central banks were not only based on a public charter but were also publicly owned and managed, and had well defined policy objectives. Central Banking Before 1800 reviews these objectives and the financial operations to show that many of today's controversies around central banking date back to the period 1400-1800.
Author: Dirk Schoenmaker
Publisher: Oxford University Press
ISBN: 0199971617
Category : Business & Economics
Languages : en
Pages : 238
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Book Description
Global governance of international banks is breaking down after the Great Financial Crisis, as national regulators are withdrawing on their home turf. New evidence presented illustrates that the global systemically important banks underpin the global financial system. This book offers solutions for the effective governance of global banks.
Author: Charles J. Russo, Ed.D., J.D., Panzer Chair in Education, University of Dayton
Publisher: R&L Education
ISBN: 1475804059
Category : Education
Languages : en
Pages : 403
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Book Description
This book can serve as valuable resource for educational practitioners in higher education insofar as it provides them with an enhanced awareness of strategies that are being used to manage problems commonly faced in multiple educational settings.
Author: András Sajó
Publisher: Springer
ISBN: 9401761728
Category : Political Science
Languages : en
Pages : 380
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Book Description
This volume considers the problem of legal universals at the level of the rule of law and human rights, which have fundamentally different pedigrees, and attempts to come to terms with the new unease arising from the universal application of human rights. Given the juridicization of human rights, rule of law and human rights expectations have become significantly intertwined: human rights are enforced with the instruments of the rule of law and are thus limited by the restricted reach thereof. The first section of this volume considers the difficulties of universalistic claims and offers a number of possible solutions for adapting universal expectations to specific contexts. The second section considers problems of human rights politics; sections three and four present empirical studies about the appearance and disappearance of the rule of law and fundamental rights in Western and non-Western societies. Special attention is paid to the problems of developing countries, with a specific focus on past and present developments in Iran. These empirical studies indicate that the acceptance of human rights and the rule of law is historically contingent and cannot simply be considered as a matter of culture.
Author: Khalid Ikram
Publisher: Oxford University Press
ISBN: 9774167945
Category : Business & Economics
Languages : en
Pages : 449
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Book Description
Drawing on Khalid Ikram's extensive knowledge of economic policymaking at the highest levels, The Political Economy of Reforms in Egypt lays out the enduring features of the Egyptian economy and its performance since 1952 before presenting an account of policy-making, growth and structural change under the country's successive presidents to the present day.
Author: World Bank
Publisher: World Bank Publications
ISBN: 1464816662
Category : Business & Economics
Languages : en
Pages : 339
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Book Description
The world economy is experiencing a very strong but uneven recovery, with many emerging market and developing economies facing obstacles to vaccination. The global outlook remains uncertain, with major risks around the path of the pandemic and the possibility of financial stress amid large debt loads. Policy makers face a difficult balancing act as they seek to nurture the recovery while safeguarding price stability and fiscal sustainability. A comprehensive set of policies will be required to promote a strong recovery that mitigates inequality and enhances environmental sustainability, ultimately putting economies on a path of green, resilient, and inclusive development. Prominent among the necessary policies are efforts to lower trade costs so that trade can once again become a robust engine of growth. This year marks the 30th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies.
