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Financial Globalization and Economic Performance

Edited by Hans Visser, Professor Emeritus of Money and Banking and International Economics, Faculty of Economics and Business Administration, VU University, Amsterdam, The Netherlands
The past decade has witnessed a surge in interest in the area of financial globalization and economic performance. This was stimulated by the 1997–1998 Asian financial crisis after plans to adopt full capital account liberalization by IMF member states failed. Scholars have since focused on the dangers that may result from foreign-exchange crises and increased market volatility. This essential volume brings together the seminal contributions to this important field and will be of great value to lectures and students, as well as politicians and officials involved in international economic policy making.
Extent: 616 pp
Hardback Price: $343.00 Web: $308.70
Publication Date: 2012
ISBN: 978 1 84980 453 0
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  • Economics and Finance
  • Financial Economics and Regulation
The past decade has witnessed a surge in interest in the area of financial globalization and economic performance. This was stimulated by the 1997–1998 Asian financial crisis after plans to adopt full capital account liberalization by IMF member states failed. Scholars have since focused on the dangers that may result from foreign-exchange crises and increased market volatility. This essential volume brings together the seminal contributions to this important field and will be of great value to lectures and students, as well as politicians and officials involved in international economic policy making.
‘Here are the key classics on financial globalization one needs to read to understand what is going on in the world. Not only the hard economic contributions are included, but also the key economic history and political economy papers. Great for researchers, students and interested laymen.’
– Rick Van der Ploeg, University of Oxford, UK
25 articles, dating from 1989 to 2010
Contributors include: J. Bhagwati, G. Calvo, B. Eichengreen, R. Levine, R. Lucas, R. Rajan, C. Reinhart, D. Rodrik, K. Rogoff, J. Stiglitz
Contents:

Acknowledgements

Introduction Hans Visser

PART I HISTORY
1. Robert Pringle (1989), ‘Foreign Lending Revisited 1880–1980’
2. Alan M. Taylor and Jeffrey G. Williamson (1994), ‘Capital Flows to the New World as an Intergenerational Transfer’
3. James R. Lothian (2002), ‘The Internationalization of Money and Finance and the Globalization of Financial Markets’

PART II THE IMPACT OF FINANCIAL GLOBALIZATION ON GROWTH AND PRODUCTIVITY
4. Dennis Quinn (1997), ‘The Correlates of Change in International Financial Regulation’
5. Dani Rodrik (1998), ‘Who Needs Capital-Account Convertibility?’
6. Jagdish Bhagwati (1998), ‘The Capital Myth: The Difference Between Trade in Widgets and Dollars’
7. Barry P. Bosworth, Susan M. Collins and Carmen M. Reinhart (1999), ‘Capital Flows to Developing Economies: Implications for Saving and Investment’
8. Barry Eichengreen (2001), ‘Capital Account Liberalization: What do Cross-Country Studies Tell Us?’
9. Hali J. Edison, Ross Levine, Luca Ricci and Torsten Sløk (2002), ‘International Financial Integration and Economic Growth’
10. Barry Eichengreen, Carlos Arteta and Charles Wyplosz (2003), ‘When Does Capital Account Liberalization Help More Than It Hurts?’
11. Peter Blair Henry (2007), ‘Capital Account Liberalization: Theory, Evidence, and Speculation’
12. Dani Rodrik and Arvind Subramanian (2009), ‘Why Did Financial Globalization Disappoint?’

PART III CRISES AND VOLATILITY
13. Guillermo A. Calvo, Leonardo Leiderman and Carmen M. Reinhart (1996), ‘Inflows of Capital to Developing Countries in the 1990s’
14. Guillermo A. Calvo (1998), ‘Capital Flows and Capital-Market Crises: The Simple Economics of Sudden Stops’
15. Joseph E. Stiglitz (2004), ‘Capital-Market Liberalization, Globalization, and the IMF’
16. Geert Bekaert, Campbell R. Harvey and Christian Lundblad (2006), ‘Growth Volatility and Financial Liberalization’
17. M. Ayhan Kose, Eswar S. Prasad and Marco E. Terrones (2007), ‘How Does Financial Globalization Affect Risk Sharing? Patterns and Channels’
18. Olivier Blanchard, (2009) ‘The Crisis: Basic Mechanisms, and Appropriate Policies’

PART IV MICRO STUDIES
19. Todd Mitton (2006), ‘Stock Market Liberalization and Operating Performance at the Firm Level’
20. Kristin J. Forbes (2007), ‘One Cost of the Chilean Capital Controls: Increased Financial Constraints for Smaller Traded Firms’

PART V THE LUCAS PARADOX
21. Robert E. Lucas, Jr. (1990), ‘Why Doesn’t Capital Flow from Rich to Poor Countries?’
22. Carmen M. Reinhart and Kenneth S. Rogoff (2004), ‘Serial Default and the “Paradox” of Rich to Poor Capital Flows’
23. Eswar Prasad, Raghuram Rajan and Arvind Subramanian (2007), ‘The Paradox of Capital’

PART VI DISTRIBUTIONAL EFFECTS
24. Ajit Singh and Ann Zammit (2000), ‘International Capital Flows: Identifying the Gender Dimension’
25. Philip Arestis and Asena Caner (2010), ‘Capital Account Liberalization and Poverty: How Close is the Link?’