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As a result of the liberalization of the 1980s, the financial system has acquired a prominent role in developing economies. It is now conventional wisdom that `financial liberalization' is the means to stimulate economic development. Investment Finance in Economic Development challenges this assumption and offers an alternative view. The book prese
This Handbook responds to the needs and aspirations of current and future generations of development economists by providing critical reference material alongside or in relation to mainstream propositions. Despite the potential of globalisation in accelerating growth and development in low and middle-income countries through the spread of technology, knowledge and information, its current practice in many parts of the world has led to processes that are socially, economically and politically and ecologically unsustainable. It is critical for development economists to engage with the pivotal question of how to change the nature and course of globalisation to make it work for inclusive and sus...
‘Development and Semi-periphery’ presents a collection of articles that focus on comparative analysis of development trajectories in the semi-peripheral countries of South America and Central Eastern Europe. As opposed to the transitology studies that were prevalent in the 1990s, and that treated the neoliberal context in these two regions separately, the articles in this book instead offer a new comparative analysis focusing on the consequences of neoliberal reforms and the new actors that deal with their results. The essays discuss the various forms of state that have unfolded in different peripheral countries, their role in the social engineering of economic models and social policies, and the impact of state capacities and ideas on institutional innovation. The volume also compares transformations in political culture, collective identities and contentious politics in both areas.
A Brookings Institution Press and Economic Commission for Latin America and the Caribbean (ECLAC) publication Access to finance is critical in setting the course for development in emerging market economies. In this innovative study, which provides the first book-length analysis of the Latin American financial sector, Barbara Stallings and Rogerio Studart examine the dramatic changes resulting from financial liberalization in the region. The authors begin by discussing the critical transformations taking place in Latin America since 1990—a period marked by acceleration toward a new open, market-oriented development model, and away from a semi-closed model relying heavily on the state. Stal...
This study is the first in a decade to provide an overview of banking in Brazil. It is argued that the big three federal banks have long provided essential policy alternatives and, since the liberalization of the industry in the 1990s, have realized competitive advantages over private and foreign banks.
Financialization, Austerity, and Inclusion in Latin America and the Caribbean examines the spread of financialization since 1980, highlighting the ideational origins of financialization outside the region, its effects on government budgeting and social inclusion, and options for increased inclusivity. Rana S. Gautam, Diogo L. Pinheiro, and Dwight Wilson argue that rather than a mechanistic implementation of external pressures, financialization is a complex social process with ideational origins in which national-level actors participate. Ultimately, the authors find that deeper financial integration, the expansion of credit, and reliance on international bond markets drives governments to cut certain areas of social spending and drives inequality but ameliorates absolute poverty. There is, therefore, space for agents to mold financialization and its inclusiveness.
This book brings together the papers presented at a special conference of the Organisation for Economic Co-operation and Development commemorating the 75th anniversary of the Bretton Woods Conference.
The journal Global Governance: A Review of Multilateralism was founded in 1995 and has since offered policy-relevant and theoretically advanced articles aimed at both academic and practitioner audiences. This collection presents some of the most significant pieces published in the journal, addressing topics ranging from human rights and peacekeeping to trade and development – often examining the evolution of the institutional arrangements themselves. Authors include senior UN officials, prominent scholars, and other careful students of international organization. By presenting these twenty-five articles – one from each year since the journal’s founding – in one volume (with an Introd...
The title of this book may seem to confuse two separate disciplines – finance and macroeconomics. However, it is based on the fact that finance and macroeconomics were integrated, at least in their formative years. It is a natural extension of a line of research that dominated monetary theory in the early part of the 20th century. Economists such as Keynes, Robertson, Hawtrey, Fisher, Hayek, and Schumpeter sought to blend the analysis of business cycles with their (often first-hand) experience of money and financial markets. The result was a monetary theory that provided the fertile background to what came to be called macroeconomics. However, in the post-war period, the monetary aspects o...