Financial Liberalisation: Past, Present and Future

Financial Liberalization, the Finance- Growth Nexus, Financial Crises and Policy ImplicationsIntroduction Historical, Theoretical, and Empirical Background of Financial LiberalizationHistorical BackgroundTheoretical and Empirical Aspects of Financial LiberalizationFinancial Liberalization and CrisesPolicy ImplicationsFinancial Stability ProposalsSummary and ConclusionsReferencesConfronting FinancialisationIntroduction Remarks on FinancializationFinancialization and Economic PerformanceFinance and GrowthFinance and CrisisFinancial Liberalization and GrowthShareholder Value, Investment and Industrial RestructuringInequality and PovertyMis-selling and Market FixingTowards De-financializationThe Need for De-financializationCredit, Loans and Financial InstitutionsAlternative Institutional StructuresMutual and Cooperative Local Financial InstitutionsRegional BankingMicrofinance InstitutionsState Development and Investment BanksEthical BankingCredit Allocation PoliciesDownsizing the Financial SectorFinancial Transactions TaxesSome Concluding ThoughtsReferencesFinancialization and the Financial Balance Sheets of Economic Sectors in the EurozoneIntroduction Does There Exist a Variegated Financialisation Process in the Eurozone?The Impact of the Great Recession on the Composition of Financial Balance SheetsFinancial Balance Sheets of the Total EconomyFinancial Balance Sheets of Non-Financial CorporationsFinancial Balance Sheets of Financial CorporationsFinancial Balance Sheets of HouseholdsFinancial Balance Sheets of General GovernmentsFinancialization and Economic Activity in the EurozoneFinancialization and Real GDPFinancialization and Gross Fixed Capital Formation of the Total EconomyFinancialization and Gross Fixed Capital Formation of Non-Financial CorporationsFinancialization and Private ConsumptionFinancialization and Households Gross Saving RateSummary and ConclusionsReferencesAchieving Financial Stability and Growth in AfricaIntroduction Roles of FinanceLiberalization of Finance and Its ImpactBoom-Bust in Capital FlowsKey Features of African LICs' Financial SectorsKey Issues Arising from the LiteratureAccess to Credit in African LICsThe Structure of Financial Sectors and the Pace of Growth of FinanceEmpirical Evidence from Case-Study FindingsDomestic Credit, Inclusive Growth and StabilityExternal Credit, Growth and StabilityRegulatory Challenges Facing African CountriesMain Policy Conclusions and Research ChallengesReferencesCapital Controls in a Time of CrisisIntroductionThe Origins of Change: Capital Controls and the East Asian CrisisRebranding Capital Controls During the Global CrisisIncreasing State Autonomy in the Global South and EastIncreasing Assertiveness in the Developing WorldCounter-Cyclical PoliciesArchitectural InnovationsNew Lenders, Renewed PressuresThe IMF's Constrained Geography of InfluenceWinners, Losers, Spillovers, and Capital Controls‘Too Much of a Good Thing’“Stopping the Bleeding”‘Taper Tantrums’ and the New Outflow RoutSimilar Pressures, Dissimilar Responses, and Legal ConstraintsRevising the Rule BookThe Economics Profession, the IMF, and the New Pragmatism on Capital ControlsNeoclassical Economics and Capital ControlsThe IMF and Capital ControlsSummary and ConclusionsReferencesCapital Controls and the Icelandic Banking Collapse: An AssessmentIntroductionThe Rise and Fall of the Icelandic Banking SystemThe Banking Collapse and Its AftermathThe Crisis in RetrospectHow Effective Were Capital Controls in Iceland?A Comparison of the Thai (1997) and Icelandic (2008) Financial CrisisThe Political Economy of Capital ControlsReferencesStemming the Tide: Capital Account Regulations in Developing and Emerging CountriesIntroductionDefinition and DifferentiationThe Economic RationaleThe 1980s and 1990s: Capital Account Liberalization and the Demise of Capital ControlsThe 2000s: The Global Financial Crisis and the Rebirth of Capital ControlsCapital Controls and their Effectiveness: Empirical EvidenceAn Assessment of the Most Recent Capital Control MeasuresSummary and Conclusions, and Looking AheadReferencesFinancial Regulation and the Current AccountIntroduction Theoretical FrameworkHow Does Financial Repression/Liberalization Affect the Response of the Current Account to Output Shocks?Empirical Methodology and DataGeneral MethodologyEmpirical EstimationInference and Identification of Net Output ShocksDataEmpirical ResultsRobustnessSummary and ConclusionsAppendixDeriving the Linearized Budget ConstraintDerivation of the Current Account Reaction Function with External Habits and a Constant World Real Interest RateDerivation of the Current Account Reaction Function with Internal Habits and a Constant World Real Interest RateDerivation of the Current Account Reaction Function Under a Stochastic Time-varying World Real Interest Rate and No Habitual ConsumptionBayesian Estimation of the Panel VAR ModelReferences
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