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Can we create a stable international financial environment that ensures net resource transfers to developing countries?

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  • JAN KREGEL

Abstract

The response to increasingly frequent financial crises has concentrated on the governance of financial institutions and markets through the introduction of best practice norms to make them more robust. However, this approach may simply repeat the financial history of persistent crisis if Hyman Minsky's idea that financial crises are endemic and endogenous to the system is correct. This paper suggests an alternative balance sheet management approach to improve financial stability of developing countries recipient of large capital inflows.

Suggested Citation

  • Jan Kregel, 2004. "Can we create a stable international financial environment that ensures net resource transfers to developing countries?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 26(4), pages 573-590.
    • Handle: RePEc:mes:postke:v:26:y:2004:i:4:p:573-590
    DOI: 10.1080/01603477.2004.11051418
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    Cited by:

    1. -, 2005. "Growth, debt and finance in the Caribbean," Sede Subregional de la CEPAL para el Caribe (Estudios e Investigaciones) 38791, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. Mario Tonveronachi, 2006. "Foreign debt and financial fragility in the perspective of the emerging countries," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 59(236), pages 23-48.
    3. Raquel Almeida Ramos, 2017. "The Fragility of Emerging Currencies Since the 2000s - a Minskyan Analysis," CEPN Working Papers 2017-18, Centre d'Economie de l'Université de Paris Nord.
    4. Feijo, Carmen, 2024. "Stagnation of the Brazilian Economy and Peripheral Financialization," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 77(2), pages 207-232.
    5. Devin Thomas Rafferty, 2017. "“In Case of Emergency, Break-Open Glass†: The IMF’s “New†Institutional View, Financial Instability, and Financing Development Processes," Review of Radical Political Economics, Union for Radical Political Economics, vol. 49(4), pages 543-550, December.
    6. Domenica Tropeano, 2006. "Fiscal policy and economic adjustment in emerging economies: what happens after the economic reforms?," Working Papers 30-2006, Macerata University, Department of Finance and Economic Sciences, revised Nov 2008.
    7. repec:hal:cepnwp:hal-01619118 is not listed on IDEAS
    8. Guizzo, Danielle & Strachman, Eduardo & Dalto, Fabiano & Feijo, Carmem, 2018. "Financialisation and Development: how can emerging economies catch up?," MPRA Paper 87076, University Library of Munich, Germany.
    9. Tropeano, Domenica & Michetti, Elisabetta, 2008. "Exchange rate policy and income distribution in an open developing economy," MPRA Paper 6642, University Library of Munich, Germany.
    10. Victor Hugo Rocha Sarto & Luciana Togeiro de Almeida, 2015. "Currency crisis and external fragility: a Minskyan interpretation applied to the Brazilian economy between 1999 and 2013 [Currency crisis and external fragility: a Minskyan interpretation applied to t," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 25(spe), pages 891-938, December.
    11. Koddenbrock, Kai & Kvangraven, Ingrid Harvold & Sylla, Ndongo Samba, 2020. "Beyond Financialisation: The Need for a Longue Durée Understanding of Finance in Imperialism," OSF Preprints pjt7x, Center for Open Science.
    12. SULIMAN, Osman, 2013. "Do Capital Inflows Cause Currency Black Markets In Mena Countries? Causality Tests For Heterogeneous Panels," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 13(1), pages 187-202.
    13. Liudmila Malyshava, 2018. "External Instability in Transition: Applying Minsky's Theory of Financial Fragility to International Markets," Economics Working Paper Archive wp_909, Levy Economics Institute.
    14. Osman Suliman, 2008. "Do Capital Inflows Cause Currency Black Markets in MENA? Causality Tests for Heterogeneous Panels," Working Papers 381, Economic Research Forum, revised 01 Jan 2008.
    15. Mario Tonveronachi, 2006. "Foreign debt and financial fragility in the perspective of the emerging countries," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 59(236), pages 23-48.
    16. Mario Tonveronachi, 2006. "Debito estero e fragilità finanziaria nell’ottica dei paesi emergenti," Moneta e Credito, Economia civile, vol. 59(233), pages 45-72.
    17. Raquel A Ramos, 2017. "The Fragility of Emerging Currencies Since the 2000s: a Minskyan Analysis," Working Papers hal-01619118, HAL.

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