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Macro Volatility and Financial Institutions

In: Macroeconomic Volatility, Institutions and Financial Architectures

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  • José María Fanelli

Abstract

In the 1980s and 1990s many developing countries enthusiastically opened their capital accounts and implemented programs to deregulate their domestic financial markets. This enthusiasm, however, is currently waning. One important reason is that the deregulation of domestic financial markets was frequently associated with financial turmoil and increased exposure to changes in market sentiment. Neither the rules of the game designed for the domestic financial architecture (DFA) nor the institutions of the international financial architecture (IFA) could effectively cope with certain financial disequilibria.

Suggested Citation

  • José María Fanelli, 2008. "Macro Volatility and Financial Institutions," Palgrave Macmillan Books, in: José María Fanelli (ed.), Macroeconomic Volatility, Institutions and Financial Architectures, chapter 1, pages 1-24, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59018-2_1
    DOI: 10.1057/9780230590182_1
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    Citations

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    Cited by:

    1. Wu, Harry X., 2011. "Rethinking China.s Path of Industrialization," WIDER Working Paper Series 076, World Institute for Development Economic Research (UNU-WIDER).
    2. Sapci, Ayse, 2017. "Costly financial intermediation and excess consumption volatility," Journal of Macroeconomics, Elsevier, vol. 51(C), pages 97-114.
    3. Popov, Vladimir, 2010. "To devalue or not to devalue? How East European countries responded to the outflow of capital in 1997-99 and in 2008-09," MPRA Paper 28112, University Library of Munich, Germany.
    4. Cecilia Bermúdez & Carlos D. Dabús & Germán H. González, 2015. "Reexamining the link between instability and growth in Latin America: A dynamic panel data estimation using k-median clusters," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 52(1), pages 1-23, May.
    5. Harry X. Wu, 2011. "Rethinking China's Path of Industrialization," WIDER Working Paper Series wp-2011-076, World Institute for Development Economic Research (UNU-WIDER).
    6. Machinea, José Luis, 2008. "The international financial crisis: its nature and the economic policy challenges," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    7. Harry X. Wu & Deb Kusum Das & K. L. Krishna & Pilu Chandra Das, 2017. "How Does the Productivity and Economic Growth Performance of China and India Compare in the Post-Reform Era, 1981-2011?," International Productivity Monitor, Centre for the Study of Living Standards, vol. 33, pages 91-113, Fall.

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