Economic Globalization and Asia: Essays on Finance, Trade by Ramkishen S Rajan

By Ramkishen S Rajan

The time period "economic globalization" has been mentioned generally within the renowned press, by way of enterprise executives and by way of policy-makers around the globe. whereas educational economists have made a few first-class contributions to precise, technical features of financial globalization, there seems to be a necessity for economists to debate the wider facets of the difficulty in a extra available demeanour. Failing this, the overall debate could be knowledgeable in simple terms by way of the writings of non-economists. that's the motivation for this e-book, that's a suite of essays on a variety of features of financial globalization commonly, yet with particular connection with Asia.

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G. Japanese banks). It is also possible that the two economies might be impacted as their own financial institutions have large exposures to the Asia-5 economies and experience sharp capital losses. These are instances of actual pre-crisis linkages and qualify as financial spillovers. However, losses in one economy may lead banks (or open-end mutual funds, for that matter) to rationally unwind positions in other regional economies in which they have exposures. This so-called "forced portfolio adjustment" behaviour or "liquidity constrained" effect, which is a perfectly rational behavior, may occur for a number of reasons.

1994). "Open Regionalism: Its Analytic Basis and Relevance to the International System", Journal of Asian Economics, 5, pp. 273-290. Gerlach, S. and F. Smets (1995). "Contagious Speculative Attacks", European Journal of Political Economy, 11, pp. 5-63. Glick, R. and A. Rose (1999). ", Journal of International Money and Finance, 18, pp. 603-617. Goldstein, M. and J. Hawkins (1998). "The Role of Contagion in the Asian Financial Crisis", mimeo, Reserve Bank of Australia. Huh, C. and K. Kasa (1997).

And H. Wagner (2002). "Spreading Currency Crises: The Role of Economic Interdependence", Working Paper No. 02/144, IMF. Bikhchandani, S. and S. Sharma (2000). "Herd Behavior in Financial Markets — A Review", Working Paper No. 00/48, IMF. Bird, G. and R. Rajan (2001a). "International Currency Taxation and Currency Stabilisation in Developing Countries", Journal of Development Studies, 37, pp. 21-38. Bird, G. and R. Rajan (2001b). "Banks, Financial Liberalisation and Financial Crises in Emerging Markets", The World Economy, 24, pp.

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