What Makes Developing Asia Resilient in a Financially Globalized World?

1. Person: Ito, Hiro
Weitere Personen: Jongwanich, Juthathip; Terada-Hagiwara, Akiko
Format: Online-Artikel
Sprache: English
Veröffentlicht: Asian Development Bank (ADB) 2009
Serien: ADB Economics Working Paper Series
Online Zugang: https://www.econstor.eu/bitstream/10419/109360/1/ewp-181.pdf
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oai_econstor.eu_10419-109360
recordtype
econstor
institution
MPG
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ECONSTOR
title
What Makes Developing Asia Resilient in a Financially Globalized World?
spellingShingle
What Makes Developing Asia Resilient in a Financially Globalized World?
Ito, Hiro
ADB Economics Working Paper Series
title_short
What Makes Developing Asia Resilient in a Financially Globalized World?
title_full
What Makes Developing Asia Resilient in a Financially Globalized World?
title_fullStr
What Makes Developing Asia Resilient in a Financially Globalized World?
title_full_unstemmed
What Makes Developing Asia Resilient in a Financially Globalized World?
title_sort
What Makes Developing Asia Resilient in a Financially Globalized World?
format
electronic Article
format_phy_str_mv
Paper
publisher
Asian Development Bank (ADB)
publishDate
2009
language
English
author
Ito, Hiro
author2
Jongwanich, Juthathip
Terada-Hagiwara, Akiko
author2Str
Jongwanich, Juthathip
Terada-Hagiwara, Akiko
description
The pullbacks of capital inflows to developing Asia following the onset of the global financial crisis in 2008 have brought renewed attention to the role and benefits of financial globalization. A number of notable distinctions between the current global crisis and the Asian financial crisis have become evident. Solid domestic institutions, especially in the financial sector; swift policy responses; and a sound macroeconomic environment with adequate reserves have helped the region to manage well the adverse impacts of the global crisis. Empirical analysis examining the link between capital account openness and output volatility reveals that a developing country with a more open capital market tends to experience lower output volatility, contrary to what might be expected. It is also found that countries can mitigate the destabilizing effect of pursuing greater exchange rate stability by holding a sufficiently high level of foreign reserves. Furthermore, if they want to reap the benefit of financial liberalization to reduce output volatility, highly integrated economies need to be equipped with highly developed financial markets, particularly of banking and stock markets.
url
https://www.econstor.eu/bitstream/10419/109360/1/ewp-181.pdf
series
ADB Economics Working Paper Series
seriesStr
ADB Economics Working Paper Series
ADB Economics Working Paper Series
series2
ADB Economics Working Paper Series
series2_facet
ADB Economics Working Paper Series
up_date
2019-11-15T03:54:27.400Z
_version_
1650238501594071042

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