Financial Globalization and the Emerging Market Economy by Dilip K. Das

By Dilip K. Das

This publication might be of curiosity to scholars and lecturers in lots of parts together with foreign economics, foreign finance and overseas political economic system. it's going to additionally offer an invaluable resource of knowledge if you happen to paintings within the monetary at huge.

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5 Following the Brady exchanges, when private capital flows to the emerging market economies resumed in the 1990s, there was a marked surge in capital flows to the emerging markets of Asia. ” They were being extolled for the high quality of their human resources, sound macroeconomic policies, better institutional base, and market-friendly governments. Private capital flows to the emerging markets during the 1990s were stimulated by two new trends; the first was toward globalization of markets for emerging market securities, while the second was toward broadening of the investor base.

These assets could not be accumulated without the assistance of international financial markets. To finance these purchases, Chilean firms floated bonds in the international financial markets. Changing global investor categories With variations in the use of financial instruments, the global private investor categories also underwent a transformation. Development of bonds and equity markets in the emerging market economies attracted a different set of global investors to these countries. During the 1990s, two generic investor categories became active; crossover investors and dedicated investors (Perrault, 2002).

According to the statistics compiled by the Bank for International Settlements (BIS), European banks were the most globalized by 1997. They had not only the highest exposure to the emerging market economies, but also the largest geographical spread in terms of banking activity (BIS, 2002). Unlike European banks, the global lending growth of American banks was slow and cautious. This was because their balance sheets had suffered serious losses during the 1982 debt crisis in the Western hemisphere.

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