Description

Editado por Leonardo Hernández & Klaus Schmidt-Hebbelgration during the past decade has enhanced market discipline but also caused greater strain in many emerging market economies' financial sectors, especially their banking systems. The potential benefits of financial integration, although large in the long run, may be outweighed in the short run if the transition process is inadequately managed and countries end up in a crisis. There is great need, especially among policy makers in developing countries, for policy advice on how to become financially integrated without increasing macro financial vulnerability.

This book attempts to partly fulfill this need by presenting new research on the relationship among institutional development, financial development, economic growth, boom-bust cycles and banking crises. Since understanding these relationships is essential to properly manage the transition towards full financial integration, this book should be of interest to policy makers and development economists alike.

Editado por Leonardo Hernández & Klaus Schmidt-Hebbel.

Comentarios

"Integrating financial intermediation into macroeconomic analysis is urgent in the wake of the many episodies of "twin crises" that the world has witnessed in recent years. This outstanding collection of articles by an impressive group of experts in the field addresses the issue in full - from the role of financial intermediation in long-run growth, to the role of intermediaries in generating and propagating crises and that of financial policies in post-crisis recovery . This collection provides insights and ample food for thought in all these areas. It belongs on the bookshelf of of any serious macroeconomist trying to understand how macroeconomics-financial sector links can affect the economy's performance"

Peter J. Montiel, Williams College

"Integration into international financial markets is no substitute for good macroeconomic management and sound domestic financial institutions. Quite the contrary, they complement each other well. Altoghether, the articles in this book offer an unusually rich and informative perspective on the perils of financial integration, along with the policies and institutions that work and do not work in this process. A tour de force for theorists and practitioners alike"

Ricardo J. Caballero, Massachusetts Institute of Technology

"In recent years, recognition of the importance of a healthy financial system to economic growth and the prevention of very costly financial crises has grown. This book contains a very useful collection of essays exploring the causes of recent international fonancial crises andt the steps necessary to improve the performance of banking and financial systems in emerging markets of banking and financial systems in emerging market countries. Valuable reading for researchers and policymakers alike"

Frederick S. Mishkin, Columbia University