Financial Openness and National Autonomy: Opportunities and Constraints
Tariq Banuri, Juliet Schor, Associate Professor of Economics Juliet B Schor
Clarendon Press, 1992 - Business & Economics - 288 pages
The previous decade ushered in a globalization of finance and governments abandoned their "Keynesian" responsibility to engage in international financial management. A new doctrine of global neoclassicism arose, based on the premise that regulation of financial markets was futile. This volume rejects that approach, and asks whether national policy autonomy is still possible. The authors address financial openness from a "political economy" perspective, including both general historical and theoretical approaches, as well as case studies of countries such as Australia, Mexico, and Pakistan.
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OPENNESS FINANCIAL INNOVATION CHANGING
ARE WORLD FINANCIAL MARKETS MORE OPEN? IF
FINANCIAL MARKETS VERSUS GOVERNMENTS
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adjustment argued asset Australia autonomy average balance banks become black market bonds borrowing capital controls capital mobility changes controls costs countries currency debt deficit demand depends developing direct dollar domestic economic effects equity evidence exchange controls exchange rate expected exports external financial markets fiscal floating flows forces foreign France funds Germany global gold greater growth holdings important increase independent inflation inflows institutions integration interest interest rates investment issues Italy Japan less limited macroeconomic major measures ment monetary policy movements OECD official openness operation payments period political position possible premium present problem profit reduce relations relative remittances Reserve response restrictions result risk savings sector securities share significant Source speculative standard structural suggests supply Table tion trade transactions variables volume