Marko Dimitrijević and Timothy Mistele
- Published in print:
- 2016
- Published Online:
- September 2017
- ISBN:
- 9780231170444
- eISBN:
- 9780231542357
- Item type:
- chapter
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231170444.003.0002
- Subject:
- Business and Management, Strategy
Argues that emerging markets have emerged; the traditional distinctions between emerging and developed markets—the size of their economies, the size of their financial markets, corporate governance, ...
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Argues that emerging markets have emerged; the traditional distinctions between emerging and developed markets—the size of their economies, the size of their financial markets, corporate governance, government policies, even growth—have blurred or disappeared; the one surviving distinction between them is the price you pay for growth.Less
Argues that emerging markets have emerged; the traditional distinctions between emerging and developed markets—the size of their economies, the size of their financial markets, corporate governance, government policies, even growth—have blurred or disappeared; the one surviving distinction between them is the price you pay for growth.
Mariya Y. Omelicheva
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9780813160689
- eISBN:
- 9780813161006
- Item type:
- chapter
- Publisher:
- University Press of Kentucky
- DOI:
- 10.5810/kentucky/9780813160689.003.0004
- Subject:
- Political Science, Democratization
Discussed in this chapter are US and EU views on democracy and international democratization, as well as normative and instrumental beliefs about the benefits and intrinsic merits of democracy as a ...
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Discussed in this chapter are US and EU views on democracy and international democratization, as well as normative and instrumental beliefs about the benefits and intrinsic merits of democracy as a political system that underlie the US and EU frames. Despite the growing strategic importance of Central Asia for both the US and EU, the official discourses of American and European administrations have framed democracy assistance as a necessary, if not inevitable, element of foreign policy. Western-sponsored foundations and NGOs pursued a range of liberalization and democracy-enhancement projects in Central Asia that were similar to those introduced in other former Soviet territories. The IMF and World Bank also became heavily involved in advising all the Central Asian governments on the macro-level reforms required for rapid economic liberalization. This chapter names democracy, good governance, and the rule of law as the focus of US and EU engagement with the region. There are, however, important differences in terms of views on democracy and expectations in Central Asia that must be supported to facilitate these countries' democratic transformation, conveyed through the language of discourse.Less
Discussed in this chapter are US and EU views on democracy and international democratization, as well as normative and instrumental beliefs about the benefits and intrinsic merits of democracy as a political system that underlie the US and EU frames. Despite the growing strategic importance of Central Asia for both the US and EU, the official discourses of American and European administrations have framed democracy assistance as a necessary, if not inevitable, element of foreign policy. Western-sponsored foundations and NGOs pursued a range of liberalization and democracy-enhancement projects in Central Asia that were similar to those introduced in other former Soviet territories. The IMF and World Bank also became heavily involved in advising all the Central Asian governments on the macro-level reforms required for rapid economic liberalization. This chapter names democracy, good governance, and the rule of law as the focus of US and EU engagement with the region. There are, however, important differences in terms of views on democracy and expectations in Central Asia that must be supported to facilitate these countries' democratic transformation, conveyed through the language of discourse.
Guillermo A. Calvo
- Published in print:
- 2016
- Published Online:
- May 2017
- ISBN:
- 9780262035415
- eISBN:
- 9780262336017
- Item type:
- book
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262035415.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
The book claims that liquidity issues are at the heart of recent financial crises, and their analysis helps to explain phenomena that are alien to mainstream macroeconomic models. To make this point, ...
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The book claims that liquidity issues are at the heart of recent financial crises, and their analysis helps to explain phenomena that are alien to mainstream macroeconomic models. To make this point, the book first reviews crisis episodes starting with Mexico's Tequila crisis in 1994/5 and including the Great Recession in developed-market economies. The narrative reveals wide gaps in conventional models and the existence of stubborn intellectual inertia in dealing with these crises. The book devotes an entire chapter to discussing liquidity, highlighting that resilience with respect to Liquidity Crunch differs across liquid assets. This observation helps to rationalize a large set of phenomena, including resilience of the US dollar vis à vis other dollar-denominated liquid assets; global contagion in financial markets; effectiveness and limitations of central bank monetary policy; and negative effects of low and persistent international interest rates. Some of these phenomena – and others like secular stagnation – become evident once liquidity is explicitly introduced in mainstream models. In two econometric studies the book (1) focuses on Liquidity Crunch as an important component of “non-regular” recessions; and (2) identifies factors likely to contribute to Sudden Stop vulnerability in emerging-market economies.Less
The book claims that liquidity issues are at the heart of recent financial crises, and their analysis helps to explain phenomena that are alien to mainstream macroeconomic models. To make this point, the book first reviews crisis episodes starting with Mexico's Tequila crisis in 1994/5 and including the Great Recession in developed-market economies. The narrative reveals wide gaps in conventional models and the existence of stubborn intellectual inertia in dealing with these crises. The book devotes an entire chapter to discussing liquidity, highlighting that resilience with respect to Liquidity Crunch differs across liquid assets. This observation helps to rationalize a large set of phenomena, including resilience of the US dollar vis à vis other dollar-denominated liquid assets; global contagion in financial markets; effectiveness and limitations of central bank monetary policy; and negative effects of low and persistent international interest rates. Some of these phenomena – and others like secular stagnation – become evident once liquidity is explicitly introduced in mainstream models. In two econometric studies the book (1) focuses on Liquidity Crunch as an important component of “non-regular” recessions; and (2) identifies factors likely to contribute to Sudden Stop vulnerability in emerging-market economies.
