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Emerging Economies Faced With The Downside Of Financial Globalization: Hedges And Way Outs

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  • Sorin BURNETE

    (Department of Economics, “Lucian Blaga“ University of Sibiu, Romania.)

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    Abstract

    The underlining assumption of this paper is that developing countries are in a fragile state nowadays. Economically, they have been seriously harmed by the 2008 crisis1 but this is not the end of the story: the future still has pitfalls in which these economies might get trapped, due to their enhanced vulnerability to exogenous shocks generated by financial globalization. Ideologically, the recent events have triggered a serious backlash against capitalism, particularly the Anglo-Saxon template. Getting an insight into the causes and implications of global economic crises is therefore critical for policy-makers in emerging economies. History might be a good adviser in this respect. Lessons from the past are even more important for ex-communist nations, whose confidence in capitalism’s potential is still shaky. Some of the possible hedges against and/or way outs from such scourging events are discussed in the paper.

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    Bibliographic Info

    Article provided by Alexandru Ioan Cuza University, Faculty of Economics and Business Administration in its journal Review of Economic and Business Studies.

    Volume (Year): (2009)
    Issue (Month): 3 (May)
    Pages: 41-55

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    Handle: RePEc:aic:revebs:y:2009:i:3:burnetes

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    Related research

    Keywords: financial globalization; money mercantilism; currency crises; international reserves; speculative attacks; capital controls; regulation;

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    1. Kristina Kittelmann & Marcel Tirpak & Rainer Schweickert & Lúcio Vinhas de Souza, 2006. "From Transition Crises to Macroeconomic Stability? Lessons from a Crises Early Warning System for Eastern European and CIS Countries," Kiel Working Papers 1269, Kiel Institute for the World Economy.
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    13. Jagdish Bhagwati, 2005. "In Defense of Globalization," 'Angelo Costa' Lectures Serie, SIPI Spa, issue Lect. VI.
    14. J. Bradford Delong, 1999. "Financial Crises in the 1890s and the 1990s: Must History Repeat," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(2), pages 253-294.
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