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International Monetary and Financial Hierarchies: Macroeconomic Implications for Emerging Market Economies

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  • Annina Kaltenbrunner

    (Leeds University Business School)

Abstract

This paper discusses the hierarchic features of the international monetary and financial system and the implications these hierarchies have for macroeconomic conditions in Emerging Capitalist Economies (ECEs) using the example of the Covid Shock in March 2020. In particular, it draws attention to two key macroeconomic implications: first, the existence of external vulnerability and adverse exchange rate dynamics, increasingly independent of economic conditions in ECEs; second, the external constraint on monetary policy in ECEs. Analytical emphasis is placed on how recent changes in the global financial system, such as the rise of non-bank financial institutions (NBFIs) and the general move to market-based financial systems, might affect those international monetary and financial hierarchies and their consequences.

Suggested Citation

  • Annina Kaltenbrunner, 2022. "International Monetary and Financial Hierarchies: Macroeconomic Implications for Emerging Market Economies," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(79), pages 159-167, May.
    • Handle: RePEc:bcr:ensayo:v:1:y:2022:i:79:p:159-167
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    More about this item

    Keywords

    international monetary system; international financial system; emerging capitalist economies; external vulnerability; monetary policy; non-bank financial institutions (NBFIs);
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts

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