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Globalization, Macroeconomic Performance, and the Exchange Rates of Emerging Economies: Keynote Speech

  • Obstfeld, Maurice

    (U CA, Berkeley)

Among the developing countries of the world, those emerging markets that have sought some degree of integration into the global financial system are characterized by higher per capita incomes, higher long-run growth rates, and lower output and consumption volatility. These characteristics are more likely to be causes than effects of financial integration. The measurable gains from financial integration appear to be lower for emerging markets than for higher-income countries, and appear to have been limited by recent crises. One factor limiting the gains from financial integration is the difficulty emerging economies face in resolving the open-economy trilemma. Given their structural and institutional features, many emerging economies cannot live comfortably either with fixed or with freely floating exchange rates. Most recently, the exchange rates of several emerging countries display attempts at stabilization punctuated by high volatility in periods of market stress.

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File URL: http://www.imes.boj.or.jp/research/papers/english/me22-s1-4.pdf
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Article provided by Institute for Monetary and Economic Studies, Bank of Japan in its journal Monetary and Economic Studies.

Volume (Year): 22 (2004)
Issue (Month): S1 (December)
Pages: 29-55

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Handle: RePEc:ime:imemes:v:22:y:2004:i:s1:p:29-55
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  1. Uribe, Martin & Yue, Vivian Z., 2006. "Country spreads and emerging countries: Who drives whom?," Journal of International Economics, Elsevier, vol. 69(1), pages 6-36, June.
  2. Pablo A. Neumeyer & Fabrizio Perri, 2004. "Business Cycles in Emerging Economies: The Role of Interest Rates," NBER Working Papers 10387, National Bureau of Economic Research, Inc.
  3. Wright, Mark L. J., 2004. "Global Capital Markets: Integration, Crisis, and Growth. By Maurice Obstfeld and Alan M. Taylor. Cambridge: Cambridge University Press, 2004. Pp. xviii, 354. $65," The Journal of Economic History, Cambridge University Press, vol. 64(04), pages 1151-1153, December.
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