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

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  • Obstfeld, Maurice

    (U CA, Berkeley)

Abstract

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.

Suggested Citation

  • Obstfeld, Maurice, 2004. "Globalization, Macroeconomic Performance, and the Exchange Rates of Emerging Economies: Keynote Speech," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 22(S1), pages 29-55, December.
    • Handle: RePEc:ime:imemes:v:22:y:2004:i:s1:p:29-55
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    File URL: http://www.imes.boj.or.jp/research/papers/english/me22-s1-4.pdf
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    References listed on IDEAS

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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. Neumeyer, Pablo A. & Perri, Fabrizio, 2005. "Business cycles in emerging economies: the role of interest rates," Journal of Monetary Economics, Elsevier, vol. 52(2), pages 345-380, March.
    3. Obstfeld,Maurice & Taylor,Alan M., 2005. "Global Capital Markets," Cambridge Books, Cambridge University Press, number 9780521671798, April.
    4. 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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    Citations

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    Cited by:

    1. Erdal Ozmen, 2005. "Macroeconomic and institutional determinants of current account deficits," Applied Economics Letters, Taylor & Francis Journals, vol. 12(9), pages 557-560.
    2. repec:bis:bisbps:95 is not listed on IDEAS
    3. Soyoung Kim & Doo Yong Yang, 2011. "Financial and Monetary Cooperation in Asia: Challenges after the Global Financial Crisis," International Economic Journal, Taylor & Francis Journals, vol. 25(4), pages 573-587, December.
    4. Layal Mansour, 2013. "International Reserves versus External Debts : Can International reserves avoid future Financial Crisis in indebted Countries ?," Working Papers 1329, Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon.
    5. repec:kap:iecepo:v:14:y:2017:i:4:d:10.1007_s10368-016-0341-7 is not listed on IDEAS
    6. Maurico Obstfeld, 2004. "External adjustment," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 140(4), pages 541-568, December.
    7. Maurice Obstfeld, 2010. "Expanding gross asset positions and the international monetary system," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 463-478.
    8. Ehsan U. Choudhri & Hamid Faruqee & Stephen Tokarick, 2006. "Trade Liberalization, Macroeconomic Adjustment, and Welfare; Unifying Trade and Macro Models," IMF Working Papers 06/304, International Monetary Fund.
    9. Stijn Claessens & M. Ayhan Kose, 2017. "Asset prices and macroeconomic outcomes: A survey," CAMA Working Papers 2017-76, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    10. Duygu Yolcu Karadam & Erdal Özmen, 2016. "Real Exchange Rates and Growth," ERC Working Papers 1609, ERC - Economic Research Center, Middle East Technical University, revised Sep 2016.
    11. Ozmen, Erdal & ArInsoy, Deniz, 2005. "The original sin and the blessing trinity: An investigation," Journal of Policy Modeling, Elsevier, vol. 27(5), pages 599-609, July.
    12. Layal Mansour, 2013. "International Reserves versus External Debts : Can International reserves avoid future Financial Crisis in indebted Countries ?," Working Papers halshs-00864899, HAL.

    More about this item

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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