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Averting crisis? Assessing measures to manage financial integration in emerging economies

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  • Ilene Grabel

Abstract

The Asian crisis provides heterodox economists with the opportunity to investigate counterfactually whether the financial policies they have proposed would have averted the crisis. The paper argues that neo-liberal financial integration introduces distinct risks to emerging economies--currency, flight, fragility, contagion and sovereignty risks. The paper presents the financial policies endorsed by the heterodoxy--transactions taxes, trip wires and-or speed bumps, convertibility restrictions, the Chilean model and a publicly managed mutual fund. The paper considers whether these policies mitigate risks, and whether they could have prevented the Asian crisis (and the transmission thereof). The paper concludes with policies to avert future crises. Copyright 2003, Oxford University Press.

Suggested Citation

  • Ilene Grabel, 2003. "Averting crisis? Assessing measures to manage financial integration in emerging economies," Cambridge Journal of Economics, Oxford University Press, vol. 27(3), pages 317-336, May.
  • Handle: RePEc:oup:cambje:v:27:y:2003:i:3:p:317-336
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    Cited by:

    1. repec:cbu:jrnlec:y:2017:v:4:p:256-264 is not listed on IDEAS
    2. Moritz Cruz & Bernard Walters, 2008. "Is the accumulation of international reserves good for development?," Cambridge Journal of Economics, Oxford University Press, vol. 32(5), pages 665-681, September.
    3. Kevin Gallagher, 2011. "Regaining Control? Capital Controls and the Global Financial Crisis," Working Papers wp250, Political Economy Research Institute, University of Massachusetts at Amherst.
    4. K.S. Jomo & Ilene Grabel & Gerald Epstein, 2003. "Capital Management Techniques In Developing Countries: An Assessment of Experiences From the 1990s and Lessons for the Future," Working Papers wp56, Political Economy Research Institute, University of Massachusetts at Amherst.
    5. Gerald EPSTEIN & Ilene GRABEL & JOMO K.S., 2004. "Capital Management Techniques In Developing Countries: An Assessment Of Experiences From The 1990s And Lessons From The Future," G-24 Discussion Papers 27, United Nations Conference on Trade and Development.
    6. repec:ret:ecocri:rec24_02 is not listed on IDEAS
    7. TUNCEL, Cem Okan, 2012. "Finansal Liberalizasyon ve Küresel Krizin Yapısal Nedenleri: Gelişmekte Olan Ülkeler İçin Dersler
      [Financial Liberalization and the Structural Roots of the Global Crises: Lessons for Developing Cou
      ," MPRA Paper 42422, University Library of Munich, Germany.
    8. George DeMartino, 2011. "Free Trade or Social Tariffs?," Chapters,in: The Handbook of Globalisation, Second Edition, chapter 26 Edward Elgar Publishing.
    9. John T. Harvey, 2010. "Modeling financial crises: a schematic approach," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 33(1), pages 61-82, October.
    10. Grabel, Ilene, 2003. "The Revenue and Double Dividend Potential of Taxes on International Private Capital Flows and Securities Transactions," WIDER Working Paper Series 083, World Institute for Development Economic Research (UNU-WIDER).
    11. Ilene Grabel & Gerald Epstein, 2003. "Capital Management Techniques in Seven Developing Countries During the 1990s: Lessons for Policy Makers," Research Briefs rb2003-3, Political Economy Research Institute, University of Massachusetts at Amherst.
    12. Prakash Kumar Shrestha, Ph.D., 2016. "Macroeconomic Impact of International Reserves: Empirical Evidence from South Asia," NRB Working Paper 32/2016, Nepal Rastra Bank, Research Department.
    13. Fernando Ferrari Filho & Luiz Fernando de Paula, 2008. "Exchange Rate Policy and Capital Flows in Emerging Economies: a proposal based on Keynes’ ideas and keynesian approach," Anais do XXXVI Encontro Nacional de Economia [Proceedings of the 36th Brazilian Economics Meeting] 200806251450360, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    14. Bruno Coelho & Kevin Gallagher, 2010. "Capital Controls and 21st Century Financial Crises: Evidence from Colombia and Thailand," Working Papers wp213, Political Economy Research Institute, University of Massachusetts at Amherst.
    15. Shrestha, Prakash Kumar, 2013. "Banking Ssystems, central banks and international reserve accumulation in East Asian economies," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 7, pages 1-29.
    16. Rachel A. Epstein & Martin Rhodes, 2014. "Banking Nationalism on the Road to Banking Union," KFG Working Papers p0061, Free University Berlin.
    17. Kevin Gallagher, 2012. "The Myth of Financial Protectionism: The New (and old) Economics of Capital Controls," Working Papers wp278, Political Economy Research Institute, University of Massachusetts at Amherst.
    18. Kevin P. Gallagher, 2011. "Losing Control: Policy Space to Prevent and Mitigate Financial Crises in Trade and Investment Agreements," Development Policy Review, Overseas Development Institute, vol. 29(4), pages 387-413, July.
    19. Ilene Grabel, 2015. "The rebranding of capital controls in an era of productive incoherence," Review of International Political Economy, Taylor & Francis Journals, vol. 22(1), pages 7-43, February.
    20. Nissanke, Machiko, 2003. "Revenue Potential of the Currency Transaction Tax for Development Finance: A Critical Appraisal," WIDER Working Paper Series 081, World Institute for Development Economic Research (UNU-WIDER).
    21. Rumile Arana & Francisco A. Ramirez & Allan Wright, 2017. "Credit Risks and Monetary Policy within Caribbean Economies," IDB Publications (Working Papers) 8268, Inter-American Development Bank.

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