Implications of Globalization for Monetary Policy

Wagner, Helmut

doi:10.2139/ssrn.880269

Cited by 6 publications

(1 citation statement)

References 67 publications

(84 reference statements)

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“…The debate has reached the general public, with i.e. Krugman (2002), Stiglitz (2002), Wagner (2002), Wei -Yi (2002), broadly criticizing the functioning of the international financial system. With many more economists joining the ranks of those supporting intervention in financial markets, long gone seem to be the days of an indiscriminate advocacy of financial integration.…”

Section: Introductionmentioning

confidence: 99%

Macroeconomic aspects of financial liberalization

Mirdala

2006

Panoeconomicus

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The positive and the negative macroeconomic aspects of the financial liberalization for the developing and emerging economies are well described in the present literature. But it is not easy to clearly summarize the final effects of the financial integration on the certain country. For instance the argument about the growth benefits of the capital account liberalization is likely to be inadequate considering the financial crises in the emerging markets at the end of the last century. On the other hand, many authors (especially in the financial literature) report that the equity market liberalizations help to significantly boost the economic growth. There are also some examples on the microeconomic level (firm level or industry level) when the international financial integration brings certain benefits to the integrated enterprises and the capital flows restriction leads to the distortionary effects. In the paper we analyze the macroeconomic effects of the capital flows liberalization

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Section: Introductionmentioning

confidence: 99%

Macroeconomic aspects of financial liberalization

Mirdala

2006

Panoeconomicus

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Growth Effects of "Heterogeneous" Economic Integration: the Example of EMU Enlargement

Wagner¹

2002

JEI

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At present, the European Union (EU) is facing the biggest round of enlargement in its history. Many of the EU accession countries, which are less developed than the incumbents, will seek accession to the European Monetary Union (EMU) soon after the required two-year qualifying period. This is justified by the effort to avoid the danger of financial instability in the period prior to euro-introduction. However, by trying to avoid this danger, some of them may run into another danger, namely of a lack of real convergence. The paper investigates this danger.

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Implications of Globalization for Monetary Policy

Cited by 6 publications

References 67 publications

Macroeconomic aspects of financial liberalization

Macroeconomic aspects of financial liberalization

Growth Effects of "Heterogeneous" Economic Integration: the Example of EMU Enlargement

Pitfalls in the European Enlargement Process: Financial Instability and Real Divergence

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