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Playing with Fire
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Playing with Fire: Deepened Financial Integration and Changing Vulnerabilities of the Global South

Yilmaz Akyüz

Abstract

From the early 1990s many emerging and developing economies (EDEs) liberalized their capital accounts, allowing greater freedom for international lenders and investors to enter their markets, as well as for their residents to operate in international financial markets. Despite recurrent crises, liberalization has accelerated in the new millennium. Global financial integration of EDEs has been greatly facilitated by progressively looser US monetary policy, notably policies culminating in crises in the US and Europe and the ultra-easy monetary policies adopted in response. Not only have traditio ... More

Keywords: emerging and developing economies, liberalization, financial integration, financial fragility, external vulnerabilities, boom–bust cycles, financial crisis, crisis resolution

Bibliographic Information

Print publication date: 2017 Print ISBN-13: 9780198797173
Published to Oxford Scholarship Online: July 2017 DOI:10.1093/oso/9780198797173.001.0001

Authors

Affiliations are at time of print publication.

Yilmaz Akyüz, author
Chief Economist, South Centre

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Contents

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Part I The Financial Crisis, Policy Response, and the Global South

Part II Internationalization of Finance and Changing Vulnerabilities in Emerging and Developing Economies

Part III Foreign Direct Investment and Economic Development: Myths and Realities

End Matter