Developments in, Financial Markets, Capital Flows, and International Financial Institutions, with a Focus on Asia

Abstract The degree of increased indebtedness in the Western Balkan countries is generated by increasing consumption in terms of increased economic growth and structural reforms. Although these countries have shown an increase in exports and foreign direct investment over the past few years, the current account deficit remains high, especially in the ratio between external debt and GDP, which is not only high but at the stage of growth. Also, as domestic financial markets are underdeveloped, these countries are to a large extent exposed to an increase in the price of foreign borrowing. The current borrowing policy continues with increasing investment in non-productive consumption, which requires renewed borrowing. The presentation of debt trends, analysis and comparison of external debt of these countries show relevant guidelines in the selection of an adequate economic policy that would enhance the competitiveness of this part of the Balkans. Also, a comparative analysis of the indebtedness ratio will especially assess the state of indebtedness in Serbia, the structure and the movement of external debt towards international financial institutions. The comparison in this paper is made using standard indices of indebtedness based on the data obtained from the national statistical institutes and international financial institutions.

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The counter-majoritarian difficulty in a neoliberal world: Socio-economic rights and deference in post-2008 austerity cases

Global Constitutionalism ◽

10.1017/s2045381719000212 ◽

2019 ◽

Vol 8 (3) ◽

pp. 605-638

Author(s):

KÁRI HÓLMAR RAGNARSSON

Keyword(s):

Financial Markets ◽

Financial Institutions ◽

Financial Capital ◽

International Financial Institutions ◽

2008 Financial Crisis ◽

Economic Rights ◽

Economic Context ◽

German Sociologist ◽

The 2008 Financial Crisis ◽

Political Economic

Abstract:In the aftermath of the 2008 financial crisis courts and rights took a backseat to demands of markets and international financial institutions for austerity. Deference and judicial restraint were prevalent in austerity litigation across various European jurisdictions. This article argues that the traditional view of deference to political branches on socio-economic rights should be revised in our political-economic context. Drawing on the work of German sociologist Wolfgang Streeck on representation failures of democratic institutions in our neoliberal era, the article argues that law’s abnegation in this sphere has the effect of securing and legitimising neoliberal hegemony and serves the interests of owners of financial capital. Deference in order to avoid judicial overreach does not entail deference to democracy as legislatures have come to view financial markets as their constituency alongside the general citizenry. As public finances have become marketised, deference to legislatures amounts to deference to markets. Judicial minimalism creates not more democracy but a specific set of winners and losers. In light of severe representation failures where legislatures become tools of market justice we might, subject to various caveats, view a more active judicial role as democracy-enhancing and as a potential counterweight in favour of social justice.

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GLOBALIZATION OF INTERNATIONAL FINANCIAL MARKETS

Scientific Bulletin of Ivano-Frankivsk National Technical University of Oil and Gas (Series: Economics and Management in the Oil and Gas Industry) ◽

10.31471/2409-0948-2019-1(19)-133-141 ◽

2019 ◽

pp. 133-141

Author(s):

I. I. Tubolec ◽

O. V. Tkalich

Keyword(s):

Real Estate ◽

Stock Market ◽

Financial Markets ◽

Financial Market ◽

Financial Institutions ◽

Precious Metals ◽

International Financial Institutions ◽

Financial Infrastructure ◽

Debt Market ◽

Global Stock

The article deals with one of the components of globalization - the globalization of financial markets. The article considers financial markets, which are the component of globalization. The study investigates the international financial institutions that together form the international financial infrastructure and the main subjects of financial globalization. The study investigates the international financial institutions, which collectively form the international financial infrastructure and main subjects of financial globalization. The segments of the global financial market, which include the global debt market, the global stock market, other global financial markets (precious metals, real estate insurance), the global currency market, are considered. The article considers the segments of the global financial market, such as the global debt market, the global stock market, the global currency market and other global financial markets (precious metals, real estate insurance etc.). The article presents the prospects of global financial markets, such as high world standards, higher level of diversification, higher liquidity and professional risk management. It is established that the basis of the globalization of the financial system lies in the interaction of such phenomena as: technological progress; growing competition: on the one hand, between lending and financial institutions in the financial markets, and on the other hand, between the financial markets themselves, due to the significant development of information technology and telecommunications; restructuring of credit and financial; wide internationalization of business due to the increasing transnational nature of corporations; consolidation of regional integration associations (in Europe - Economic and Monetary Union); weakening of the firm control over the implementation of international agreements related to the movement of capital stock exchanges; - macroeconomic stabilization and reform in a number of developing and transition countries that have created a favorable climate for foreign investors; widespread use of the "principle of the lever". We investigated that the integration of international capital markets, merger of financial institutions, the tendency to increase speculative operations in the financial markets and financial crises are the global trends in the development of international financial markets in the requisition of globalization. It is proved that the, the emergence of the global financial space is represented by an increase in international financial flows, volumes of all types of international transactions, an increase in the number of companies and financial groups that operate outside of the national financial systems.

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The World Bank, the Monetary Fund, and Poverty

International Journal of Health Services ◽

10.2190/xhtr-48q9-j3mu-1dgq ◽

1994 ◽

Vol 24 (3) ◽

pp. 567-578 ◽

Cited By ~ 5

Author(s):

Horst Brand

Keyword(s):

Developing Countries ◽

Financial Markets ◽

Interest Rates ◽

World Bank ◽

Financial Institutions ◽

Debt Crisis ◽

International Financial Institutions ◽

The World Bank ◽

The World ◽

The International Monetary Fund

The debt crisis into which heavy borrowing, steeply rising interest rates, and a worldwide recession had plunged a number of developing countries in the late 1970s and 1980s was alleviated largely by policies and conditionalities imposed by the International Monetary Fund and the World Bank. These policies and conditions were meant to strengthen the export and financial markets of those countries, stabilize their currencies, and reduce the reach of their governments in their economies. However, they contributed to deepening poverty and structural crises, as the reports and data published by the international financial institutions themselves attest.

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Restrictions on Capital Flows and International Financial Institutions’ Support

International Organisations Research Journal ◽

10.17323/1996-7845-2020-03-02 ◽

2020 ◽

Vol 15 (3) ◽

pp. 55-71

Author(s):

Chokri Zehri ◽

Keyword(s):

Financial Crisis ◽

Financial Institutions ◽

Capital Flows ◽

Capital Controls ◽

Impulse Response Functions ◽

International Financial Institutions ◽

Macroeconomic Policies ◽

2008 Financial Crisis ◽

Vector Autoregressive ◽

The 2008 Financial Crisis

n the wake of the 2008 financial crisis, international financial institutions have changed their views on the benefits of capital account liberalization and the management of capital flows. The International Monetary Fund (IMF) began to publicly express support for what have traditionally been referred to as “capital controls.” The impacts of restrictions on capital flows have, unfortunately, still not been established, and capital controls create distortions if they remain in place indefinitely. The present study uses quarterly data on capital controls in 25 emerging economies over the period between 2000 and 2016. Through an examination of a panel vector autoregressive (PVAR) with variance decomposition and impulse-response functions analysis, the study provides further evidence of some domestic effects of restrictions on capital flows. The results show that restrictions were more effective following the 2008 financial crisis and allowed for more monetary policy autonomy and exchange rate stability. Unexpectedly, the findings do not show any significant impact on international reserves accumulation. The study highlights the necessity of following the international financial organizations’ guidelines to well manage external capital flows and to better coordinate macroeconomic policies in the hope of finding an optimal policy mix.

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INTERACTION OF THE NATIONAL ECONOMY OF UKRAINE WITH INTERNATIONAL CREDIT AND FINANCIAL ORGANIZATIONS

International scientific journal Internauka Series Economical Sciences ◽

10.25313/2520-2294-2020-11-6580 ◽

2017 ◽

Author(s):

Serhii Voitko ◽

◽

Yuliia Borodinova ◽

Keyword(s):

Financial Institutions ◽

National Economy ◽

Financial Support ◽

Global Economy ◽

Financial Sector ◽

Negative Consequences ◽

International Financial Institutions ◽

The Future ◽

International Credit

The article examines the interaction of the national economy of Ukraine with international credit and financial organizations, evaluates the positive and negative consequences and identifies possible areas for further cooperation. The role of international credit and financial organizations in the development of the global economy is analyzed. Today, international financial institutions have taken a leading place among institutions that provide financial support and contribute to the implementation of necessary reforms aimed at developing enterprises in various sectors of the economy and strengthening the country's financial sector as a whole. The importance of cooperation between Ukraine and international financial institutions for the development of the country's economy has been determined. The problems and directions of development of cooperation with leading credit and financial organizations in modern conditions are identified. Despite the presence of certain shortcomings, cooperation between Ukraine and international credit and financial organizations will continue in the future.

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Tools for Investing in the “Green” Economy: World Experience and Prospects in Russia

Economy of agricultural and processing enterprises ◽

10.31442/0235-2494-2020-0-11-46-50 ◽

2020 ◽

pp. 46-50

Author(s):

N.I. Chovgan ◽

◽

O.S. Akupiyan ◽

Keyword(s):

Financial Market ◽

Financial Institutions ◽

Capital Market ◽

Capital Flows ◽

Green Economy ◽

Financial Resources ◽

Insurance Markets ◽

Market Mechanisms ◽

Research Areas ◽

Reproduction Process

The development of the modern capital market and innovative technologies, including in the financial sector, creates the need to expand the research areas of the reproduction process and individual mechanisms that support it. Financial institutions are constantly required participants in responsible financing. Investors’ expectations regarding investments in environmental production and technologies reorient capital flows to these areas, and schemes for attracting financial resources and distributing risks in the process of implementing the principles of sustainable development are considered as unified. The article analyzes transformations and reviews the existing experience of forming appropriate mechanisms, justifies the functioning of the most effective ones. Among the investment and financial mechanisms of the “green” economy, the most important are budget investment mechanisms and financial market mechanisms. The mechanisms of the stock, credit and insurance markets are identified as components of the financial market mechanisms.

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