scholarly journals ADVANTAGES AND DISADVANTAGES OF THE LIBERALIZATION OF FOREIGN CURRENCY EXCHANGE ARRANGEMENTS IN UKRAINE

2017 ◽  
pp. 136-146
Author(s):  
Anzhela KUZNIETSOVA ◽  
Nataliia MISIATS
Keyword(s):  
Financial Markets ◽  
Financial Integration ◽  
Foreign Currency ◽  
Capital Inflows ◽  
Institutional Reforms ◽  
Developed Economies ◽  
Advantages And Disadvantages ◽  
Currency Exchange ◽  
Exchange Transactions

Introduction. The high openness level of the Ukrainian economy determines the necessity of join to the worldwide financial integration by means of gradual liberalization as a part of the foreign currency exchange arrangements reform. Purpose. The main aim of the paper is to develop methodological and applied principles for the foreign currency exchange liberalization in Ukraine. Results. It has been summarized the liberalization advantages and disadvantages, identified current economic items which prevent to achieve the liberalization positive consequences in Ukraine, defined the favorable sequence of the liberalization steps in Ukraine which also contains measures of recognizing foreign currency exchange transactions aimed for capital outflow. For successful liberalization it is necessary to enroot a precondition complex which is consists of economic, monetary, financial and institutional reforms. Conclusion. Tht main goals of the liberalization in Ukraine are the next: to attract the long-term capital inflows from developed economies, to obtain access to the global financial markets, to take liberalization advantages and to reduce its disadvantages and risks.

Deepening Integration

2017 ◽  
Author(s):  
Yilmaz Akyüz
Keyword(s):  
Emerging Economies ◽  
Financial Integration ◽  
Foreign Currency ◽  
Financial System ◽  
The United States ◽  
Bank Loans ◽  
Capital Inflows ◽  
Resident Participation ◽  
International Financial System ◽  
Private And Public

After recurrent crises with severe consequences in the 1990s and early 2000s EDEs have become even more closely integrated into what is now widely recognized as an inherently unstable international financial system. This chapter discusses the factors accelerating global financial integration of EDEs, including monetary policies in major advanced economies, notably the United States. It examines capital inflows and outflows, external balance sheets, the size and composition of gross external assets and liabilities, distinguishing between equity and debt, private and public sectors, local currency and foreign currency debt, bond issues and bank loans, and cross-border and local lending by international banks. It provides data and information on the currency composition of external debt, and non-resident participation in domestic financial markets of emerging economies. These are used to identify the changes in the depth and pattern of integration of emerging economies into the international financial system since the early 1990s.

scholarly journals International Financial Integration and Crisis Contagion

2019 ◽  
Vol 87 (3) ◽  
pp. 1174-1212 ◽  
Author(s):  
Michael B Devereux ◽  
Changhua Yu
Keyword(s):  
Financial Markets ◽  
Market Integration ◽  
Solution Method ◽  
Financial Integration ◽  
Trade Off ◽  
Developed Economies ◽  
International Financial Integration ◽  
State Of The Economy ◽  
Cross Country ◽  
The Impact

Abstract International financial integration helps to diversify risk but also may spread crises across countries. We provide a quantitative analysis of this trade-off in a two-country general equilibrium model with collateral-constrained borrowing using a global solution method. Borrowing constraints bind occasionally, depending upon the state of the economy and levels of inherited debt. We examine different degrees of international financial integration, moving from financial autarky, to bond and equity market integration. Financial integration leads to a significant increase in global leverage, substantially escalates the probability of crises for any one country, and dramatically increases the degree of “contagion” across countries. Outside of crises, the impact of financial integration on macroeconomic aggregates is relatively small. But the impact of a crisis with integrated international financial markets is much less severe than that under financial market autarky. Thus, a trade-off emerges between the probability of crises and the severity of crises. Using a large cross-country database of financial crises in developing and developed economies over a forty-year period, we find evidence in support of the model.

External Vulnerabilities

2017 ◽  
Author(s):  
Yilmaz Akyüz
Keyword(s):  
Exchange Rate ◽  
Financial Markets ◽  
Interest Rates ◽  
Financial Integration ◽  
Foreign Currency ◽  
Flexible Exchange Rate ◽  
Significant Loss ◽  
Currency Markets ◽  
Financial Shocks ◽  
Loss Of Autonomy

The deepened financial integration of EDEs has heightened their susceptibility to global financial shocks and increased the instability in their credit, assets, and currency markets. It has led to significant loss of autonomy over monetary policy and the entire spectrum of interest rates. At the same time, these countries are said to have become more resilient because they have adopted more flexible exchange rate regimes, accumulated large stocks of international reserves, and reduced their exposure to the exchange rate risk by shifting from foreign currency to local currency debt. This chapter critically examines these contentions and concludes that none of these practices provides adequate protection against external financial shocks, taking into account the new vulnerabilities entailed by the increased depth and changed pattern of integration, particularly greater presence of foreigners in domestic financial markets and of the nationals of emerging economies in markets abroad.

The Integration of Developing Countries Into International Financial Markets: Remarks from the Perspective of an Economic Ethics

2003 ◽  
Vol 13 (3) ◽  
pp. 337-359 ◽  
Author(s):  
Bernhard Emunds
Keyword(s):  
Developing Countries ◽  
Financial Markets ◽  
Financial Integration ◽  
Banking System ◽  
Capital Inflows ◽  
The South ◽  
The North ◽  
Authentic Development ◽  
Further Development ◽  
Portfolio Investments

Abstract:In this paper the co-responsibility of the North for the development of the South, the chance of an authentic development and Rawls’s maximin rule are indicated as the ethical perspectives from which the financial integration of developing countries will be evaluated. It follows a brief economic analysis of possible problems of high inflows of portfolio investments for developing countries. They become more vulnerable to financial and monetary crises and their domestic banking systems are weakened by a higher risk of devaluation. This will lead to an outline of the goals for reshaping the financial integration: among others limitation of capital inflows, strengthening of the domestic banking system and further development of the country’s particular economic style. Finally some regulations of external financial relations and the proposal of a cooperative monetary arrangement between the South and the North are discussed as possible measures to improve this integration.

scholarly journals Capital Markets Union: A Vision for the Long Term

2016 ◽  
Vol 2 (1) ◽  
pp. 130-153 ◽  
Author(s):  
Nicolas Véron ◽  
Guntram B. Wolff
Keyword(s):  
Financial Markets ◽  
Capital Markets ◽  
Financial Stability ◽  
Financial Integration ◽  
Bank Lending ◽  
The European Union ◽  
Short Term ◽  
Capital Markets Union ◽  
Improve Access

Abstract Capital Markets Union (CMU) is a welcome economic policy initiative. If well designed and implemented, it can improve access to funding, the allocation of capital, prospects for savers, and financial stability in the European Union. But since financial ecosystems only change slowly, CMU cannot be a short-term cyclical instrument to substitute for subdued bank lending. Shifting financial intermediation towards capital markets will require persistent action on multiple fronts. The policy agenda should aim to enhance both capital markets development and cross-border financial integration, two distinct but mutually reinforcing aims; to increase the transparency, reliability, and comparability of information, a key enabler of trust in financial markets which always involve information asymmetries; and to adequately address financial stability concerns. We propose a staged process to sustain the momentum and make Europe’s CMU fully worthy of its 'union' label.

Impact of Economic Globalization on Income Inequality: Developed Economies vs Emerging Economies

2016 ◽  
Vol 16 (1) ◽  
pp. 49-61 ◽  
Author(s):  
Inmee Baek ◽  
Qichao Shi
Keyword(s):  
Developing Countries ◽  
Income Inequality ◽  
Financial Markets ◽  
Emerging Economies ◽  
Financial Integration ◽  
Economic Globalization ◽  
Developed Countries ◽  
Trade Intensity ◽  
Developed Economies ◽  
Opening Up

This paper studies income inequality and globalization by decomposing economic globalization into trade intensity and financial integration, and also by differentiating the effect of globalization across developed and developing countries. Using panel data on 26 developed countries and 52 developing countries for the 1990–2010 period when globalization was accelerated, this study finds that financial integration affects the income inequality differently from trade intensity and the effect is in contrast across two groups of countries. For example, an increase in trade intensity would widen income inequality in developed countries, but it would reduce the inequality in developing countries. And, a deepening of the financial integration would reduce the income inequality in developed countries but increase the inequality in developing countries. These results suggest that income inequality of developing countries would deteriorate with an imprudent dependence on foreign financing or a rapid opening up of their financial markets to foreign investors, or when faced with more barriers on free international trade.

INTEGRATION IN BRIC STOCK MARKETS: AN EMPIRICAL ANALYSIS

2020 ◽  
Author(s):  
Paula Heliodoro ◽  
◽  
Rui Dias ◽  
Paulo Alexandre ◽  
Cristina Vasco ◽  
...  
Keyword(s):  
Financial Markets ◽  
Stock Markets ◽  
Sovereign Debt ◽  
Financial Integration ◽  
Statistical Significance ◽  
Sustainable Growth ◽  
Portfolio Diversification ◽  
Impulse Response Functions ◽  
Institutional Reforms ◽  
Global Pandemic

This paper aims to analyse financial integration in the markets of Brazil, China, India and Russia (BRIC’s), from July 2015 to June 2020, being the sample split in pre and during the global pandemic (Covid-19). In order to carry out this analysis, different approaches were undertaken to analyse two issues, namely, whether: (i) the global pandemic has accentuated the interdependencies in the BRIC financial markets? If so, how it has influenced the efficiency of portfolio diversification. The results suggest very significant levels of integration, in the Covid period these evidences diminish the chances of portfolio diversification in the long term. In turn, the analysis of the relationship between markets, in the short term, through the impulse response functions, in a period of global pandemic, shows positive/negative movements, with statistical significance, with persistence exceeding one week. In addition, there was no immediate adjustment in prices between markets, due to the high levels of shocks identified. Regarding the implementation of efficient portfolio diversification strategies, we consider that a good option for investors would be to avoid investments in stock markets. In this sense, one suggestion could be to invest in derivatives, gold and sovereign debt markets, with the purpose of diversifying portfolios and mitigating the risk arising from the global pandemic. The authors consider that the results achieved are of interest to investors seeking opportunities in these exchanges, as well as to policy makers to undertake institutional reforms in order to increase the efficiency of stock markets and promote the sustainable growth of financial markets.

The Second Start of Transformation in Ukraine?

2014 ◽  
pp. 30-52 ◽  
Author(s):  
L. Grigoryev ◽  
E. Buryak ◽  
A. Golyashev
Keyword(s):  
Economic Growth ◽  
Armed Conflict ◽  
Political Crisis ◽  
Investment Climate ◽  
Institutional Reforms ◽  
Personal Consumption ◽  
Governance Quality ◽  
Political Turmoil

The Ukrainian socio-economic crisis has been developing for years and resulted in the open socio-political turmoil and armed conflict. The Ukrainian population didn’t meet objectives of the post-Soviet transformation, and people were disillusioned for years, losing trust in the state and the Future. The role of workers’ remittances in the Ukrainian economy is underestimated, since the personal consumption and stability depend strongly on them. Social inequality, oligarchic control of key national assets contributed to instability as well as regional disparity, aggravated by identity differences. Economic growth is slow due to a long-term underinvestment, and prospects of improvement are dependent on some difficult institutional reforms, macro stability, open external markets and the elites’ consensus. Recovering after socio-economic and political crisis will need not merely time, but also governance quality improvement, institutions reform, the investment climate revival - that can be attributed as the second transformation in Ukraine.

Problems of Distance Education

2018 ◽  
Vol 7 (1) ◽  
pp. 14-23 ◽  
Author(s):  
Rostislav Fojtík
Keyword(s):  
Distance Education ◽  
Distance Learning ◽  
Computer Science ◽  
Full Time ◽  
Advantages And Disadvantages ◽  
E Learning ◽  
Educational Requirements

Abstract Distance learning and e-learning have significantly developed in recent years. It is also due to changing educational requirements, especially for adults. The article aims to show the advantages and disadvantages of distance learning. Examples of the 20-year use of the distance learning form of computer science describe the difficulties associated with the implementation and implementation of this form of teaching. The results of students in the full-time and distance form of teaching in the bachelor’s study of computer science are compared. Long-term findings show that distant students have significantly lower scores in the first years of study than full-time bachelor students. In the following years of study, the differences diminish, and students’ results are comparable. The article describes the possibilities of improving the quality of distance learning.

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