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.

Peter J. Montiel, Pierre-Richer Agenor, and Nadeem ul Haque. Informal Financial Markets in Developing Countries: A Macroeconomic Analysis. Published in the "Advances in Theoretical and Applied Economics" series edited by Homa Motamen-Scobie. Oxford: Blackwell. 1992. i-xi + 212 pp., including appendices. Hardbound. £40.00.

1993 ◽  
Vol 32 (3) ◽  
pp. 332-335
Author(s):  
Willem Van der Geest
Keyword(s):  
Developing Countries ◽  
Financial Markets ◽  
Foreign Exchange ◽  
Capital Mobility ◽  
Banking System ◽  
Exchange Rate Policy ◽  
Informal Markets ◽  
Financial Repression ◽  
Macroeconomic Analysis ◽  
Econometric Analyses

This volume reviews the nature and scope of informal financial markets in developing countries and elaborates on the theoretical and conceptual models which analyse 'financial repression' and other aspects of government intervention in financial markets. It also focuses on the consequences which the prevalence of informal financial markets in developing countries may have for monetary and exchange rate policy. In particular, it attempts to capture the functioning of informal, unregulated markets into macroeconomic models, working towards a general eqUilibrium model with informal financial markets. Two types of informal markets are analysed. The first are for informal lending at terms and conditions which differ greatly from those prevailing in the official banking system. The second are the 'parallel' markets for foreign exchange which tend to emerge in response to quantity restrictions on trade and administered allocation of foreign exchange to certain users at official rates, which are well below those on the parellel markets. The key question is whether these informal markets change the efficacy of monetary and credit policy-and, if they do, to what extent and in what direction? Two supporting appendices present econometric analyses of the efficiency of parallel currency markets and the degree of capital mobility in developing countries.

Capital Flows to Developing Countries: Blessing or Curse? (Distinguished Lecture)

1998 ◽  
Vol 37 (4I) ◽  
pp. 125-151 ◽  
Author(s):  
Mohsin S. Khan
Keyword(s):  
Developing Countries ◽  
Capital Flows ◽  
Financial Integration ◽  
Foreign Capital ◽  
Foreign Debt ◽  
Capital Inflows ◽  
Private Capital ◽  
Policy Responses ◽  
Private Capital Flows ◽  
Significant Phenomenon

The surge of private capital flows to developing countries that occurred in the 1990s has been the most significant phenomenon of the decade for these countries. By the middle of the decade many developing countries in Asia and Latin America were awash with private foreign capital. In contrast to earlier periods when the scarcity of foreign capital dominated economic policy-making in these countries, the issue now for governments was how to manage the largescale capital inflows to generate higher rates ofinvestrnent and growth. While a number of developing countries were able to benefit substantially from the private foreign financing that globalisation made available to them, it also became apparent that capital inflows were not a complete blessing and could even turn out to be a curse. Indeed, in some countries capital inflows led to rapid monetary expansion, inflationary pressures, real exchange rate appreciation, fmancial sector difficulties, widening current account deficits, and a rapid build-up of foreign debt. In addition, as the experience of Mexico in 1994 and the Asian crisis of 1997-98 demonstrated, financial integration and globalisation can cut both ways. Private capital flows are volatile and eventually there can be a large reversal of capital because of changes in expected asset returns, investor herding behaviour, and contagion effects. Such reversals can lead to recessions and serious problems for financial systems. This paper examines the characteristics, causes and consequences of capital flows to developing countries in the 1990s. It also highlights the appropriate policy responses for governments facing such inflows, specifically to prevent overheating of the economy, and to limit the vulnerability to reversals of capital flows.

scholarly journals Systemic Sudden Stops: The Relevance of Balance-Sheet Effects and Financial Integration

2016 ◽  
Author(s):  
Guillermo Calvo ◽  
Alejandro Izquierdo ◽  
Luis-Fernando Mejía
Keyword(s):  
Developing Countries ◽  
Critical Point ◽  
Foreign Exchange ◽  
Financial Integration ◽  
Balance Sheet ◽  
Banking System ◽  
Sudden Stop ◽  
Balance Sheet Effects ◽  
Tradable Goods ◽  
The Relationship

Using a sample of 110 developed and developing countries for the period 1990-2004, the chapter claims that a small supply of tradable goods relative to their domestic absorption, and large foreign-exchange denominated debts towards the domestic banking system, denoted Domestic Liability Dollarization, are key determinants of the probability of Systemic Sudden Stop (3S). Moreover, the larger is financial integration, the larger is likely to be the probability of 3S; however, beyond a critical point the relationship gets a sign reversion.

Disguised Carbon Tariff: Concept and Its Governance

2014 ◽  
Vol 02 (02) ◽  
pp. 1450017 ◽  
Author(s):  
Mou WANG ◽  
Wen ZHANG ◽  
Junyan LIU
Keyword(s):  
Developing Countries ◽  
Carbon Emission ◽  
The South ◽  
The North ◽  
Policies And Measures ◽  
Leading Position ◽  
Cooperation Model ◽  
Alternative Approaches ◽  
The Common ◽  
Carbon Tariff

Carbon tariff is a trade issue that is of great concern among the international community. The South and the North have big disputes on this issue because of the trade interests attached to it. Developing countries oppose to almost any policies and measures concerning carbon tariff. Hence, some countries seek alternative approaches to achieve similar effects of carbon tariff through more covert technical approaches, such as setting up production standards, carbon labeling, etc. This paper summarizes these covert approaches as "disguised carbon tariff", and defines them as policies and measures that can achieve similar effects as carbon tariff. These disguised carbon tariffs, although not levied at borders, impose the same restrictions on export products and services from developing countries. Disguised carbon tariff has diverse forms, existing in different regions, and has evolved into different new kinds. The governance of disguised carbon tariff requires reinforcing the leading position of the UNFCCC on the issue of carbon emission governance. Relevant international discussions on carbon emission issues should give high priority and respect to the principles in the UNFCCC, especially the "common but differentiated responsibilities" principle. Responsibilities and obligations between the developed and developing countries on tackling climate change should be treated differently. And an international cooperation model that is based on mutual trust between the South and the North should be established to achieve good environmental and climate governance.

Environmental Leadership in Developing Countries: Transnational Relations and Biodiversity Policy in Costa Rica and Bolivia. By Paul F. Steinberg. Cambridge, MA: MIT Press, 2001. 280p. $65.00 cloth, $24.95 paper.

2002 ◽  
Vol 96 (4) ◽  
pp. 868-869
Author(s):  
Pamela Stricker
Keyword(s):  
Environmental Management ◽  
Developing Countries ◽  
Global South ◽  
The South ◽  
Environmental Leadership ◽  
Transnational Relations ◽  
The North ◽  
Management Concepts ◽  
Biodiversity Policy

Much of the literature on environmental policymaking in the Global South focuses on the role of transnational linkages, wherein ideas regarding environmental management are transplanted by intergovernmental organizations and nongovernmental organizations in the North to governments in the South. The perception that environmental management concepts are primarily transferred in this way stems in part from the resonance that Ronald Inglehart's work on postmaterialist societies and environmental activism has had on the field, as well as a paucity of studies examining the dynamics of the domestic political players in the creation of natural resource management policies in the South. Paul Steinberg's work, Environmental Leadership in Developing Countries, addresses this particular puzzle and takes on the too-oft accepted notion that domestic policy entrepreneurs play a small supporting role at best in bringing about environmental policies in the Global South.

Buddhism in the history of China in Southern and Northern kingdoms

2020 ◽  
Vol 2020 (10-4) ◽  
pp. 216-225
Author(s):  
Leonid Yangutov ◽  
Marina Orbodoeva
Keyword(s):  
The State ◽  
The South ◽  
The North ◽  
State Apparatus ◽  
History Of ◽  
Eastern Jin ◽  
Relationship Of ◽  
The Relationship ◽  
Further Development ◽  
North And South

The article is devoted to the history of Buddhism in China during the period of the Southern and Northern Kingdoms (Nanbeichao, 386-589). The features of the development of Buddhism in the North and South are shown. Three aspects were identified: 1) the attitude of emperors of kingdoms to Buddhism; 2) the relationship of the state apparatus and the Buddhist sangha; 3) the process of further development of Buddhism in China in the context of its adaptation to the Chinese mentality, formed on the basis of the traditional worldview. It was revealed that Buddhism in the context of its adaptation to the Chinese mentality, both in the North and in the South, developed with the traditions of Buddhism of the Eastern Jin period to the same extent.

NORTH–SOUTH ASYMMETRY IN TARIFF BARGAINING: A BLESSING FOR THE URBAN UNEMPLOYMENT?

2021 ◽  
pp. 1-20
Author(s):  
Chen Fang ◽  
Shu-Fen Lin ◽  
Cheng-Te Lee
Keyword(s):  
Developing Countries ◽  
General Equilibrium ◽  
Equilibrium Model ◽  
The South ◽  
Structural Unemployment ◽  
Import Tariff ◽  
The North ◽  
Urban Unemployment ◽  
Positive Externalities ◽  
South Asymmetry

In this study, North–South asymmetries are incorporated into a general equilibrium model to re-examine tariff bargaining. The asymmetric two-country model indicates that an import tariff charged by the North generates positive externalities that ameliorate structural unemployment in the South. The findings of this study yield two critical respects. First, the consideration of the urban unemployment in the South may reverse the consensus that a reciprocal tariff concession benefits both of the negotiators. Second and hence, this suggests that developing countries may bargain with opponents by manipulating second-best tariffs.

The school drop-out or rather “push out” problem in the South and in the North

2019 ◽  
Vol 20 (2) ◽  
pp. 61-75
Author(s):  
Birgit Brock-Utne ◽  
Torill Aagot Halvorsen ◽  
Mwajuma Vuzo
Keyword(s):  
Developing Countries ◽  
Rural Areas ◽  
Developed Countries ◽  
Drop Out ◽  
Dropping Out ◽  
The South ◽  
Ethnographic Interviews ◽  
The North ◽  
School Drop Out ◽  
Out Of School

Both in developing countries in the South and developed countries in the North a large portion of pupils from each cohort drop out or, maybe more correctly described, are pushed out of school each year. In the South, there is also a considerable portion of school-aged children who do not attend school at all. The article examines selected data collected from ethnographic interviews, during a Norwegian ongoing longitudinal project, and a survey in Tanzania, and other developing countries. We ask the questions: What are the reasons for this situation? Are the reasons the same in the South as in the North? In this article examples will be given from a country in the North, Norway and a country in the South, Tanzania. What do we know about the reasons for dropping out of school in these two countries? Who are the children dropping out? From which social class do they come? Are they from urban or rural areas? Were there more boys or more girls? What happens to the children after they drop out of school? How much is the school itself to blame for the situation? How relevant is what is learnt in school to the life children lead and their job prospects? What could have been done differently in order to retain children in school in the South, exemplified by Tanzania, and the North exemplified by Norway?

scholarly journals THE PIN FROM THE SOFIIVSKA BORSHCHAHIVKA

2020 ◽  
Vol 35 (2) ◽  
pp. 386-394
Author(s):  
O. M. Kazymir ◽  
I. A. Hotun
Keyword(s):  
Small Group ◽  
Ethnic Groups ◽  
Three Dimensional ◽  
Back Analysis ◽  
Well Being ◽  
The South ◽  
Total Length ◽  
The North ◽  
The Baltic ◽  
Further Development

The excavations headed by O. P. Motsa of the settlement on the bank of the river Nyvka in Sofiivska Borshchahivka in the western suburb of Kiev provided the representative collection, containing a number of items, quite rare, and even unique in the South Rus lands. One of them is the bronze pin with a total length of about 10 cm casted in two-sided form with a top in the form of duck. The researchers consider the pins, as a part of the costume, attributed to the Baltic and Finnish-Ugric population, which surrounded the North Rus lands and partially was a part of the Old Rus state. Initially, through contacts with the latter, these items got to Novgorod and other destinations (in Chersonese, for example, according to experts, such things serve as an indicator of ties with suppliers of northern fur). The pin from the Sofiyivska Borshchahivka settlement obviously represents a further development of the shape of these decorations: in its upper part above three petals with inserted rings there is a three-dimensional figure of a duck with its head pointing back. Analysis of literature allows trace the usage of a small group of similar ear-picks and pins with figures of a rooster, a dog etc. — species that have long been valued by various ethnic groups. The decoration from Sofiyivska Borshchahivka reflects the level of development of medieval metal-plastics, shows the cultural ties (especially along with other items presented on the site which tend to the specified region), acts as an indicator of both the high well-being of the population of medieval settlement structures and not yet exhausted information opportunities of the latter.

Van basisarts tot public health: verschillende wegen om naar Rome te reizen

2021 ◽  
Author(s):  
B. CRIEL ◽  
J. DE LEPELEIRE
Keyword(s):  
Public Health ◽  
Primary Care ◽  
Developing Countries ◽  
Medical Doctor ◽  
Industrialized Countries ◽  
The South ◽  
Conceptual Foundation ◽  
The North ◽  
Post War ◽  
The Individual

From medical doctor to public health: different ways to travel to Rome Public health aims at health promotion through an organized societal effort. The Alma Ata declaration laid the broad conceptual foundation for public health and primary care in developing countries (the South) and industrialized countries (the North). Family medicine evolved to a professional practice where a community focus is also important. The introduction of the ‘personal medical record’ and the design of primary care areas in Flanders are anchor points for the development of public health in our country. In developing countries and more specifically in Africa, a structured population approach to health care is since long more evident, amongst others through the development of health districts. The evolution of the post-war period that the authors experienced and describe, makes it clear that public health must be a combination of care for the population and the individual: an ‘and-and’ story, in situations where contexts may strongly differ but where basic objectives remain similar. Thereby, the North can learn from the district experiences in the South, and the South from the power of primary care and general practice in the North.

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