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Financial Deepening and Post-Crisis Development in Emerging Markets
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This collection empirically and conceptually advances our understanding of the intricacies of emerging markets' financial and macroeconomic development in the post-2008 crisis context. Covering a vast geography and a broad range of economic viewpoints, this study serves as an informed guide in the unchartered waters of fundamental uncertainty as it has been redefined in the post-crisis period. Contributors to the collection go beyond risks-opportunities analyses, looking deeper into the nuanced interpretations of data and economic categories as interplay of developing world characteristics in the context of redefined fundamental uncertainty. Those concerns relate to the issues of small country finance, the industrialization of the developing world, the role of commodity cycles in the global economy, sovereign debt, speculative financial flows and currency pressures, and connections between financial markets and real markets. Compact and comprehensive, this collection offers unique perspectives into contemporary issues of financial deepening and real macroeconomic development in small developing economies that rarely surface in the larger policy and development debates.
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Table of Contents

PART I: INTRODUCTION1. Emerging Markets and the Post-2008 World; Aleksandr V. Gevorkyan, Otaviano CanutoPART II: POST-2008 TRENDS IN EMERGING MARKETS2. Post-Crisis Lessons for EME Capital Markets; Catiana Garcia Kilroy, Anderson Caputo Silva3. Interest Rates, Terms of Trade, and Currency Crises: Are We on the Verge of a New Crisis in the Periphery?; Nathaniel Cline, Matias Vernengo 4. Devaluation and Labor Market Dualism in Emerging Markets; Vikram Kumar5. Post-2008 Financial Flows to Emerging Economies and Policy Alternatives; Luiz Fernando de Paula, Daniela Magalhaes PratesPART III: REGION AND COUNTRY CASE STUDIES6. Corporate Cash Holdings and Economic Crises in Mexico; Carlos O. Trejo-Pech, Magdy Noguera, Michael Gunderson7. Nonlinearity Testing of Latin American Exchange Rates; Elena Rusticelli, Semei Coronado Ramirez, Leonardo Gatica Arreola8. Liquidity Dynamics and Central Bank Policy Intervention in Select Caribbean Foreign Exchange Markets; Dave Seerattan, Nicola Spagnolo9. Determinants of Non-Performing Loans in Guyana; Tarron Khemraj, Sukrishnalall Pasha10. Financial Flows and Productivity in Eastern Europe: Implications for Growth and Policy; Lucas Bernard, Unurjargal Nyambuu11. The Changing Character of Financial Flows to Sub-Saharan Africa; Ingrid Harvold Kvangraven12. Oil Prices and Bank Profitability: Evidence from Major Oil-Exporting Countries in the Middle East and North Africa; Heiko Hesse, Tigran Poghosyan

Promotional Information

"This book provides an insightful, timely, and fresh perspective on the present and future growth trajectory of emerging markets. The introduction and the case studies vividly show the need to re-calibrate our expectations and understanding: while emerging economies' prospects were clearly over-hyped in the wake of the crisis, the bleak forecasts that dominate today's headlines are similarly exaggerated." (Joshua Aizenman, Dockson Chair in Economics and International Relations, University of Southern California, USA) "This collection of theoretical and empirical studies is an essential reference to the new economics of emerging markets in the twenty first century. With its global perspective, the book is a must-read for academic economists, policymakers, students, and economic analysts on evolving macroeconomic methodology, empirical analysis, and the challenges of policymaking in the aftermath of the global economic crisis." (Pierre-Richard Agenor, Hallsworth Professor of International Macroeconomics and Development Economics, University of Manchester, UK)

About the Author

Aleksandr V. Gevorkyan is Assistant Professor of Economics in the Department of Economics and Finance in the Peter J. Tobin College of Business at St. John's University, USA, and a Vincentian Research Fellow at the Vincentian Centre for Church and Society, USA. He also serves as Economics Subject Matter Expert for the Permanent Observer Mission of the Holy See to the United Nations, and he has worked as a Visiting Research Fellow at the Central Bank of Armenia. Gevorkyan's extensive teaching and research experience covers themes in macroeconomic policy, economic development, international financial economics, labor migration, sovereign debt, commodities markets, and post-socialist transition economics. He is the author of Innovative Fiscal Policy and Economic Development in Transition Economies (2011). Otaviano Canuto is Executive Director of the Board of the International Monetary Fund for Brazil, Cabo Verde, Dominican Republic, Ecuador, Guyana, Haiti, Nicaragua, Panama, Suriname, Timor Leste, and Trinidad and Tobago. He previously served as Vice President, Executive Director and Senior Adviser on BRICS economies at the World Bank, as well as Vice President at the Inter-American Development Bank. Canuto has also served the Government of Brazil, where he was State Secretary for International Affairs at the Ministry of Finance. He has an extensive academic background, having served as Professor of Economics at the University of Sao Paulo and University of Campinas, both in Brazil.

Reviews

"This book provides interesting perspectives on the future of emerging market growth. ... the editors have compiled 12 chapters written by academic and professional economist from international organisations. The book is divided into three parts. ... the reader will find interesting perspectives on multiple challenges facing emerging market economies in this volume." (Ulrich Volz, Journal of Economics and Statistics, 2017)

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