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Record Nr. |
UNINA9910817043703321 |
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Autore |
Cline William R |
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Titolo |
Financial globalization, economic growth, and the crisis of 2007-09 / / William R. Cline |
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Pubbl/distr/stampa |
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Washington, D.C., : Peterson Institute for International Economics, c2010 |
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ISBN |
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1-282-88300-3 |
9786612883002 |
0-88132-555-4 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (394 p.) |
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Disciplina |
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Soggetti |
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International finance |
Economic development |
Financial crises |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Bibliographic Level Mode of Issuance: Monograph |
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Nota di bibliografia |
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Includes bibliographical references and index. |
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Nota di contenuto |
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Cover -- Contents -- Preface -- Acknowledgments -- Chapter 1 Overview -- Research Context -- Key Analytical Issues -- Theoretical Expectations -- Empirical Literature -- Synthesis Estimates -- Quantifying Crisis Effects -- Quantifying Debt versus Equity Effects -- Implications of the 2007-09 Crisis -- Conclusion -- Appendix 1A Covered Interest Parity as a Measure of Financial Openness -- Appendix 1B Analogy to Gains from Trade -- Appendix 1C Tests for Compositional Differences in Growth Impact on Financial Openness -- Chapter 2 A Critical Survey of Literature -- Cross-Country Growth Regressions -- Theoretical and Calibrated Studies -- Diversification Gains and Consumption Smoothing -- Summary Surveys -- Conclusion -- Appendix 2A Weighting Cross-Country Regression Results in Meta-Analysis -- Dichotomous Vote Counting, the Null Hypothesis, and Critical Range -- Measured Averages Imputing Insignificant Estimates at Zero -- Measured Averages Excluding Insignificant Estimates -- Meta-Analysis Weighting Averages by the Inverse of Variance -- An Approach for Multivariate Meta-Analysis of a Key Policy Variable -- An Example: Meta-Weighting Individual Results of an IMF Study -- Conclusion -- Appendix 2B Gourinchas-Jeanne Model of Gains from |
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Financial Integration -- Appendix 2C Gemini: A Simple Model of International Risk Sharing -- Appendix 2D Potential Circularity in the Knack-Keefer Government Reputation Variable -- Appendix 2E Current Account Deficits and Growth -- Chapter 3 The Impact of Financial Globalization on Growth: Country-Specific Estimates -- The Synthesis Approach -- Trends in Financial Openness -- Calibration -- Results for General Financial Openness -- Weighting Nonsignificant Model Estimates -- Results for Direct Investment Openness -- Comparison with Theoretical Expectations -- Conclusion. |
Appendix 3A Normalizing Model Coefficients for Synthesis Analysis -- General Financial-Openness Models -- Direct Investment Openness Models -- Appendix 3B Temporary versus Permanent Growth Acceleration in the Henry Model -- Appendix 3C Degree of Correlation among Alternative Measures of Financial Openness -- Chapter 4 The Financial Crisis of 2007-09 and Financial Globalization -- Evolution -- Causes -- Status by Late 2009 -- Implications for Financial Openness in Emerging-Market Economies -- Conclusion -- Appendix 4A Key Events and Policy Responses -- Phase One: July 2007 to February 2008 -- Phase Two: March 2008 to August 2008 -- Phase 3: September 2008 to March 2009 -- Phase 4: April 2009 and After -- Appendix 4B Causes of the Crisis -- The Housing Bubble -- Leverage -- Financial Innovation -- Regulatory Laxity and Gaps? -- Agency Problems and Underpricing Risk -- Misleading Risk Models? -- Monetary Policy -- Global Savings Glut -- Appendix 4C Contemporary Policy Diagnoses from September 2008 to February 2009 -- Spending 700 Billion Wisely (September 22, 2008) -- Mark to What Market? (October 3, 2008) -- Bank Consolidation: More Stability Now for Oligopoly Later? (October 7, 2008) -- Sizing Up the Hole in the Banks: Nationalization Is Not Inevitable (February 6, 2009) -- Appendix 4D Economics of the Geithner Plan -- Problems with Critiques of the Private-Public Investment Program -- Recalculating the Sachs Private-Public Investment Program Overpayment Estimate -- Overview -- Appendix 4E Financing Gaps, Reserves, and Official Finance in the Global Financial Crisis -- References -- Index. |
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