Globalization of Financial Markets and Implications for Pacific Basin Developing Countries

This paper analyzes the consequences of the growing interdependence of world financial markets for Pacific developing countries. Section I discusses trends in financial integration in the Pacific and the underlying movements in saving and investment. Section II seeks to quantify the increased capita...

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Bibliographic Details
Main Author: Goldsbrough, David
Other Authors: Teja, Ranjit
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1991
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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245 0 0 |a Globalization of Financial Markets and Implications for Pacific Basin Developing Countries  |c David Goldsbrough, Ranjit Teja 
260 |a Washington, D.C.  |b International Monetary Fund  |c 1991 
300 |a 28 pages 
651 4 |a United States 
653 |a Current Account Adjustment 
653 |a Capital movements 
653 |a Interest Rates: Determination, Term Structure, and Effects 
653 |a Current account 
653 |a Current account balance 
653 |a Financial services 
653 |a Current account deficits 
653 |a Financial Markets and the Macroeconomy 
653 |a Long-term Capital Movements 
653 |a Real interest rates 
653 |a International Finance: General 
653 |a Finance 
653 |a Exports and Imports 
653 |a Balance of payments 
653 |a International Investment 
653 |a Capital flows 
653 |a Short-term Capital Movements 
653 |a Interest rates 
653 |a International economics 
653 |a Banks and Banking 
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520 |a This paper analyzes the consequences of the growing interdependence of world financial markets for Pacific developing countries. Section I discusses trends in financial integration in the Pacific and the underlying movements in saving and investment. Section II seeks to quantify the increased capital mobility, in terms of rate of return differentials and the degree of correlation between savings and investment rates across countries. Section III focuses on policy implications of increasing integration, including the effectiveness of macroeconomic policy instruments, the usefulness of the current account as a target of policy, and the dangers of excessive taxation of financial intermediation