Financial Openness, Financial Fragility, and Policies for Economic Stability: A comparative analysis across regions of the developing world Editor: Esteban Pérez Caldentey

Publishers: ECLAC

ABOUT THE BOOK

This book presents a comparative analysis of the policy responses of developing countries in Africa, Asia, and Latin America and the Caribbean to the challenges that greater external financial openness and price and exchange rate flexibility pose to economic stability. Greater external openness has considerably reduced the policy space for developing economies and, at the same time, has increased the potential for financial fragility and instability. These challenges, which have come to the fore since the global financial crisis of 2008-2009, are also manifested in the profound impact of the COVID-19 pandemic and will define the post-pandemic recovery.

CONTENTS

Index

Presentation

Introduction

Chapter I. Regulation of capital flows: selected experiences of developing countries in Asia and the Pacific, Africa and Latin America, and analysis of the type of capital controls necessary to face the disruptive effects of COVID-19 Esteban Pérez Caldentey, Zebulun Kreiter, Martín Abeles

Chapter II. Challenges posed by the global development trajectory from 2022 to 2030
Terry McKinley

Chapter III. Critical evaluation of macroprudential regulation and some regional experiences compared with emphasis on Latin America and the Caribbean
Esteban Pérez Caldentey, Lorenzo Nalin, Leonardo Rojas

Chapter IV. Macroprudential regulation in Africa in the context of the COVID-19 pandemic
C. P. Chandrasekhar

Chapter V. Macroprudential policies in Asia: analysis of some experiences
Jayati Ghosh

Chapter VI. Macroprudential Policies in Latin America
Pablo Gabriel Bortz

Chapter VII. A framework for interpreting macroprudential policies in the era of financialization
Matías Vernengo

Chapter VIII. A reference stock-flow model to analyze the guidelines and macroprudential regulation policies in Latin America and the Caribbean
Esteban Pérez Caldentey, Lorenzo Nalin , Leonardo Rojas Rodríguez

Chapter IX. Premature finance-driven deindustrialization and the role of macroprudential foreign policy in transformative post-COVID development: Latin America from a comparative perspective
Alberto Botta, Giuliano Yajima, Gabriel Porcile

Chapter X. Conclusions
Esteban Pérez Caldentey, Juan Carlos Moreno Brid, Lorenzo Nalin