Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/277549 
Erscheinungsjahr: 
2022
Quellenangabe: 
[Journal:] European Journal of Economics and Economic Policies: Intervention (EJEEP) [ISSN:] 2052-7772 [Volume:] 19 [Issue:] 2 [Year:] 2022 [Pages:] 260-277
Verlag: 
Edward Elgar Publishing, Cheltenham
Zusammenfassung: 
How has financial globalization changed the nature of the external vulnerability of emerging economies? The authors first present an overview of the changes in international capital flows and cross-border stocks involving emerging economies from the 1970s to the COVID-19 crisis, and then identify relevant recent shifts in financial globalization. They depart from the critique of growth by debt strategies, put forward, among others, by Riese, and the concept of currency hierarchy. Their question is whether this critique still holds when one considers the main recent features of financial globalization. They find that Riese's contributions are still relevant when analysing the external vulnerability of emerging-market economies (EMEs), even with caveats that stem from his oversimplified view of the financial sector. They conclude that financial vulnerability overall has not decreased, but rather has changed its nature and the channels through which it affects EMEs, becoming more complex.
Schlagwörter: 
external vulnerability
currency hierarchy
subordinated financial integration
financial globalization
emerging-market economiesF32
F34
F62
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