Financial Deepening and Post-Crisis Development in Emerging Markets
Current Perils and Future Dawns
【新兴市场的金融深化与后危机发展：当前的风险与未来的黎明】

Editors: Aleksandr V. Gevorkyan, Otaviano Canuto



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.  

Table of contents

Front Matter
Pages i-xix

Introduction
Front Matter
Pages 1-1
Emerging Markets and the Post-2008 World
Pages 3-17

Emerging Markets’ Post-2008 Trends
Front Matter
Pages 19-19
Post-crisis Lessons for EME Capital Markets
Pages 21-40
Interest Rates, Terms of Trade, and Currency Crises: Are We on the Verge of a New Crisis in the Periphery?
Pages 41-62
Devaluation and Labor Market Dualism in Emerging Markets
Pages 63-83
Financial Flows to Emerging Economies and Policy Alternatives Post 2008
Pages 85-108

Region and Country Case Studies
Front Matter
Pages 109-109
Corporate Cash Holdings and Economic Crises in Mexico
Pages 111-133
Nonlinearity Testing of Latin American Exchange Rates
Pages 135-148
Liquidity Dynamics and Central Bank Policy Intervention in Select Caribbean Foreign Exchange Markets
Pages 149-167
Determinants of Nonperforming Loans in Guyana
Pages 169-187
Financial Flows and Productivity in Eastern Europe: Implications for Growth and Policy
Pages 189-222
The Changing Character of Financial Flows to Sub-Saharan Africa
Pages 223-245
Oil Prices and Bank Profitability: Evidence from Major Oil-Exporting Countries in the Middle East and North Africa
Pages 247-270

Back Matter
Pages 271-279

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