By Laurissa Mühlich (auth.)
This ebook examines local financial cooperation as a technique to augment macroeconomic balance in constructing international locations and rising markets. Interdisciplinary case reviews on Southern Africa, Southeast Asia and South the United States supply a cross-regional viewpoint at the viability of such strategy.
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Extra info for Advancing Regional Monetary Cooperation: The Case of Fragile Financial Markets
Rather than being a choice between corner solutions, on the one hand, and intermediary regimes, on the other, exchange rate regime options for developing countries and emerging markets need to be understood by considering the availability of their monetary policy options. Monetary policy options of southern economies are determined by monetary policy constraints, such as their net debtor status in foreign currency, original sin or conflicted virtue, potential net balance sheet effects, and financial fragility, among others (see below).
However, a mounting US current account deficit and the associated decline in confidence in the US dollar led other countries to refuse to support the agreement, which was abandoned in the same year (cf. ). Today, however, internationally coordinated interventions occur only sporadically, in an ad hoc manner. An example is the G-20 declaration with regard to actions taken and to be taken in order to minimize deleterious consequences of the 2008/2009 global financial crisis (G-20, 2008). This latest coordination effort demonstrates how the G-20 cooperation is limited to exchange of information and proclamation of regulatory objectives that are, however, not necessarily taken up by enforceable international agreements.
With maturing financial markets, net balance sheet exposure may decrease and more diversified financial instruments may allow a greater variety of hedging operations with access to more diversified debt instruments. , for example, Levine, 1997; also RojasSuarez, 2005). The crucial role that well-diversified financial markets play has also been emphasized by original sin literature (cf. Eichengreen and Hausmann, 2005a). In addition, financial integration has been found to considerably increase the risk of financial and currency crises for economies with exposure to balance sheet effects and high exchange rate volatility (cf.