1st Edition
Emerging Economies and the Global Financial System Post-Keynesian Analysis
Part I. Introduction and Background
1. Introduction
Bruno Bonizzi, Annina Kaltenbrunner and Raquel A. Ramos
2. Two Post-Keynesian approaches to international finance: the compensation thesis and the cambist view
Marc Lavoie
3. Trade versus capital flows: the key implicit and methodological differences between the neoclassical and the Post Keynesian approaches to exchange rate determination
John T. Harvey
PART II. Minsky, balance sheets and cycles
4. A Minskyan framework for the analysis of financial flows to emerging economies
Bruno Bonizzi and Annina Kaltenbrunner
5. Post Keynesian and structuralist approaches to boom-bust cycles in emerging economies
Karsten Kohler
6. Cost competitiveness and asset prices as determinants of the current account in emerging economies
Alexander Guschanski and Engelbert Stockhammer
7. Space in Post Keynesian monetary economics: an exploration of the literature
Gary Dymski and Annina Kaltenbrunner
PART III. Currency Hierarchy
8. Evolving international monetary and financial architecture and the development challenge: a liquidity preference theoretical perspective
Jörg Bibow
9. International money, privileges and underdevelopment
Hansjörg Herr and Zeynep Nettekoven
10. The Post Keynesian View on Exchange Rates: towards the consolidation of the different contributions in the ABM and SFC frameworks
Raquel A. Ramos and Daniela Magalhães Prates
11. A Post Keynesian framework for real exchange rate determination: an overview
Lúcio Barbosa, Frederico G. Jayme Jr. and Fabrício J. Missio
Part IV. Current Account and Growth
12. The Kaleckian theory of exchange rates
Jan Toporowski
13. Financial liberalisation, exchange rate dynamics and the financial Dutch disease in developing and emerging economies
Alberto Botta
14. Global financial flows in Kaleckian models of growth and distribution: a survey
Pablo G. Bortz
Part V. Policy Implications
15. Implications of Modern Money Theory on Development Finance
Yan Liang
16. Monetary sovereignty in the Post Keynesian perspective: in the search of a concept
Daniela Magalhães Prates
17. Dealing with global financial asymmetry: Contributions of Regional Monetary Cooperation Between Emerging Markets and Developing Countries
Laurissa Mühlich and Barbara Fritz
18. De-regulation of Finance in China and India: a Post Keynesian Analysis
Sunanda Sen
Biography
Bruno Bonizzi is a Senior Lecturer in Finance at the University of Hertfordshire, Business School, UK.
Annina Kaltenbrunner is Associate Professor in the Economics of Globalisation and the International Economy at Leeds University Business School, UK.
Raquel A. Ramos is a Research Associate at the Centre d’Économie de l’Université Paris Nord, France.
"Although several theoretical and empirical Post-Keynesian contributions usually recognize the relevance of real factors in the context of small open economies, this book points out in a complementary and virtuously way the importance of financial factors and their relevance for policymakers in the case of trade and financially integrated EMEs. In this vein, the book provides a crystal clear insight into some relevant Post-Keynesian contributions that show the importance of financial integration as a key conceptual device to understand the challenges that EMEs’ governments face in terms of the financial deregulation tendencies experimented through the last decades, the resulting mounting financial instability and its relation to volatile capital gross flows, their negative impact on exchange rates, the notion of monetary sovereignty, and the need of adopting macroprudential policies to control the negative effects of greater financial instability and contribute to exchange rate stability."
Fernando Toledo
Review of Political Economy
