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The guardians of the global economy convened in Washington this week to discuss their latest global growth forecasts. The World Bank-IMF Board of Governors meetings have been squarely focused on the g ....
How Emerging Markets Hurt Poor Countries from Boston Review. Financial globalization was supposed to spur development. Instead, it transfers money to the global North and exacerbates existing inequalities. ....
The growing perils of India’s open capital account Capital shock India’s forex reserves have an in-built fragility - istock.com× The large gross and net foreign capital inflows into the country is not only not leading to increased real investment, it is also imposing a a large foreign exchange cost In an important new paper (“External balance sheets of emerging economies: low-yielding assets, high-yielding liabilities”, Review of Keynesian Economics, Vol. 9 No. 2, Summer 2021, pp. 232–252) the Turkish economist Yilmaz Akyuz has identified new channels of transmission of global financial shocks resulting from open capital accounts in emerging markets, which have led to “sizeable wealth transfers between emerging and advanced economies. They have also resulted in significant income transfers in view of negative yield differentials between their gross external assets and liabilities.” ....