Emerging Economies Faced With The Downside Of Financial Globalization: Hedges And Way Outs

Sorin Burnete
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Sorin Burnete: Department of Economics, “Lucian Blaga“ University of Sibiu, Romania.

Review of Economic and Business Studies, 2009, issue 3, 41-55

Abstract: The underlining assumption of this paper is that developing countries are in a fragile state nowadays. Economically, they have been seriously harmed by the 2008 crisis1 but this is not the end of the story: the future still has pitfalls in which these economies might get trapped, due to their enhanced vulnerability to exogenous shocks generated by financial globalization. Ideologically, the recent events have triggered a serious backlash against capitalism, particularly the Anglo-Saxon template. Getting an insight into the causes and implications of global economic crises is therefore critical for policy-makers in emerging economies. History might be a good adviser in this respect. Lessons from the past are even more important for ex-communist nations, whose confidence in capitalism’s potential is still shaky. Some of the possible hedges against and/or way outs from such scourging events are discussed in the paper.

Keywords: financial globalization; money mercantilism; currency crises; international reserves; speculative attacks; capital controls; regulation (search for similar items in EconPapers)
JEL-codes: F41 (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:aic:revebs:y:2009:i:3:burnetes

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