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The Open Economy and Its Financial Constraints

By (author) Penelope Hawkins
Format: Hardback
Publisher: Edward Elgar Publishing Ltd, Cheltenham, United Kingdom
Published: 29th Jan 2003
Dimensions: w 156mm h 234mm d 20mm
Weight: 576g
ISBN-10: 1843760282
ISBN-13: 9781843760283
Barcode No: 9781843760283
This title explores the role of money and finance in an open economy. The existence of money and global financial flows compound the likelihood of financial constraints, in particular, financial vulnerability, financial exclusion and financial fragility and create the possibility of unemployment in open economies. Hawkins focuses on financial openness and contends that while vulnerable economies can benefit from long-term international capital, greater financial exposure makes them increasingly susceptible to the crises associated with financial withdrawls. The author explores in detail the experiences of South Africa, Brazil and Thailand and finds that the consequences of financial liberalization remain uncertain. She examines the rationale behind the distribution of credit within and between countries, and goes on to construct a financial vulnerability index as an empirical mechanism to rank nations according to their vulnerability to the withdrawal of international financial flows.

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