Economic Management in a Volatile Environment (eBook)

Ramkishen S. RAJAN is a Professor of International Economic Policy at the School of Policy, Government and International Affairs (SPGIA), George Mason University (GMU) and has been on the faculty since January 2006. He is also the Co-director of the Center for Emerging Market Policies (CEMP) at SPGIA, GMU. He is currently a Visiting Professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore and an Adjunct Senior Research Fellow at the Asia Competitiveness Institute (ACI), National University of Singapore. He is the Managing Editor of the Journal of International Commerce, Economics and Policy, Associate Editor of the Singapore Economic Review and sits on the Editorial Board of various other academic journals.Sasidaran GOPALAN is a Post-Doctoral Research Fellow at the Institute for Emerging Market Studies (IEMS) and Institute for Advanced Study (IAS) at the Hong Kong University of Science and Technology (HKUST). He completed his PhD in Public Policy, specializing in International Finance at the School of Policy, Government and International Affairs (SPGIA), George Mason University, USA. He obtained his Bachelors and Masters degrees in Economics from Loyola College (Chennai) and Madras School of Economics (Chennai), respectively.

Cover 1
Half-Title 2
Title 4
Copyright 5
Dedication 6
Contents 8
List of Figures 9
List of Tables 11
Acknowledgements 13
About the Authors 14
Preface and Introduction 15
I Exchange Rates, Reserves, and Controls 22
1 What Is the Extent of Monetary Sterilisation in China? (with A. Ouyang and T.D. Willett) 23
2 What Determines Real Exchange Rate Fluctuations? (with A. Ouyang) 47
3 What Is the Impact of Capital Controls? (with J. Li) 69
4 Can International Currency Taxation Stabilise Currency Fluctuations? (with G. Bird) 93
5 Why Do Countries Accumulate International Reserves? (with V. Yanamandra) 110
II Financial Crises, Financial Liberalisation, and Foreign Bank Entry 139
6 Comparing Financial Crises: What Lessons for Asia from the Eurozone Crisis? 140
7 Financial Liberalisation and Foreign Bank Entry: What Is the Nexus? 162
8 Do Foreign Banks Enhance Banking System Efficiency? 183
9 How Do Foreign Banks Affect Firms’ Access to Credit? 200
10 Why Do Banks Go Abroad? 226
Notes 258
Bibliography 273
Index 297