A Study into Financial Globalization, Economic Growth and (In)Equality (eBook)

A Study into Financial Globalization, Economic Growth and (In)Equality 3
Contents 5
List of Figures 6
List of Tables 8
1 Introduction 10
Notes 14
2 Financial Globalization and Economic Growth – Literature Review with Comments 15
2.1 Seminal Works on Financial Structures and Liberalization 15
2.2 Financial Globalization and Its Effects 16
2.3 Deregulation versus Regulation 20
2.4 Measuring Financial Openness: De Jure and De Facto Measures 21
2.5 Uneven Economic Growth, Adapting Economic Policies in Low-Income Countries, and Some Potential Solutions 26
2.6 Some Observations on the Adjustment Process Before and After the Crisis 29
Notes 31
References 33
Websites: 35
3 Global Economic Growth, Financial Openness, and Inequality: 1990–2014 36
3.1 A Method for Measuring Relative Economic Growth 36
3.2 Economic Growth and Changes in the Relative Balance of Economic Power: 1990–2000 38
3.3 Economic Growth and Changes to the Relative Economic Power: 2000–2014 41
3.4 Relative Economic Performance In The World: A Brief Look By Continent 45
3.5 Inequalities in the Distribution of World Income: 1990–2014 46
Notes 52
References 52
Websites: 52
4 The Fastest-Growing Economies and Financial Openness 53
4.1 China – Economic Growth and Financial Openness 54
4.2 The Fastest-Growing Economies Among the Oil- and Gas-Producing Countries 62
4.2.1 Azerbaijan 62
4.2.2 Turkmenistan 64
4.2.3 Equatorial Guinea 64
4.2.4 Mongolia 66
4.2.5 Kazakhstan 67
4.2.6 Angola 68
4.2.7 Armenia, Belarus, and Uzbekistan 69
4.2.8 The Fastest-Growing Poor Economies 71
4.2.9 India 72
Notes 75
References 78
Websites 79
Banco Santander: 79
Bloomberg: 79
People’s Bank of China: 79
The Government of the People’s Republic of China: 80
The World Bank: 80
The World Trade Organization: 80
UNDP: 80
5 Global Financial Openness in the Advanced, Emerging and Developing Countries: A Brief Overview 81
5.1 The United States of America 84
5.2 Financial Openness and Economic Growth in the EU 86
Notes 95
References 96
Websites 96
6 Financial Liberalization and Globalization: Theory and Facts Over the Last Three Decades 97
6.1 Financial Globalization and Developed Economies: Theory versus Facts 99
6.2 Financial Liberalization, Basel III and the New Capital Directive 107
6.3 Audacity of Hope: PFAS and Safe Assets 110
6.4 A Proposal for the Issuance of Safe Assets in Developing Economies 115
Notes 118
References 119
7 Concluding Remarks: Financial Openness, Economic growth and (In)Equalities in the World 121
Appendix: Financial Globalization, Economic Growth and (In)Equalities 127
Index 178