An excellent analyses of the effects of EU enlargement on capital markets in the most advanced countries of Central and Eastern Europe and Russia. It also investigates the EU's impact on the interactions between Eastern and Western capital markets. The study is particularly useful for financial analysts, institutional investors and academic researchers who are interested in the economic and institutional developments of capital markets in CEE countries.
Stock market integration between developing and emerging markets has numerous benefits for creating a global - yet stable - world economy. It increases competition and the efficiency of local markets, in turn reducing price volatility and the cost of capital among integrated markets. It also generates capital flows, which enhance financial stability and spur economic growth. At its core, stock market integration has an important role to play in both developing and emerging markets still reeling from the global financial crisis. Global Stock Market Integration analyzes the financial makeup of developing and emerging markets around the world, providing empirical insights into market integration, co-movements in price, crises, and efficiency linkages. Mobarek and Mollah argue that the relationship between market integration and market efficiency within developing and emerging countries is not the only measure necessary for effecting real financial growth. This work brings the review of theories and empirical research on the topic up-to-date and expands the existing literature with new perspectives on developed and emerging markets.
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
The banking and finance industry plays a significant role in the economy of a nation. As such, continuous research and up-to-date feeds are necessary for it to stay competitive and resilient. Due to its revolving and dynamic nature as well as its significance and interlinkages with other industries, a well-functioning banking and finance system is vital in safeguarding the interest of all stakeholders. Banking and Finance covers a wide range of essential topics highlighting major issues related to banking and finance. The book is rich with empirical evidence, scientific researches, best practices, and recommendations, making it a compact yet handy reference for readers, especially those who are in the field of banking and finance.
The increasing capital flows in the emerging markets and developed countries have raised various concerns worldwide. One main concern is the impact of the sharp decline of capital flows – so-called sudden stops – on financial markets and the stability of banking systems and the economy. The sudden stops and banking crises have been identified as the two main features of most financial crises, including the recent Asian Financial Crisis and Global Financial Crisis. However, how capital flows and banking crises are connected still remains unanswered. Most current studies on capital flows are empirical work, which faces various challenges. The challenges include how data has been collected and measured in each country and how sensitive the results are to the data and the adopted methodologies. Moreover, the links between capital flows and banking systems have been neglected. This book helps provide some insight into the challenges faced by empirical studies and the lessons of the recent crises. The book develops theoretical analysis to deepen our understanding on how capital flows, banking systems and financial markets are linked with each other and provides constructive policy implications by overcoming the empirical challenges.
The objective of the 2014 International Conference on Computer, Network Security and Communication Engineering (CNSCE2014) is to provide a platform for all researchers in the field of Computer, Network Security and Communication Engineering to share the most advanced knowledge from both academic and industrial world, to communicate with each other about their experience and most up-to-date research achievements, and to discuss issues and future prospects in these fields. As an international conference mixed with academia and industry, CNSCE2014 provides attendees not only the free exchange of ideas and challenges faced by these two key stakeholders and encourage future collaboration between members of these groups but also a good opportunity to make friends with scholars around the word. As the first session of the international conference on CNSCE, it covers topics related to Computer, Network Security and Communication Engineering. CNSCE2014 has attracted many scholars, researchers and practitioners in these fields from various countries. They take this chance to get together, sharing their latest research achievements with each other. It has also achieved great success by its unique characteristics and strong academic atmosphere as well as its authority.
Substantially revised and updated the second edition of this highly acclaimed text is both a vital guide and a valuable critical analysis. The book provides a contemporary comparative approach to the process of transformation of the economies of Eastern Europe and Russia. Supplying a large amount of factual and statistical information it also includes consideration of recent progress in the areas of macro-economic-stabilisation, micro-economic restructuring and integration into the world economy.
Emerging Markets and the Global Economy investigates analytical techniques suited to emerging market economies, which are typically prone to policy shocks. Despite the large body of emerging market finance literature, their underlying dynamics and interactions with other economies remain challenging and mysterious because standard financial models measure them imprecisely. Describing the linkages between emerging and developed markets, this collection systematically explores several crucial issues in asset valuation and risk management. Contributors present new theoretical constructions and empirical methods for handling cross-country volatility and sudden regime shifts. Usually attractive for investors because of the superior growth they can deliver, emerging markets can have a low correlation with developed markets. This collection advances your knowledge about their inherent characteristics. Foreword by Ali M. Kutan - Concentrates on post-crisis roles of emerging markets in the global economy - Reports on key theoretical and technical developments in emerging financial markets - Forecasts future developments in linkages among developed and emerging economies
This book charts the process of financial market reform in Central and Eastern Europe. Topics discussed will include the implications of future EU membership, and the strategies pursued by the World Bank and International Monetary Fund.
