Issues of International Finance in Developing Countries Introduction and Overview
This section deals about the introduction into the 10 sessions, highlighting a few major issues of international finance with particular relevance for developing countries. Among the topics, the building and rebuilding of national financial systems within a wide open global framework receives particular emphasis.
HINWEIS: Der Vortrag ist in englischer Sprache. Das Skript zum Vortrag umfasst 4 Seiten Text.
When representatives of the emerging market economies led by Brazil clashed with their opponents of the rich OECD countries led by the US and the EU at the September 2003 Meetings of the World Trade Organization (WTO) in Cancun, international financial issues only played a secondary role to the major discussions surrounding trade liberalization and foreign investment rules. However, international capital flows do not only surpass trade flows by a multiple, they also are occurring at much faster speed with often dire consequences for national policy makers, surpassing the impact trade liberalization is able to exert. That fact has made international finance a most interesting and dramatic topic, which includes stories of boom and bust, villains and heroes, and of course, bureaucrats and bankers.
Traditional micro-economics separated the real from the monetary sector, which was considered by the hardliners of supply and demand as a veil, which obscured the real activities of...
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