Economic Management in a Volatile Environment ― Monetary and Financial Issues

Since the 1990s, several emerging market economies (EMEs) have, to varying degrees, embraced the process of 'financial globalisation', broadly defined as a set of policies that involve allowing for greater openness to cross-border capital flows as well as greater market access to foreign financial institutions. While the EMEs have surpassed the advanced economies in 2013 by accounting for over half of global output, they are not without their concerns. They have been faced with a variety of policy challenges owing to their increasing integration with global financial markets. This book discusses some of the challenges relating to macroeconomic and financial management in a volatile and uncertain world, brought about by greater financial openness. The emphasis of the book is on exploring the implications of a key set of issues emanating from financial globalisation on EMEs in a rigorous but readable manner.

Ramkishen S. Rajan is Professor of International Economic Policy at the School of Policy, Government and International Affairs (SPGIA), George Mason University (GMU), Virginia, USA. He is also Visiting Professor and Adjunct Senior Research Fellow at the Asia Competitiveness Institute (ACI), Lee Kuan Yew School of Public Policy (LKYSPP), National University of Singapore (NUS).

Sasidaran Gopalan is Post-Doctoral Research Fellow at the Institute for Emerging Market Studies (IEMS), Institute for Advanced Study (IAS), and the Hong Kong University of Science and Technology (HKUST).