This collection empirically and conceptually advances our understanding of the intricacies of emerging markets' financial and macroeconomic development in the post-2008 crisis context. Covering a vast geography and a broad range of economic viewpoints, this study serves as an informed guide in the unchartered waters of fundamental uncertainty as it has been redefined in the post-crisis period. Contributors to the collection go beyond risks-opportunities analyses, looking deeper into the nuanced interpretations of data and economic categories as interplay of developing world characteristics in the context of redefined fundamental uncertainty. Those concerns relate to the issues of small country finance, the industrialization of the developing world, the role of commodity cycles in the global economy, sovereign debt, speculative financial flows and currency pressures, and connections between financial markets and real markets. Compact and comprehensive, this collection offers unique perspectives into contemporary issues of financial deepening and real macroeconomic development in small developing economies that rarely surface in the larger policy and development debates.
PART I: INTRODUCTION1. Emerging Markets and the Post-2008 World; Aleksandr V. Gevorkyan, Otaviano CanutoPART II: POST-2008 TRENDS IN EMERGING MARKETS2. Post-Crisis Lessons for EME Capital Markets; Catiana Garcia Kilroy, Anderson Caputo Silva3. Interest Rates, Terms of Trade, and Currency Crises: Are We on the Verge of a New Crisis in the Periphery?; Nathaniel Cline, Matias Vernengo 4. Devaluation and Labor Market Dualism in Emerging Markets; Vikram Kumar5. Post-2008 Financial Flows to Emerging Economies and Policy Alternatives; Luiz Fernando de Paula, Daniela Magalhaes PratesPART III: REGION AND COUNTRY CASE STUDIES6. Corporate Cash Holdings and Economic Crises in Mexico; Carlos O. Trejo-Pech, Magdy Noguera, Michael Gunderson7. Nonlinearity Testing of Latin American Exchange Rates; Elena Rusticelli, Semei Coronado Ramirez, Leonardo Gatica Arreola8. Liquidity Dynamics and Central Bank Policy Intervention in Select Caribbean Foreign Exchange Markets; Dave Seerattan, Nicola Spagnolo9. Determinants of Non-Performing Loans in Guyana; Tarron Khemraj, Sukrishnalall Pasha10. Financial Flows and Productivity in Eastern Europe: Implications for Growth and Policy; Lucas Bernard, Unurjargal Nyambuu11. The Changing Character of Financial Flows to Sub-Saharan Africa; Ingrid Harvold Kvangraven12. Oil Prices and Bank Profitability: Evidence from Major Oil-Exporting Countries in the Middle East and North Africa; Heiko Hesse, Tigran Poghosyan
