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The Global Promotion of Transparency in Emerging Markets

The Global Promotion of Transparency in Emerging Markets Global Governance 9 (2003), 63–79 The Global Promotion of Transparency in Emerging Markets Margaret Hanson lobalization through financial integration holds out the promise of economic growth and development for emerging market G countries. Over the past decade, we have witnessed financial crises in emerging economies across the globe, characterized by weak- nesses in the domestic financial sector. These weaknesses very quickly took on systemic proportions, which could only be checked through the immediate mobilization of international financing, notably in Mexico (1995), East Asia (1997), Russia (1998), Brazil (1998), and Turkey (2001). Market analysts characterize patterns of global financial crises as a “flight to quality,” where investment capital moves to stable envi- ronments in times of crisis. International policy experts and political leaders alike fear that global economic competition for profits will exacerbate societal and ethnic differences, drive polarization between advanced industrialized and underdeveloped countries, and cultivate political extremism globally. Motivated by these concerns, international financial institutions (IFIs) such as the International Monetary Fund (IMF), the World Bank, and regional banks such as the Asian Development Bank (ADB) have claimed leading roles in promoting global market governance. Among the range of proposals, consensus has emerged on the global strategy to http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Global Governance: A Review of Multilateralism and International Organizations Brill

The Global Promotion of Transparency in Emerging Markets

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Publisher
Brill
Copyright
Copyright © Koninklijke Brill NV, Leiden, The Netherlands
ISSN
1075-2846
eISSN
1942-6720
DOI
10.1163/19426720-00901006
Publisher site
See Article on Publisher Site

Abstract

Global Governance 9 (2003), 63–79 The Global Promotion of Transparency in Emerging Markets Margaret Hanson lobalization through financial integration holds out the promise of economic growth and development for emerging market G countries. Over the past decade, we have witnessed financial crises in emerging economies across the globe, characterized by weak- nesses in the domestic financial sector. These weaknesses very quickly took on systemic proportions, which could only be checked through the immediate mobilization of international financing, notably in Mexico (1995), East Asia (1997), Russia (1998), Brazil (1998), and Turkey (2001). Market analysts characterize patterns of global financial crises as a “flight to quality,” where investment capital moves to stable envi- ronments in times of crisis. International policy experts and political leaders alike fear that global economic competition for profits will exacerbate societal and ethnic differences, drive polarization between advanced industrialized and underdeveloped countries, and cultivate political extremism globally. Motivated by these concerns, international financial institutions (IFIs) such as the International Monetary Fund (IMF), the World Bank, and regional banks such as the Asian Development Bank (ADB) have claimed leading roles in promoting global market governance. Among the range of proposals, consensus has emerged on the global strategy to

Journal

Global Governance: A Review of Multilateralism and International OrganizationsBrill

Published: Aug 3, 2003

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