Global Finance at Risk On Real Stagnation and Instability
Sunanda Sen offers an analysis of the ongoing malaise in the world economy, which include the financial and real instability as well as economic recession and lack of development. Rejecting the explanations advanced by the orthodoxy, she deplores the retr
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Also by Sunanda Sen Colonies and Empire: India 1870–1914 (1992) Finance and Development: RC Dutt Lectures on Political Economy (1998) Financial Fragility, Debt and Economic Reforms (ed.) (1996) Trade and Dependence: Essays on the Indian Experiences (2000)
Global Finance at Risk On Real Stagnation and Instability Sunanda Sen
© Sunanda Sen 2003
Softcover reprint of the hardcover 1st edition 2003 978-0-333-80040-9 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1T 4LP. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted her right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2003 by PALGRAVE MACMILLAN Houndmills, Basingstoke, Hampshire RG21 6XS and 175 Fifth Avenue, New York, N.Y. 10010 Companies and representatives throughout the world PALGRAVE MACMILLAN is the global academic imprint of the Palgrave Macmillan division of St. Martin’s Press, LLC and of Palgrave Macmillan Ltd. Macmillan® is a registered trademark in the United States, United Kingdom and other countries. Palgrave is a registered trademark in the European Union and other countries.
ISBN 978-1-349-42049-0 ISBN 978-1-4039-4380-4 (eBook) DOI 10.1057/9781403943804 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. A catalogue record for this book is available from the British Library. Library of Congress Cataloging in Publication Data Sen, Sunanda. Global finance at risk : on real stagnation and instability/Sunanda Sen. p. cm. Includes bibliographical references and index. 1. International finance.
2. Capital movements.
I. Title.
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Remembering Krishna
Contents List of Tables
viii
List of Figures
ix x
Preface
xii
Introduction 1 International Capital Flows: Some Theoretical Insights 2 The Evolving Pattern of International Capital Flows
1 57
3 Pattern of Global Finance and the Real Economy
110
4 Global Finance and Development
156
Notes
182
Index
198
vii
List of Tables 1.1 2.1 2.2A 2.2B
Stages of the credit cycle: a taxonomy Net private capital flows to emerging market economies Net issue of debt securities Net bank lending and security financing of major emerging economies 2.3 Net claims of BIS reporting banks 2.4 Financial markets for derivative instruments 2.5 Financial derivative instruments traded on organised exchange turnover in notional amounts 2.6 Profitability of major banks in OECD 2.7 Provi
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