Emerging Markets

Joshua Aizenman

doi:10.1057/978-1-349-95189-5_2622

Emerging Markets

Joshua Aizenman

Department of Economics

Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review

Abstract

The club of high-performing emerging markets is fairly concentrated in East Asia. Their TFP growth may not be extraordinary, though their growth rate is unprecedented. Factors argued to promote growth include trade, investment, external financing, and good governance. The importance of external financing is overrated - higher growth induces higher saving rate, allowing investment to be self-financed. Institutional changes as the key for take-off remains debatable - India and China took off without any prior major institutional overhaul. Allowing newcomers to challenge incumbents and the capacity to adjust policies to shocks may be the keys for sustainable growth.

Original language	English
Title of host publication	The New Palgrave Dictionary of Economics, Third Edition
Publisher	Palgrave Macmillan
Pages	3604-3607
Number of pages	4
ISBN (Electronic)	9781349951895
ISBN (Print)	9781349951888
DOIs	https://doi.org/10.1057/978-1-349-95189-5_2622
State	Published - 1 Jan 2018

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 8 Decent Work and Economic Growth
SDG 17 Partnerships for the Goals

Keywords

Agency problems
Asian miracle
Emerging markets
External financing
Financial liberalization
Financial risk
Growth and governance
Growth and institutions
Growth and international trade
High-performing Asian economies
Moral hazard
Savings
Shocks
Solow, R.
Take-off
Total factor productivity

ASJC Scopus subject areas

General Economics, Econometrics and Finance
General Business, Management and Accounting

Access to Document

10.1057/978-1-349-95189-5_2622

Cite this

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title = "Emerging Markets",

abstract = "The club of high-performing emerging markets is fairly concentrated in East Asia. Their TFP growth may not be extraordinary, though their growth rate is unprecedented. Factors argued to promote growth include trade, investment, external financing, and good governance. The importance of external financing is overrated - higher growth induces higher saving rate, allowing investment to be self-financed. Institutional changes as the key for take-off remains debatable - India and China took off without any prior major institutional overhaul. Allowing newcomers to challenge incumbents and the capacity to adjust policies to shocks may be the keys for sustainable growth.",

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KW - Agency problems

KW - Asian miracle

KW - Emerging markets

KW - External financing

KW - Financial liberalization

KW - Financial risk

KW - Growth and governance

KW - Growth and institutions

KW - Growth and international trade

KW - High-performing Asian economies

KW - Moral hazard

KW - Savings

KW - Shocks

KW - Solow, R.

KW - Take-off

KW - Total factor productivity

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DO - 10.1057/978-1-349-95189-5_2622

M3 - Chapter

AN - SCOPUS:105011018695

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EP - 3607

BT - The New Palgrave Dictionary of Economics, Third Edition

PB - Palgrave Macmillan

ER -

Emerging Markets

Abstract

UN SDGs

Keywords

ASJC Scopus subject areas

Access to Document

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