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Begin New Search Topic Emerging Markets Content Type Policy Brief Publishing Institution The Brookings Institution Publication Year within 25 Years

1. The Russian Federation

Author:
Fiona Hill, Clifford G. Gaddy, Dmitry Ivanov, and Igor Danchenko
Publication Date:
10-2006
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
Energy is at the heart of Russia's remarkable change of fortune over the past seven years. Emerging from a state of virtual bankruptcy in August 1998, the country now enjoys large surpluses, has inverted its debt burden with the outside world, and has racked up successive years of economic growth and low inflation. This dramatic turnaround is directly related to Russia's status as the world's largest producer of oil and natural gas—the country has benefited tremendously from soaring prices on the world market.
Topic:
Development, Emerging Markets, and Energy Policy
Political Geography:
Russia, Europe, and Asia

2. Strengthening Financial Sector Governance in Emerging Markets

Author:
Robert Litan, Michael Pomerleano, and V. Sundararajan
Publication Date:
07-2002
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
Policymakers and analysts are still sifting through the wreckage of the Asian financial crisis of 1997 and the subsequent crises in Russia, Turkey, and Argentina to discern key lessons so that similar crises will not recur. Some lessons are by now well understood. Pegged exchange rates can encourage excessive borrowing and expose countries to financial collapse when foreign exchange reserves run dry. Inadequate disclosures by both private companies and public bodies can lead to similar dangers. Although many factors undoubtedly contributed to these crises, it is now widely recognized that each suffered from a failure in “governance,” and in particular a failure in governance in their financial sectors. Accordingly, the World Bank Group, the International Monetary Fund (IMF), and the Brookings Institution devoted their fourth annual Financial Markets and Development Conference, held in New York from April 17-19, 2002, to the subject of financial sector governance in emerging markets. This conference report summarizes some of the highlights of the conference, whose full proceedings will be published as a Brookings book in the fall of 2002.
Topic:
Economics, Emerging Markets, Government, and International Trade and Finance
Political Geography:
Russia, New York, Turkey, Asia, and Argentina

3. Open Doors

Author:
Paul Masson, Michael Pomerleano, and Robert E Litan
Publication Date:
06-2001
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
Foreign direct investment in financial firms in emerging markets surged in the 1990s, although not equally in all places. The main beneficiaries: Latin America and Central Europe, with Asia a distant third. This conference report summarizes findings on the impacts—mainly positive—of this significant inflow of funds and managerial and technical know-how, as well as recommendations for policies toward foreign direct investment (FDI) in the future. The main recommendation: countries with restrictions generally should relax them, even when their own financial systems are weak. At the same time, foreign entry gives rise to new policy challenges, supervisory and competitive, which emerging markets need to confront both unilaterally and with cooperation from source country governments.
Topic:
Emerging Markets, International Trade and Finance, and Third World
Political Geography:
Asia, Latin America, and Central Europe

4. Greenhouse Gas Emissions

Author:
Jeffrey A. Frankel
Publication Date:
06-1999
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
Growth targets for emissions of greenhouse gases (GHG) by developing countries should be part of the effort to mitigate global climate change. This policy brief advances an approach for determining appropriate targets. They should be neither so tight as to retard economic development nor so generous as to confer enormous windfall gains. But where in this range should these targets be set? A fair allocation for potential new participants would fit the present pattern of emissions reductions agreed among industrialized countries at Kyoto in December 1997. Richer countries, in effect, agreed to make bigger sacrifices (on average) than did poor ones. Given uncertainty about the future, however, fixing the precise quantitative emission target now would create great risks regarding the ultimate stringency of the target. It would raise concerns that a target could turn out either unexpectedly stringent—unintentionally constraining economic development—or unexpectedly lax—resulting in emissions greater than in the absence of an agreement. Indexing emission targets to a country's gross domestic product (GDP) growth would moderate the effects of uncertainty.
Topic:
International Relations, Emerging Markets, and Environment