© 2016

Financial Deepening and Post-Crisis Development in Emerging Markets

Current Perils and Future Dawns

  • Aleksandr V. Gevorkyan
  • Otaviano Canuto

Table of contents

  1. Front Matter
    Pages i-xix
  2. Introduction

    1. Front Matter
      Pages 1-1
    2. Aleksandr V. Gevorkyan, Otaviano Canuto
      Pages 3-17
  3. Emerging Markets’ Post-2008 Trends

    1. Front Matter
      Pages 19-19
    2. Catiana García-Kilroy, Anderson Caputo Silva
      Pages 21-40
    3. Luiz Fernando de Paula, Daniela Magalhães Prates
      Pages 85-108
  4. Region and Country Case Studies

    1. Front Matter
      Pages 109-109
    2. Carlos Omar Trejo-Pech, Magdy Noguera, Michael Gunderson
      Pages 111-133
    3. Elena Rusticelli, Semei Coronado, Leonardo Gatica Arreola
      Pages 135-148
    4. Tarron Khemraj, Sukrishnalall Pasha
      Pages 169-187
    5. Ingrid Harvold Kvangraven
      Pages 223-245
  5. Back Matter
    Pages 271-279

About this book


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.


emerging markets great recession financial crisis financial deepening foreign exchange pressures macroeconomic development redefined fundamental uncertainty sovereign debt

Editors and affiliations

  • Aleksandr V. Gevorkyan
    • 1
  • Otaviano Canuto
    • 2
  1. 1.St. John's UniversityQueensUSA
  2. 2.World BankPotomacUSA

About the editors

Aleksandr V. Gevorkyan is Assistant Professor of Economics in the Department of Economics and Finance in the Peter J. Tobin College of Business at St. John’s University, USA, and a Vincentian Research Fellow at the Vincentian Centre for Church and Society, USA. He also serves as Economics Subject Matter Expert for the Permanent Observer Mission of the Holy See to the United Nations, and he has worked as a Visiting Research Fellow at the Central Bank of Armenia. Gevorkyan’s extensive teaching and research experience covers themes in macroeconomic policy, economic development, international financial economics, labor migration, sovereign debt, commodities markets, and post-socialist transition economics. He is the author of Innovative Fiscal Policy and Economic Development in Transition Economies (2011). 
Otaviano Canuto is Executive Director of the Board of the International Monetary Fund for Brazil, Cabo Verde, Dominican Republic, Ecuador, Guyana, Haiti, Nicaragua, Panama, Suriname, Timor Leste, and Trinidad and Tobago. He previously served as Vice President, Executive Director and Senior Adviser on BRICS economies at the World Bank, as well as Vice President at the Inter-American Development Bank. Canuto has also served the Government of Brazil, where he was State Secretary for International Affairs at the Ministry of Finance. He has an extensive academic background, having served as Professor of Economics at the University of São Paulo and University of Campinas, both in Brazil.

Bibliographic information

  • Book Title Financial Deepening and Post-Crisis Development in Emerging Markets
  • Book Subtitle Current Perils and Future Dawns
  • Editors Aleksandr V. Gevorkyan
    Otaviano Canuto
  • DOI
  • Copyright Information The Editor(s) (if applicable) and The Author(s) 2016
  • Publisher Name Palgrave Macmillan, New York
  • eBook Packages Business and Management Business and Management (R0)
  • Hardcover ISBN 978-1-137-52245-0
  • Softcover ISBN 978-1-349-70599-3
  • eBook ISBN 978-1-137-52246-7
  • Edition Number 1
  • Number of Pages XIX, 279
  • Number of Illustrations 68 b/w illustrations, 0 illustrations in colour
  • Topics Capital Markets
    Development Economics
  • Buy this book on publisher's site


“This book provides interesting perspectives on the future of emerging market growth. … the editors have compiled 12 chapters written by academic and professional economist from international organisations. The book is divided into three parts. … the reader will find interesting perspectives on multiple challenges facing emerging market economies in this volume.” (Ulrich Volz, Journal of Economics and Statistics, 2017)