Download or read book A Survey of Academic Literature on Controls Over International Capital Transactions written by Michael P. Dooley and published by . This book was released on 2006 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews recent theoretical and empirical work on controls over international capital movements. Theoretical contributions reviewed focus on quot;second bestquot; arguments for capital market restrictions as well as arguments based on multiple equilibria. The empirical literature suggests that controls have been quot;effectivequot; in the narrow sense of influencing yield differentials. But there is little evidence that controls have helped governments meet policy objectives, with the exception of reduction in the governments` debt service costs, and no evidence that controls have enhanced economic welfare in a manner suggested by theory.
Download or read book A Survey of Academic Literatureon Controls Over International Capital Transactions written by Mr.Michael P. Dooley and published by International Monetary Fund. This book was released on 1995-11-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Download or read book A Survey of Academic Literature on Controls Over International Capital Transactions written by Michael P. Dooley and published by . This book was released on 1995 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews recent theoretical and empirical work on controls over international capital movements. Theoretical contributions reviewed focus on 'second best' arguments for capital market restrictions as well as arguments based on multiple equilibria. The empirical literature suggests that controls have been 'effective' in the narrow sense of influencing yield differentials. But there is little evidence that controls have helped governments meet policy objectives, with the exception of reduction in the governments' debt service costs, and no evidence that controls have enhanced economic welfare in a manner suggested by theory.
Download or read book Capital Account Convertibility written by Peter J. Quirk and published by International Monetary Fund. This book was released on 1995-10-06 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper summarizes the main issues arising from experiences of industrial and developing countries with capital account liberalization and it examines the IMF's treatment of capital controls in its surveillance, use of IMF resources, and technical assistance activities. Case studies of recent experiences with capital controls in Chile, Colombia, Malaysia, and Venezuela are presented.
Download or read book Managing Capital Flows written by Masahiro Kawai and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: Managing Capital Flows provides analyses that can help policymakers develop a framework for managing capital flows that is consistent with prudent macroeconomic and financial sector stability. While capital inflows can provide emerging market economies with invaluable benefits in pursuing economic development and growth, they can also pose serious policy challenges for macroeconomic management and financial sector supervision. The expert contributors cover a wide range of issues related to managing capital flows and analyze the experience of emerging Asian economies in dealing with surges in capital inflows. They also discuss possible policy measures to manage capital flows while remaining consistent with the goals of macroeconomic and financial sector stability. Building on this analysis, the book presents options for workable national policies and regional policy cooperation, particularly in exchange rate management. Containing chapters that bring in international experiences relevant to Asia and other emerging market economies, this insightful book will appeal to policymakers in governments and financial institutions, as well as public and private finance experts. It will also be of great interest to advanced students and academic researchers in finance.
Download or read book International Capital Markets written by John Eatwell and published by Oxford University Press. This book was released on 2002-04-18 with total page 493 pages. Available in PDF, EPUB and Kindle. Book excerpt: These papers provide a cutting-edge overview of general issues regarding world capital markets, experience in developing countries, and capital market regulation, which many economists believe could turn into the number one topic in international business and economics.
Download or read book Capital Controls and the Cost of Debt written by Eugenia Andreasen and published by International Monetary Fund. This book was released on 2017-06-09 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a panel data set for international corporate bonds and capital account restrictions in advanced and emerging economies, we show that restrictions on capital inflows produce a substantial and economically meaningful increase in corporate bond spreads. A number of heterogeneities suggest that the effect of capital controls on inflows is particularly strong for more financially constrained firms, establishing a novel channel through which capital controls affect economic outcomes. By contrast, we do not find a robust significant effect of restrictions on outflows.
Download or read book Coping with International Capital Flows written by Richard Portes and published by Commonwealth Secretariat. This book was released on 1997 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private capital flows to developing countries have increased dramatically. This book identifies key concerns about the sustainability and volatility of these flows, and makes a number of recommendations for national macroeconomics management, including crisis prevention measures. In addition there is an innovative proposal for the orderly workout of sovereign debt
Download or read book Exchange Rates Capital Flows and Monetary Policy in a Changing World Economy written by William C. Gruben and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dramatic growth of international capital flow has provided unprecedented opportunities and risks in emerging markets. This book is the result of a conference exploring this phenomenon, sponsored by the Federal Reserve Bank of Dallas. The issues explored include direct versus portfolio investment; exchange rates and economic growth; and optimal exchange rate policy for stabilizing inflation in developing countries. It concludes with a panel discussion on central bank coordination in the midst of exchange rate instability.
Download or read book Asia Pacific Financial Deregulation written by Gordon De Brouwer and published by Routledge. This book was released on 2002-03-11 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent events in East Asia have highlighted the risks of volatility and contagion in a financially integrated world. Countries in the region had been at the forefront of the movement towards increased integration but the crisis that struck Thailand in July 1997, and the rapidity with which it spread to other East Asian nations, suggested that all was not well. Weaknesses in domestic financial intermediation, poor corporate governance and deficient government responses to large capital inflows all played a role in the build-up of vulnerability. Asia-Pacific Financial Deregulation provides an insight into financial liberalisation and structural reform in the region generally and as illustrated by a number of countries.
Download or read book A Review of Capital Account Restrictions in Chile in the 1990s written by Mr.Francisco Nadal De Simone and published by International Monetary Fund. This book was released on 1999-04-01 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the Chilean experience with capital controls and reviews studies on controls on capital inflows. Controls on Chile’s inflows had only a temporary impact in reducing specific inflows because they were affected by avoidance. There is some evidence that controls increased interest rates and altered the composition of capital inflows. The studies, however, contain important methodological problems in measuring flows and significant econometric weaknesses, which cast doubt on the robustness of the estimates. No study has assessed the political economy of the controls. It seems premature to view the Chilean experience as supportive of controls on capital inflows.
Download or read book Financial Systems At The Crossroads Lessons For China written by Wing Thye Woo and published by World Scientific. This book was released on 2014-04-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Systems at the Crossroads: Lessons for China is written by leading financial experts to study the causes of financial disasters internationally. The research team is drawn from the global research networks of three leading universities: the Antai College of Economics and Management at Shanghai Jiao Tong University, the School of Economics at Fudan University, and the Earth Institute at Columbia University.This review volume identifies the regulatory framework to guide the emergence of efficient financial institutions that are prudent; and to specify the required institutional mechanisms to prevent and resolve systemic collapse. It examines the specific circumstances of China to come up with a comprehensive agenda to reform China's financial sector. It provides in-depth analysis of China's financial industry to show its future evolution and offers lessons for developing a financial system that is efficient, innovative and resilient.
Download or read book The Oxford Handbook of International Business written by Alan M. Rugman and published by Oxford University Press, USA. This book was released on 2003 with total page 902 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook synthesises some literature of the last 40 years in 28 chapters. The coverage is split into the following areas : the history and theory of the multinational enterprise; the political and policy environment of international business.
Download or read book East Asia written by and published by World Bank Publications. This book was released on 2000 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the disastrous economic downturn of some years ago, the economies of East Asia have struggled to regain stability and equilibrium. As the sequel to East Asia: The Road to Recovery, this book offers both an examination of the state of the East Asian economy and analysis of opportunites in the future. With the crisis stage passed, where does East Asia truly stand, and can one be optimistic about its future prospects? East Asia: Recovery and Beyond offers answers to anyone concerned with the East Asian economies.
Download or read book Capital Controls and Trade Liberalization in a Monetary Economy written by Mr.B. Jang and published by International Monetary Fund. This book was released on 1999-03-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reexamines Aizenman’s (1985) results on the effects of capital controls during unanticipated trade liberalization using an intertemporal optimizing monetary model. Unlike in Aizenman’s model, which is based on the currency substitution model, foreign money is an interest-bearing asset in this paper, and its major role is to smooth intertemporal consumption. With this modification, Aizenman’s results are reversed, thus showing that the effects of capital controls during trade liberalization would vary greatly depending on the role of foreign money in a country. The effects of an anticipated trade liberalization are also studied.
Download or read book Sovereign Debt Crises written by Juan Pablo Bohoslavsky and published by Cambridge University Press. This book was released on 2017-11-02 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is an obvious need to learn more about why some countries succeed and others fail when dealing with debt crises. Why do some sovereign debtors overcome economic problems very quickly and at minor human rights costs for their people, while others remain trapped by debts for years struggling with overwhelming debt burdens and exacerbating economic problems and human suffering? This book analyzes fourteen unique or singular country cases of sovereign debt problems that differ characteristically from the 'ordinary' debtor countries, and have not yet received enough or proper attention - some regarded as successful, some as unsuccessful in dealing with debt crises. The aim is to contribute to a better understanding of the policy options available to countries struggling with debt problems, or how to resolve a debt overhang while protecting human rights, the Rule of Law and the debtor's economic recovery.
Download or read book Capital Controls or Macroprudential Regulation written by Mr.Anton Korinek and published by International Monetary Fund. This book was released on 2015-10-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: International capital flows can create significant financial instability in emerging economies because of pecuniary externalities associated with exchange rate movements. Does this make it optimal to impose capital controls or should policymakers rely on domestic macroprudential regulation? This paper presents a tractable model to show that it is desirable to employ both types of instruments: Macroprudential regulation reduces overborrowing, while capital controls increase the aggregate net worth of the economy as a whole by also stimulating savings. The two policy measures should be set higher the greater an economy's debt burden and the higher domestic inequality. In our baseline calibration based on the East Asian crisis countries, we find optimal capital controls and macroprudential regulation in the magnitude of 2 percent. In advanced countries where the risk of sharp exchange rate depreciations is more limited, the role for capital controls subsides. However, macroprudential regulation remains essential to mitigate booms and busts in asset prices.
