Download or read book Coping with Capital Inflows Experiences of Selected European Countries written by Inci Ötker and published by INTERNATIONAL MONETARY FUND. This book was released on 2007-07-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the experiences of a number of European countries in coping with capital inflows. It describes the nature of the inflows, their implications for macroeconomic and financial stability, and the policy responses used to cope with them. The experiences suggest that as countries become more integrated with international financial markets, there is little room to regulate capital flows effectively. The most effective ways to deal with capital inflows would be to deepen the financial markets, strengthen financial system supervision and regulation, where needed, and improve the capacity to design and implement sound macroeconomic and financial sector policies. These actions will help increase the absorption capacity and resilience of the economies and financial systems to the risks associated with the inflows.
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 Coping with Capital Inflows written by and published by . This book was released on 2007 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the experiences of a number of European countries in coping with capital inflows. It describes the nature of the inflows, their implications for macroeconomic and financial stability, and the policy responses used to cope with them. The experiences suggest that as countries become more integrated with international financial markets, there is little room to regulate capital flows effectively. The most effective ways to deal with capital inflows would be to deepen the financial markets, strengthen financial system supervision and regulation, where needed, and improve the capacity to design and implement sound macroeconomic and financial sector policies. These actions will help increase the absorption capacity and resilience of the economies and financial systems to the risks associated with the inflows
Download or read book Recent Experiences in Managing Capital Inflows Cross Cutting Themes and Possible Policy Framework written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2011-02-14 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging markets (EMs) are experiencing a surge in capital inflows, lifting asset prices and growth prospects. While inflows are typically beneficial for receiving countries, inflow surges can carry macroeconomic and financial stability risks. This paper reviews the recent experience of EMs in dealing with capital inflows and suggests a possible framework for IMF policy advice on the spectrum of measures available to policymakers to manage inflows, including macroeconomic policies, prudential measures and capital controls. Illustrative applications of this framework suggest that it may be appropriate for several countries, based on their current circumstances, to consider prudential measures or capital controls in response to capital inflows. The suggested framework is intended to inform staff policy advice to all Fund members with open capital accounts. It forms part of a broader effort to sharpen Fund surveillance, preserve evenhandedness, and foster greater global policy coordination. As indicated in the Supplement to this paper, this broader effort includes the development of “global rules of the game” on macroprudential policies, capital account liberalization, and reserve adequacy, and the preparation of spillover reports assessing spillovers from the five systemic economies—all of which will inform the current and broader framework being developed.
Download or read book Managing Capital Flows written by Mr.Jaime Cardoso and published by International Monetary Fund. This book was released on 1998-12-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a result of the Asian crisis, methods of coping with volatile international capital markets have received considerable attention from observers and policymakers. It has been argued that the imposition by Chile of a nonremunerated reserve requirement on external borrowing played a useful role in the smooth liberalization of its capital account by allowing Chile to deal effectively with short-term capital inflows and thus to reduce its vulnerability to external shocks, and that such measures should be adopted by other countries. In light of this, this paper reviews Chile’s experience in managing capital flows and draws lessons for policymakers.
Download or read book Coping with Capital Flows in East Asia written by C. H. Kwan and published by Institute of Southeast Asian Studies. This book was released on 1998 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely book examines how the countries of East Asia coped with the vast pool of international capital that flowed into the region during the early 1990s. East Asia appeared to be doing well. But, as this book was in preparation in 1997, a currency crisis sent capital fleeing and catapulted the East Asian economies into turmoil. Country-specific updates describe events since July 1997, how government authorities addressed the crisis, and what lessons can be learned.
Download or read book Dealing with Capital Inflows written by Carmen M. Reinhart and published by Unu World Institute for Development Economics Research. This book was released on 1996 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dealing with Capital Inflows: Are There Any Lessons? reviews the experience of a heterogeneous group of developing countries in maintaining macroeconomic stability in the face of heavy capital inflows. It makes a comparison of country responses organized according to policy response & identifies the limitations of each of these policies & conditions under which some policies can be self-defeating in that they attract more short-term investment. The publication is part of the Research for Action series which discusses policy-oriented research on the main strategic issues of development & international cooperation, as well as on the interaction between domestic & global changes.
Download or read book Learning how to Cope with Capital Inflows written by Robert Cardarelli and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Coping with Too Much of a Ggod Thing written by and published by . This book was released on 1995 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Coping with Capital Surges written by Ricardo Ffrench-Davis and published by . This book was released on 1995-01-01 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private capital flows to Latin America have increased dramatically since 1989. This book examines the possible causes and consequences of this new and unforeseen wave of investment from the perspectives of both the borrower and the lender. The authors first analyze direct investment, securities investment (both bonds and shares), and bank lending by investors in the United States, Europe, and Japan, as well as the regulations affecting those investors. They differentiate among the scale, features, and motivations of those investors and lenders. The authors then turn to the features of capital flows, their macroeconomic impact, and policy responses in three recipient countries: Argentina, Chile, and Mexico. Those policy responses fundamentally relate to attempts to moderate the impact of capital inflows on exchange rates, to reduce the monetary impact of foreign exchange operations, and to moderate short-term capital inflows.
Download or read book Coping with Too Much of a Good Thing written by Morris Goldstein and published by . This book was released on 1995 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Coping with Too Much of a Good Thing written by Morris Goldstein and published by . This book was released on 2016 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: In discussing the causes and consequences of large capital inflows to developing countries, the author emphasizes two things. First, although there are legitimate grounds for an optimistic long-term outlook on private capital flows to developing countries, there is little to suggest that the volatility of capital flows will end. In designing policy strategies to accomodate this volatility, a premium should be put on credibility, resilience, and flexibility. Second, country differences notwithstanding, host countries need to respect the basics of adjustment and finance in designing their policy response to large inflows. Host countries that want to keep using the nominal exchange rate as their key nominal anchor and that do not want to accept much appreciation in their real exchange rate must be prepared to tighten fiscal policy. This is the most reliable way to reduce aggregate demand, keep inflation in check, and limit deterioration of the current account. Regarding sterilization policy, domestic interest rates will be higher and the size of the inflow will be larger with sterilization than without it. Not that sterilization necessarily need be avoided; in the early stages of inflow, it can help moderate or even offset the induced expansion of domestic credit. But with high capital mobility, sterilization becomes more expensive and less effective the longer it is used. Effective regulation and supervision are important in ensuring the best use of large inflows of foreign resources. It makes a big difference, for example, if banks use their higher reserves to lend for productive investment and human capital formation than if they use them to fund speculative activities that eventually translate into nonperforming loans (and perhaps a large public sector liability as well). Careful assessment of credit risk and of maturity mismatches are essential if banks are to help the private sector earn a rate of return greater than the cost of capital. Similarly, good disclosure and accounting standards are essential for accurate pricing of risk in both banking and securities markets. These and similar measures are worth implementing even without large capital inflows. Beyond dealing with surges in capital inflows, host countries must decide the optimal speed at which they wish to move toward full capital account liberalization.
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 Coping with Too Much of a Good Thing written by Morris Arthur Goldstein and published by . This book was released on 1995 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Policy Responses to Capital Flows in Emerging Markets written by Mahmood Pradhan and published by International Monetary Fund. This book was released on 2011-04-20 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
Download or read book Coping with Too Much of Good Thing of a Good Thing written by Morris Goldstein and published by . This book was released on 1995 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Breaking the Mould written by and published by . This book was released on 2011 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:
