Download or read book Exchange and Capital Controls as Barriers to Trade written by Ms.Natalia T. Tamirisa and published by International Monetary Fund. This book was released on 1998-06-01 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper considers the effect of exchange and capital controls on trade in the gravity-equation framework, in which bilateral exports depend on the distance between countries, the countries’ size and wealth, tariff barriers, and exchange and capital controls. The extent of exchange and capital controls is measured by unique indices. In view of the degree to which countries have liberalized their exchange systems, controls on current payments and transfers are found to be a minor impediment to trade, while capital controls significantly reduce exports into developing and transition economies. Thus, further capital account liberalization could significantly foster trade.
Download or read book Collateral Damage written by Mr.Zhiwei Zhang and published by International Monetary Fund. This book was released on 2007-01-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: While new conventional wisdom warns that developing countries should be aware of the risks of premature capital account liberalization, the costs of not removing exchange controls have received much less attention. This paper investigates the negative effects of exchange controls on trade. To minimize evasion of controls, countries often intensify inspections at the border and increase documentation requirements. Thus, the cost of conducting trade rises. The paper finds that a one standard-deviation increase in the controls on trade payment has the same negative effect on trade as an increase in tariff by about 14 percentage points. A one standard-deviation increase in the controls on FX transactions reduces trade by the same amount as a rise in tariff by 11 percentage points. Therefore, the collateral damage in terms of foregone trade is sizable.
Download or read book Capital Controls Exchange Rates and Monetary Policy in the World Economy written by Sebastian Edwards and published by Cambridge University Press. This book was released on 1997-06-13 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays collected in this volume discuss the impact of increased capital mobility on macroeconomic performance.
Download or read book The Political Economy of Capital Controls written by Gunther G. Schulze and published by Cambridge University Press. This book was released on 2000-05-04 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive study of capital controls, assesses the existing literature and presents original research.
Download or read book What s In a Name That Which We Call Capital Controls written by Mr.Atish R. Ghosh and published by International Monetary Fund. This book was released on 2016-02-12 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates why controls on capital inflows have a bad name, and evoke such visceral opposition, by tracing how capital controls have been used and perceived, since the late nineteenth century. While advanced countries often employed capital controls to tame speculative inflows during the last century, we conjecture that several factors undermined their subsequent use as prudential tools. First, it appears that inflow controls became inextricably linked with outflow controls. The latter have typically been more pervasive, more stringent, and more linked to autocratic regimes, failed macroeconomic policies, and financial crisis—inflow controls are thus damned by this “guilt by association.” Second, capital account restrictions often tend to be associated with current account restrictions. As countries aspired to achieve greater trade integration, capital controls came to be viewed as incompatible with free trade. Third, as policy activism of the 1970s gave way to the free market ideology of the 1980s and 1990s, the use of capital controls, even on inflows and for prudential purposes, fell into disrepute.
Download or read book Estimated Policy Rules for Capital Controls written by Gurnain Kaur Pasricha and published by International Monetary Fund. This book was released on 2020-06-05 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper borrows the tradition of estimating policy reaction functions from monetary policy literature to ask whether capital controls respond to macroprudential or mercantilist motivations. I explore this question using a novel, weekly dataset on capital control actions in 21 emerging economies from 2001 to 2015. I introduce a new proxy for mercantilist motivations: the weighted appreciation of an emerging-market currency against its top five trade competitors. This proxy Granger causes future net initiations of non-tariff barriers in most countries. Emerging markets systematically respond to both mercantilist and macroprudential motivations. Policymakers respond to trade competitiveness concerns by using both instruments—inflow tightening and outflow easing. They use only inflow tightening in response to macroprudential concerns. Policy is acyclical to foreign debt; however, high levels of this debt reduces countercyclicality to mercantilist concerns. Higher exchange rate pass-through to export prices, and having an inflation targeting regime with non-freely floating exchange rates, increase responsiveness to mercantilist concerns.
Download or read book Capital Controls In Emerging Economies written by Christine P Ries and published by Routledge. This book was released on 2018-02-23 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at situations where a dramatic transformation of the political environment made existing institutions obsolete. It explores the use of capital controls in the reforming economies of the formerly communist countries.
Download or read book Capital Controls written by Forrest Capie and published by . This book was released on 2002 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Free capital movements played an important part in the economic integration and globalisation of the nineteenth century. This work analyses historical experience with capital controls, in Britain and elsewhere, and reviews the theory. It concludes that such controls are damaging and that there is no case for reviving them.
Download or read book The Microstructure of Foreign Exchange Markets written by Jeffrey A. Frankel and published by University of Chicago Press. This book was released on 2009-05-15 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: The foreign exchange market is the largest, fastest-growing financial market in the world. Yet conventional macroeconomic approaches do not explain why people trade foreign exchange. At the same time, they fail to explain the short-run determinants of the exchange rate. These nine innovative essays use a microstructure approach to analyze the workings of the foreign exchange market, with special emphasis on institutional aspects and the actual behavior of market participants. They examine the volume of transactions, heterogeneity of traders, the time of day and location of trading, the bid-ask spread, and the high level of exchange rate volatility that has puzzled many observers. They also consider the structure of the market, including such issues as nontransparency, asymmetric information, liquidity trading, the use of automated brokers, the relationship between spot and derivative markets, and the importance of systemic risk in the market. This timely volume will be essential reading for anyone interested in the economics of international finance.
Download or read book Terms of Trade Disturbances Real Exchange Rates and Welfare written by Sebastian Edwards and published by . This book was released on 1989 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many arguments that have been advanced in favor of maintaining capital control within the EEC have not paid sufficient attention to the welfare consequences of this type of market intervention. Our paper provides a simple, optimizing framework in which the welfare consequences of capital controls can be assessed. Two main issues are considered. First, how do capital controls affect the adjustment of macroeconomic variables to real disturbances? Second, what is the nature of second best arguments for maintaining capital controls given that certain distortions will remain after the European single market is in place in 1992?
Download or read book Exchange Controls Capital Controls and International Financial Markets written by Alan C. Stockman and published by . This book was released on 1985 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Single Market Review written by European Commission and published by . This book was released on 1997 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Single Market Review written by European Commission and published by . This book was released on 1997 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Anatomy and Consequences of Exchange Control Regimes written by Jagdish N. Bhagwati and published by Cambridge, Mass. : Published for the National Bureau of Economic Research by Ballinger Publishing Company. This book was released on 1978 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Deregulation and Trade Expansion written by Suiwah Leung and published by . This book was released on 1994 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of a series of working papers put out by the Research School of Pacific and Asian Studies at the ANU. Reviews the evidence linking exchange rate volatility to trade and presents arguments for not reforming the international monetary system to stabilise exchange rates. Suggests instead that other ways to curb the growth of non-tariff barriers to trade be examined. Includes a list of references.
Download or read book Terms of trade disturbances real exchange rates and welfare written by Sebastian Edwards and published by . This book was released on 1989 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book International Financial Management written by Donald R. Lessard and published by John Wiley & Sons. This book was released on 1985 with total page 616 pages. Available in PDF, EPUB and Kindle. Book excerpt:
