Download or read book Joining the Club Procyclicality of Private Capital Inflows in Low Income Developing Countries written by Juliana Dutra Araujo and published by International Monetary Fund. This book was released on 2015-07-17 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a newly developed dataset this paper examines the cyclicality of private capital inflows to low-income developing countries (LIDCs) over the period 1990-2012. The empirical analysis shows that capital inflows to LIDCs are procyclical, yet considerably less procyclical than flows to more advanced economies. The analysis also suggests that flows to LIDCs are more persistent than flows to emerging markets (EMs). There is also evidence that changes in risk aversion are a significant correlate of private capital inflows with the expected sign, but LIDCs seem to be less sensitive to changes in global risk aversion than EMs. A host of robustness checks to alternative estimation methods, samples, and control variables confirm the baseline results. In terms of policy implications, these findings suggest that private capital inflows are likely to become more procyclical as LIDCs move along the development path, which could in turn raise several associated policy challenges, not the least concerning the reform of traditional monetary policy frameworks.
Download or read book Non FDI Capital Inflows in Low Income Developing Countries written by Juliana Dutra Araujo and published by International Monetary Fund. This book was released on 2015-04-29 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Low-income countries (LIDCs) are typically characterized by intermittent and very modest access to private external funding sources. Motivated by recent developments in private flows to LIDCs this paper makes two contributions: First, it constructs a new comprehensive dataset on gross private capital flows with special focus on non-FDI flows in LIDCs. Concentrating on LIDCs and more specifically on gross non-FDI private flows is intentionally aimed at closing a gap in existing datasets where country coverage of developing economies is limited mainly to emerging markets (EMs). Second, using the new data, it identifies several shifting patterns of gross non-FDI private inflows to LIDCs. A surprising fact emerges: since the mid 2000's periods of surges in gross non-FDI private inflows in LIDCs are broadly comparable to those of EMs. Moreover, while gross non-FDI inflows to LIDCs are on average much lower than those to EMs, we show that the LIDC top quartile gross non-FDI inflow is comparable to the EM median inflow and converging to the EM top quartile inflow.
Download or read book Capital Account Openness in Low income Developing Countries written by Mrs.Sarwat Jahan and published by International Monetary Fund. This book was released on 2016-12-23 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The relevance of recording and assessing countries’ capital flow management measures is well-recognized, but very few studies have focused on low-income developing countries (LIDCs). A key constraint is the lack of an appropriate index to measure the openness of capital account and its change over time. This paper fills the gap by constructing a de jure index based on information contained in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. It provides an aggregate index to capture the overall openness of the capital account, and also provides a breakdown of openness for various subcategories of capital flows. The new database covers 164 countries with information on 12 types of asset categories over the period 1996–2013. The index provides the largest coverage of LIDCs among all existing indices and also provides granularity on openness across asset types, direction of flows and residency. The paper examines the link between de jure capital account openness with de facto capital flows and outlines potential applications of this database.
Download or read book Non FDI Capital Inflows in Low Income Developing Countries written by Juliana Dutra Araujo and published by . This book was released on 2015 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper constructs a new dataset on gross private capital flows in LIDCs and identifies several shifting patterns.
Download or read book Non FDI Capital Inflows in Low Income Developing Countries written by Juliana Dutra Araujo and published by International Monetary Fund. This book was released on 2015-04-29 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Low-income countries (LIDCs) are typically characterized by intermittent and very modest access to private external funding sources. Motivated by recent developments in private flows to LIDCs this paper makes two contributions: First, it constructs a new comprehensive dataset on gross private capital flows with special focus on non-FDI flows in LIDCs. Concentrating on LIDCs and more specifically on gross non-FDI private flows is intentionally aimed at closing a gap in existing datasets where country coverage of developing economies is limited mainly to emerging markets (EMs). Second, using the new data, it identifies several shifting patterns of gross non-FDI private inflows to LIDCs. A surprising fact emerges: since the mid 2000's periods of surges in gross non-FDI private inflows in LIDCs are broadly comparable to those of EMs. Moreover, while gross non-FDI inflows to LIDCs are on average much lower than those to EMs, we show that the LIDC top quartile gross non-FDI inflow is comparable to the EM median inflow and converging to the EM top quartile inflow.
Download or read book Capital Account Openness in Low income Developing Countries written by Mrs.Sarwat Jahan and published by International Monetary Fund. This book was released on 2017-01-18 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The relevance of recording and assessing countries’ capital flow management measures is well-recognized, but very few studies have focused on low-income developing countries (LIDCs). A key constraint is the lack of an appropriate index to measure the openness of capital account and its change over time. This paper fills the gap by constructing a de jure index based on information contained in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. It provides an aggregate index to capture the overall openness of the capital account, and also provides a breakdown of openness for various subcategories of capital flows. The new database covers 164 countries with information on 12 types of asset categories over the period 1996–2013. The index provides the largest coverage of LIDCs among all existing indices and also provides granularity on openness across asset types, direction of flows and residency. The paper examines the link between de jure capital account openness with de facto capital flows and outlines potential applications of this database.
Download or read book Opening Up Capital Flows and Financial Sector Dynamics in Low Income Developing Countries written by Sebastian Horn and published by International Monetary Fund. This book was released on 2021-09-24 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low-income developing countries have substantially increased openness towards external financing and have received large capital inflows. Using bank-level micro data, this paper finds that capital inflows have been associated with financial deepening through increases in bank loans, deposits, and wholesale funding. Domestic banks increase loans more than foreign banks. There are only modest signs of a build-up in financial vulnerabilities. Causality is examined through an instrumental variable approach and an augmented inverse-probability weighting estimator. These approaches indicate only limited evidence for global push effects, pointing towards the importance of domestic pull factors.
Download or read book How to Achieve Inclusive Growth written by Valerie Cerra and published by Oxford University Press. This book was released on 2022-01-22 with total page 901 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. Rising inequality and widespread poverty, social unrest and polarization, gender and ethnic disparities, declining social mobility, economic fragility, unbalanced growth due to technology and globalization, and existential danger from climate change are urgent global concerns of our day. These issues are intertwined. They therefore require a holistic framework to examine their interplay and bring the various strands together. Leading academic economists have partnered with experts from several international institutions to explain the sources and scale of these challenges. They gather a wide array of empirical evidence and country experiences to lay out practical policy solutions and to devise a comprehensive and unified plan of action for combatting these economic and social disparities. This authoritative book is accessible to policy makers, students, and the general public interested in how to craft a brighter future by building a sustainable, green, and inclusive society in the years ahead.
Download or read book Macroeconomic Shocks and Unconventional Monetary Policy written by Naoyuki Yoshino and published by Oxford University Press, USA. This book was released on 2019 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: Barely two decades after the Asian financial crisis Asia was suddenly confronted with multiple challenges originating outside the region: the 2008 global financial crisis, the European debt crisis, and finally developed economies' implementation of unconventional monetary policies. The implementation of quantitative easing, ultra-low interest rate policies, and negative interest rate policies by a number of large central banks has given rise to concerns over financial stability and international capital flows. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets explains how shocks stemming from the global financial crisis have affected macroeconomic and financial stability in emerging Asia. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets brings together the most up-to-date knowledge impacts of recent macroeconomic shocks on Asia's real economy; the spillover effects of macroeconomic shocks on financial markets and flows in Asia; and key challenges for monetary, exchange rate, trade and macro prudential policies of developing Asian economies. It is authored by experts in the field of international macroeconomics from leading academic institutions, central banks, and international organizations including the International Monetary Fund, the Bank for International Settlement, and the Asian Development Bank Institute.
Download or read book In Search of Information Use of Google Trends Data to Narrow Information Gaps for Low income Developing Countries written by Mr.Futoshi Narita and published by International Monetary Fund. This book was released on 2018-12-14 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Timely data availability is a long-standing challenge in policy-making and analysis for low-income developing countries. This paper explores the use of Google Trends’ data to narrow such information gaps and finds that online search frequencies about a country significantly correlate with macroeconomic variables (e.g., real GDP, inflation, capital flows), conditional on other covariates. The correlation with real GDP is stronger than that of nighttime lights, whereas the opposite is found for emerging market economies. The search frequencies also improve out-of-sample forecasting performance albeit slightly, demonstrating their potential to facilitate timely assessments of economic conditions in low-income developing countries.
Download or read book IMF Research Bulletin September 2015 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2015-09-25 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: The September 2015 issue of the IMF Research Bulletin covers a range of research topics. The Research Summaries featured in this issue are “Lower for Longer: Neutral Rates in the United States” (Andrea Pescatori and Jarkko Turunen) and “Economic Principles for Resource Revenue Management” (Anthony J. Venables and Samuel Wills). The Q&A article looks at “Seven Questions on Financing for Development” (Amadou Sy) and the global development agenda. The issue also includes special announcements on the 2015 Annual Research Conference and the 2015 IMF Annual Report, as well as new IMF publications. Readers will also find a link to a top-viewed article from the “IMF Economic Review”—the IMF’s official research journal.
Download or read book Developing Countries and the Feldstein Horioka Puzzle written by Mr.Athanasios Vamvakidis and published by International Monetary Fund. This book was released on 1998-01-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: The previous literature points to a high correlation between domestic rates of investment and savings among OECD countries. Some take this as evidence of limited financial integration in the industrialized world. This paper presents new empirical results, based on an extended sample of countries. The correlation coefficient in a regression of the rate of domestic investment on the rate of domestic savings is statistically insignificant most of the time and generally smaller than 0.3 for any sample other than the OECD. This finding is robust with respect to alternative time periods, subsample and estimation methods. In particular, we control for measurement error, business cycle effects, and country-specific fixed effects.
Download or read book Financial Globalization and Inequality Capital Flows as a Two Edged Sword written by Mr.Barry J. Eichengreen and published by International Monetary Fund. This book was released on 2021-01-08 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: We review the debate on the association of financial globalization with inequality. We show that the within-country distributional impact of capital account liberalization is context specific and that different types of flows have different distributional effects. Their overall impact depends on the composition of capital flows, their interaction, and on broader economic and institutional conditions. A comprehensive set of policies – macroeconomic, financial and labor- and product-market specific – is important for facilitating wider sharing of the benefits of financial globalization.
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Download or read book Global Economic Prospects 2006 written by and published by World Bank Publications. This book was released on with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: International migration, the movement of people across international boundaries to improve economic opportunity, has enormous implications for growth and welfare in both origin and destination countries. An important benefit to developing countries is the receipt of remittances or transfers from income earned by overseas emigrants. Official data show that development countries' remittance receipts totaled 160 billion in 2004, more than twice the size of official aid. This year's edition of Global Economic Prospects focuses on remittances and migration. The bulk of the book covers remittances.
Download or read book Globalization and Development written by José Antonio Ocampo and published by Stanford University Press. This book was released on 2003 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globalization and Development draws upon the experiences of the Latin American and Caribbean region to provide a multidimensional assessment of the globalization process from the perspective of developing countries. Based on a study by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC), this book gives a historical overview of economic development in the region and presents both an economic and noneconomic agenda that addresses disparity, respects diversity, and fosters complementarity among regional, national, and international institutions. For orders originating outside of North America, please visit the World Bank website for a list of distributors and geographic discounts at http://publications.worldbank.org/howtoorder or e-mail [email protected].
Download or read book In Search of Information Use of Google Trends Data to Narrow Information Gaps for Low income Developing Countries written by Mr.Futoshi Narita and published by International Monetary Fund. This book was released on 2018-12-14 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Timely data availability is a long-standing challenge in policy-making and analysis for low-income developing countries. This paper explores the use of Google Trends’ data to narrow such information gaps and finds that online search frequencies about a country significantly correlate with macroeconomic variables (e.g., real GDP, inflation, capital flows), conditional on other covariates. The correlation with real GDP is stronger than that of nighttime lights, whereas the opposite is found for emerging market economies. The search frequencies also improve out-of-sample forecasting performance albeit slightly, demonstrating their potential to facilitate timely assessments of economic conditions in low-income developing countries.
