Download or read book The Impact of Controlson Capital Movementson the Private Capital Accounts of Countries Balance of Payments written by Mr.R. B. Johnston and published by International Monetary Fund. This book was released on 1994-07-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reports research on the impact of controls on capital movements on the private capital accounts of countries’ balance of payments using data drawn from 52 countries for the period 1985-92. The results indicate that: (1) capital controls operated by developing countries have not been effective in insulating the private capital accounts of these countries’ balance of payments, and (2) capital controls operated by industrial countries significantly affected the structure of their capital flows mainly by inhibiting net foreign direct and portfolio investment outflows. The results, which are consistent with other observations, raise issues for the policy toward the maintenance and liberalization of controls on capital movements by developing countries.
Download or read book The Impact of Controls on Capital Movements on the Private Capital Accounts of Countries Balance of Payments written by R. Barry Johnston and published by . This book was released on 2006 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reports research on the impact of controls on capital movements on the private capital accounts of countries` balance of payments using data drawn from 52 countries for the period 1985-92. The results indicate that: (1) capital controls operated by developing countries have not been effective in insulating the private capital accounts of these countries` balance of payments, and (2) capital controls operated by industrial countries significantly affected the structure of their capital flows mainly by inhibiting net foreign direct and portfolio investment outflows. The results, which are consistent with other observations, raise issues for the policy toward the maintenance and liberalization of controls on capital movements by developing countries.
Download or read book The impact of controls on capital movements on the private capital accounts of countries balance of payments written by Robert Barry Johnston and published by . This book was released on 1994 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Working Paper Summaries WP 94 77 WP 94 147 written by International Monetary Fund and published by International Monetary Fund. This book was released on 1995-02-01 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: Authors of Working Papers are normally staff members of the Fund or consultants, although on occasion outside authors may collaborate with a staff member in writing a paper. The views expressed in the Working Papers or their summaries are, however, those of the authors and should not necessarily be interpreted as representing the views of the Fund. Copies of individual Working Papers and information on subscriptions to the annual series of Working Papers may be obtained from IMF Publication Services, International Monetary Fund, 700 19th Street, Washington, D.C. 20431. Telephone: (202) 623-7430 Telefax: (202) 623-7201 This compilation of summaries of Working Papers released during July-December 1994 is being issued as a part of the Working Paper series. It is designed to provide the reader with an overview of the research work performed by the staff during the period.
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 IEO Evaluation Report on the IMF s Approach to Capital Account Liberalization 2005 written by International Monetary Fund. Independent Evaluation Office and published by International Monetary Fund. This book was released on 2005-08-09 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on evidence from a sample of emerging market economies over the period 1990-2004, this evaluation report reviews the IMF’s approach to capital account liberalization and related issues. The evaluation seeks to contribute to transparency by documenting what in practice has been the IMF's approach to these issues and to identify areas where the IMF’s instruments and operating methods might be improved, in order to deal with these issues more effectively.
Download or read book Capital Ideas written by Jeffrey M. Chwieroth and published by Princeton University Press. This book was released on 2009-12-14 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: The right of governments to employ capital controls has always been the official orthodoxy of the International Monetary Fund, and the organization's formal rules providing this right have not changed significantly since the IMF was founded in 1945. But informally, among the staff inside the IMF, these controls became heresy in the 1980s and 1990s, prompting critics to accuse the IMF of indiscriminately encouraging the liberalization of controls and precipitating a wave of financial crises in emerging markets in the late 1990s. In Capital Ideas, Jeffrey Chwieroth explores the inner workings of the IMF to understand how its staff's thinking about capital controls changed so radically. In doing so, he also provides an important case study of how international organizations work and evolve. Drawing on original survey and archival research, extensive interviews, and scholarship from economics, politics, and sociology, Chwieroth traces the evolution of the IMF's approach to capital controls from the 1940s through spring 2009 and the first stages of the subprime credit crisis. He shows that IMF staff vigorously debated the legitimacy of capital controls and that these internal debates eventually changed the organization's behavior--despite the lack of major rule changes. He also shows that the IMF exercised a significant amount of autonomy despite the influence of member states. Normative and behavioral changes in international organizations, Chwieroth concludes, are driven not just by new rules but also by the evolving makeup, beliefs, debates, and strategic agency of their staffs.
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 310 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 Implications of a Surge in Capital Inflows written by Jang-Yung Lee and published by International Monetary Fund. This book was released on 1996-05-01 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper seeks to extend discussion of monetary policy instruments to the situation of a country faced with major capital inflows when the process of domestic financial liberalization is incomplete. It briefly summarizes the recent usage of traditional monetary instruments, discusses the practical limits to classic sterilization measures as well as the pros and cons of using other supplementary measures including tax-based controls on capital inflows. It also examines the efficacy of such measures in Chile, Colombia, Indonesia, Korea, Spain, and Thailand. The conclusion is that, for a time and as a transitional measure, a country may find it opportune to supplement the traditional instruments with certain “belt and braces” measures including, in some instances, indirect (tax-based) capital controls.
Download or read book Financial Fragility and Economic Performance in Developing Economies written by Mr.Marco Rossi and published by International Monetary Fund. This book was released on 1999-05-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Little empirical investigation exists of the links among capital account liberalization, prudential regulation and supervision, financial crises, and economic development, mainly because of the lack of comparable measures to describe regulatory practices for different countries. This paper examines empirically, albeit in a preliminary manner, these links using new measures of capital controls, prudential regulation, supervision, and depositors’ safety for a sample of 15 developing economies over the period 1990–97. Results confirm the importance of the degree of capital account convertibility and the regulatory and supervisory framework in affecting financial fragility and economic performance.
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 348 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 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 The Israeli Economy 1985 1998 written by Avi Ben-Basaṭ and published by MIT Press. This book was released on 2002 with total page 564 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the structural reforms that transformed Israel's economy from one dominated by government intervention to a market-oriented, open economy.
Download or read book Trade in Financial Services and Capital Movements written by Ms.Natalia T. Tamirisa and published by International Monetary Fund. This book was released on 1999-07-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: International financial liberalization may alter saving-investment imbalances and patterns of capital flows across countries. In a panel of OECD countries for 1990–96, this study examines how the liberalization of capital movements and financial services trade affects net private capital flows. Capital inflows tend to fall (rise) with the liberalization of commercial presence in banking and securities (insurance) services, possibly reflecting an increase (decrease) in saving. Capital account liberalization is found to stimulate capital inflows, suggesting that better access to external financing helps sustain larger fiscal and current account deficits. When cross-border trade is liberalized, capital flows change insignificantly.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1996-01-01 with total page 212 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 reducing 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 Flows to Brazil written by Mr.Ilan Goldfajn and published by International Monetary Fund. This book was released on 1997-09-01 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper creates an index of capital controls to analyze the determinants of capital flows to Brazil, accounting for the endogeneity of capital controls by considering a government that sets controls in response to capital flows. It finds that the government reacts strongly to capital flows by increasing controls on inflows during booms and relaxing them in moments of distress. The paper estimates a vector autoregression with capital flows, controls, and interest differentials. It shows that controls have been temporarily effective in altering levels and composition of capital flows but have had no sustained effects in the long run.
Download or read book Sequencing Financial Sector Reforms written by International Monetary Fund and published by International Monetary Fund. This book was released on 1991-03-15 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial sector liberalization can spur economic growth and development, but reforms to liberalize the financial sector can also entail risks if they are not properly designed and implemented. One of the central questions for countries reforming their financial systems is how to sequence the reforms so as to maximize the benefits of liberalization and contain its risks. Edited by R. Barry Johnston and V. Sundararajan of the IMF's Monetary and Exchange Affairs Department, this book attempts to answer this and related questions by drawing lessons from financial sector reforms in selected countries. In particular, the book surveys financial sector reforms in Indonesia, Thailand, and Korea between the mid-1980s and mid-1990s.
