Download or read book Capital Account Liberalization written by Peter Blair Henry and published by . This book was released on 2006 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Writings on the macroeconomic impact of capital account liberalization find few, if any, robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up quite well to a critical reading of this literature. The lion's share of papers that find no effect of liberalization on real variables tell us nothing about the empirical validity of the theory, because they do not really test it. This paper explains why it is that most studies do not really address the theory they set out to test. It also discusses what is necessary to test the theory and examines papers that have done so. Studies that actually test the theory show that liberalization has significant effects on the cost of capital, investment, and economic growth"--National Bureau of Economic Research web site.
Download or read book Capital Account Liberalization and Inequality written by Davide Furceri and published by International Monetary Fund. This book was released on 2015-11-24 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the distributional impact of capital account liberalization. Using panel data for 149 countries from 1970 to 2010, we find that, on average, capital account liberalization reforms increase inequality and reduce the labor share of income in the short and medium term. We also find that the level of financial development and the occurrence of crises play a key role in shaping the response of inequality to capital account liberalization reforms.
Download or read book Capital Account Liberalization written by Mr.Giovanni Dell'Ariccia and published by International Monetary Fund. This book was released on 1998-09-30 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital account liberalization - orderly, properly sequence, and befitting the individual circumstances of countries- is an inevitable step for all countries wishing to realize the benefits of the globalized economy. This paper reviews the theories behind capital account liberalization and examines the dangers associated with free capital flows. The authors conclude that the dangers can be limited through a combination of sound macroeconomic and prudential policies.
Download or read book Economics of Sovereign Wealth Funds written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2010-12-09 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book covers a wide range of topics of relevance to policymakers in countries that have sovereign wealth funds (SWFs) and those that receive SWF investments. Renowned experts in the field have contributed chapters. The book is organized around four themes: (1) the role and macrofinancial linkages of SWFs, (2) institutional factors, (3) investment approaches and financial markets, and (4) the postcrisis outlook. The book also discusses the challenges facing sovereign wealth funds in the coming years, from an inside perspective on countries, including Canada, Chile, China, Norway, Russia, and New Zealand. Economics of Sovereign Wealth Funds will contribute to a further understanding of the nature, strategies and behavior of SWFs and the environment in which they operate, as their importance is likely to grow in the coming years.
Download or read book Trade Liberalization written by Romain Wacziarg and published by Edward Elgar Publishing. This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This compelling two-volume collection presents the major literary contributions to the economic analysis of the consequences of trade liberalization on growth, productivity, labor market outcomes and economic inequality. Examining the classical theories that stress gains from trade stemming from comparative advantage, the selection also comprises more recent theories of imperfect competition, where any potential gains from trade can stem from competitive effects or the international transmission of knowledge. Empirical contributions provide evidence regarding the explanatory power of these various theories, including work on the effects of trade openness on economic growth, wages, and income inequality, as well as evidence on the effects of trade on firm productivity, entry and exit. Prefaced by an original introduction from the editor, the collection will to be an invaluable research resource for academics, practitioners and those drawn to this fascinating topic.
Download or read book Capital Flow Deflection written by Paolo Giordani and published by International Monetary Fund. This book was released on 2014-08-08 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the coordination problem among borrowing countries imposing controls on capital infl ows. In a simple model of capital flows and controls, we show that inflow restrictions distort international capital flows to other countries and that, in turn, such capital flow deflection may lead to a policy response. We then test the theory using data on inflow restrictions and gross capital inflows for a large sample of developing countries between 1995 and 2009. Our estimation yields strong evidence that capital controls deflect capital flows to other borrowing countries with similar economic characteristics. Notwithstanding these strong cross-border spillover effects, we do not find evidence of a policy response.
Download or read book Global Capital Political Institutions and Policy Change in Developed Welfare States written by Duane Swank and published by Cambridge University Press. This book was released on 2002-02-11 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book argues that the dramatic post-1970 rise in international capital mobility has not systematically contributed to the retrenchment of developed welfare states as many claim. Nor has globalization directly reduced the revenue-raising capacities of governments and undercut the political institutions that support the welfare state. Rather, institutional features of the polity and the welfare state determine the extent to which the economic and political pressures associated with globalization produce Welfare state retrenchment.
Download or read book Liberalization in the Process of Economic Development written by Lawrence B. Krause and published by Univ of California Press. This book was released on 2022-09-23 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic growth in all developing countries is guided, and often accelerated, by generally intrusive policies implemented by governments intent on playing an active role in furthering development. As economies have grown and become more complex, however, even small market distortions are magnified, and the tendency is to rely more heavily on the market for continued growth. In this volume, leading experts in economic development examine the variety of issues that arise as governments in some of the newly industrializing countries of Southeast Asia, such as South Korea, Taiwan, and Singapore, grapple with this difficult process of liberalization. This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1991.
Download or read book Monetarism and Liberalization written by Sebastian Edwards and published by University of Chicago Press. This book was released on 1991-05-28 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: The successes and failures of free market policy in Chile, implemented in 1973 under the guidance of economists trained at the University of Chicago, are clearly explained in this well-written study. The authors argue that it was a combination of misjudgments, including important policy errors, that led to the collapse of the Chilean economy. "The Edwards's book is an indispensable guide to the policy reforms and mistakes that have taken the [Chilean] economy to its present state."—Philip L. Brock, Money, Credit, and Banking "This book is a 'must' for anybody interested in development economies and the problems of liberalization."—Hansjorg Blochliger, Journal of International Economics
Download or read book Effects of Financial Globalization on Developing Countries written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2003-09-03 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study provides a candid, systematic, and critical review of recent evidence on this complex subject. Based on a review of the literature and some new empirical evidence, it finds that (1) in spite of an apparently strong theoretical presumption, it is difficult to detect a strong and robust causal relationship between financial integration and economic growth; (2) contrary to theoretical predictions, financial integration appears to be associated with increases in consumption volatility (both in absolute terms and relative to income volatility) in many developing countries; and (3) there appear to be threshold effects in both of these relationships, which may be related to absorptive capacity. Some recent evidence suggests that sound macroeconomic frameworks and, in particular, good governance are both quantitatively and qualitatively important in affecting developing countries’ experiences with financial globalization.
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 Agricultural Trade Reform and the Doha Development Agenda written by Kym Anderson and published by World Bank Publications. This book was released on 2005-11-16 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing the most complete and up to date analysis of the range of agricultural issues under negotiation in the multilateral trade negotiations underway in the World Trade Organization (WTO), this title is a valuable resource to policymakers, agricultural private sector, and academics in developing and assessing the negotiating options.
Download or read book Varieties of Liberalization and the New Politics of Social Solidarity written by Kathleen Thelen and published by Cambridge University Press. This book was released on 2014-03-31 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines contemporary changes in labor market institutions in the United States, Germany, Denmark, Sweden, and the Netherlands, focusing on developments in three arenas - industrial relations, vocational education and training, and labor market policy. While confirming a broad, shared liberalizing trend, it finds that there are in fact distinct varieties of liberalization associated with very different distributive outcomes. Most scholarship equates liberal capitalism with inequality and coordinated capitalism with higher levels of social solidarity. However, this study explains why the institutions of coordinated capitalism and egalitarian capitalism coincided and complemented one another in the "Golden Era" of postwar development in the 1950s and 1960s, and why they no longer do so. Contrary to the conventional wisdom, this study reveals that the successful defense of the institutions traditionally associated with coordinated capitalism has often been a recipe for increased inequality due to declining coverage and dualization. Conversely, it argues that some forms of labor market liberalization are perfectly compatible with continued high levels of social solidarity and indeed may be necessary to sustain it.
Download or read book Annual Report on Exchange Arrangements and Exchange Restrictions 2018 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-04-16 with total page 3724 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Annual Report on Exchange Arrangements and Exchange Restrictions has been published by the IMF since 1950. It draws on information available to the IMF from a number of sources, including that provided in the course of official staff visits to member countries, and has been prepared in close consultation with national authorities.
Download or read book Opening the Capital Account written by James A. Hanson and published by World Bank Publications. This book was released on 1992 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Internationalization of Equity Markets written by Jeffrey A. Frankel and published by University of Chicago Press. This book was released on 2008-04-15 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely volume addresses three important recent trends in the internationalization of United States equity markets: extensive market integration through foreign investment and links among stock prices around the world; increasing securitization as countries such as Japan come to rely more than ever before on markets in equities and bonds at the expense of banks; and the opening of national financial systems of newly industrializing countries to international financial flows and institutions, as governments remove capital controls and other barriers. Eight essays examine such issues as the current extent of international market integration, gains to U.S. investors through international diversification, home-country bias in investing, the role of time and location around the world in stock trading, and the behavior of country funds. Other, long-standing questions about equity markets are also addressed, including market efficiency and the accuracy of models of expected returns, with a particular focus on variances, covariances, and the price of risk according to the Capital Asset Pricing Model.
Download or read book Macroeconomic Implications of the Transition to Inflation Targeting and Capital Account Liberalization in Romania written by Nikolay Gueorguiev and published by International Monetary Fund. This book was released on 2004-12-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the near future, Romania will introduce inflation targeting and fully liberalize its capital account. This paper aims to analyze, in a dynamic general-equilibrium model with sticky prices and monopolistic competition, how these two profound changes will affect the ability of monetary policy to pursue its objective of price stability. In particular, the resilience of the current and future monetary policy regimes to shocks is evaluated against two welfare criteria: a standard central bank loss function containing the deviations of inflation, output, and the real exchange rate from their equilibrium values, and the compensating variation measure of Lucas (1987).
