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Author : Sebastian Edwards
Publisher : Cambridge University Press
Page : 452 pages
File Size : 47,5 Mb
Release : 1997-06-13
Category : Business & Economics
ISBN : 0521597110
The essays collected in this volume discuss the impact of increased capital mobility on macroeconomic performance.
Author : William C. Gruben,David M. Gould,Carlos E. Zarazaga
Publisher : Springer Science & Business Media
Page : 247 pages
File Size : 44,8 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461561750
The dramatic growth of international capital flow has provided unprecedented opportunities and risks in emerging markets. This book is the result of a conference exploring this phenomenon, sponsored by the Federal Reserve Bank of Dallas. The issues explored include direct versus portfolio investment; exchange rates and economic growth; and optimal exchange rate policy for stabilizing inflation in developing countries. It concludes with a panel discussion on central bank coordination in the midst of exchange rate instability.
Author : Forrest Capie
Publisher : Unknown
Page : 132 pages
File Size : 51,5 Mb
Release : 2002
Category : Business & Economics
ISBN : STANFORD:36105112332890
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.
Author : Sebastian Edwards
Publisher : University of Chicago Press
Page : 699 pages
File Size : 47,7 Mb
Release : 2009-02-15
Category : Business & Economics
ISBN : 9780226184999
Some scholars argue that the free movement of capital across borders enhances welfare; others claim it represents a clear peril, especially for emerging nations. In Capital Controls and Capital Flows in Emerging Economies, an esteemed group of contributors examines both the advantages and the pitfalls of restricting capital mobility in these emerging nations. In the aftermath of the East Asian currency crises of 1997, the authors consider mechanisms that eight countries have used to control capital inflows and evaluate their effectiveness in altering the maturity of the resulting external debt and reducing macroeconomic vulnerability. This volume is essential reading for all those interested in emerging nations and the costs and benefits of restricting international capital flows.
Author : Gurnain Kaur Pasricha
Publisher : International Monetary Fund
Page : 60 pages
File Size : 48,7 Mb
Release : 2020-06-05
Category : Business & Economics
ISBN : 9781513546100
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.
Author : Age Bakker,Mr.Bryan Chapple
Publisher : International Monetary Fund
Page : 72 pages
File Size : 48,5 Mb
Release : 2002-09-26
Category : Business & Economics
ISBN : 9781589061170
After the industrial countries established current account convertibility in the late1950s, they began to phase out their capital controls. Their efforts were slow and tentative at first, but built up considerable momentum by the 1980s as market-oriented economic policies gained popularity. This paper describes how national policymakers’ views of capital controls shifted over time, and how these controls have been closely related to regulation in other policy areas, such as banking and financial markets. As developing countries seek to liberalize their capital accounts to obtain the benefits of increased integration with the global economy, what lessons can be drawn from industrial countries’ diverse experiences with capital controls, and how can a country’s liberalization measures be sequenced to minimize disturbances to its exchange rate and monetary policies?
Author : Ms.Inci Ötker,Mr.Akira Ariyoshi,Mr.Jorge Iván Canales Kriljenko,Mr.Karl Friedrich Habermeier,Mr.Andrei Kirilenko,Mr.Bernard Laurens
Publisher : International Monetary Fund
Page : 135 pages
File Size : 45,8 Mb
Release : 2000-05-17
Category : Business & Economics
ISBN : 9781557758743
This paper examines country experiences with the use and liberalization of capital controls to develop a deeper understanding of the role of capital controls in coping with volatile capital flows, as well as the issues surrounding their liberalization. Detailed analyses of country cases aim to shed light on the motivations to limit capital flows; the role the controls may have played in coping with particular situations, including in financial crises and in limiting short-term inflows; the nature and design of the controls; and their effectivenes and potential costs. The paper also examines the link between prudential policies and capital controls and illstrates the ways in which better prudential practices and accelerated financial reforms could address the risks in cross-border capital transactions.
Author : Gunther G. Schulze
Publisher : Cambridge University Press
Page : 308 pages
File Size : 42,5 Mb
Release : 2000-05-04
Category : Business & Economics
ISBN : 0521582229
A comprehensive study of capital controls, assesses the existing literature and presents original research.
Author : Mr.Atish R. Ghosh,MissMahvash Qureshi
Publisher : International Monetary Fund
Page : 45 pages
File Size : 54,7 Mb
Release : 2016-02-12
Category : Business & Economics
ISBN : 9781498333221
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.
Author : John Cochrane,Kyle Palermo,John Taylor
Publisher : Hoover Press
Page : 368 pages
File Size : 50,6 Mb
Release : 2019-04-01
Category : Business & Economics
ISBN : 9780817922368
Drawing from their 2018 conference, the Hoover Institution brings together leading academics and monetary policy makers to share ideas about the practical issues facing central banks today. The expert contributors discuss U.S. monetary policy at individual central banks and reform of the international monetary and financial system. The discussion is broken down into seven key areas: 1) International Rules of the Monetary Game; 2) Banking, Trade and the Making of the Dominant Currency; 3) Capital Flows, the IMF's Institutional View and Alternatives; 4) Payments, Credit and Asset Prices; 5) Financial Stability, Regulations and the Balance Sheet; 6) The Future of the Central Bank Balance Sheet; and 7) Monetary Policy and Reform in Practice. With in-depth discussions of the volatility of capital flows and exchange rates, and the use of balance sheet policy by central banks, they examine relevant research developments and debate policy options.
Author : Gerald K. Helleiner
Publisher : Springer
Page : 247 pages
File Size : 40,7 Mb
Release : 2016-07-27
Category : Business & Economics
ISBN : 9781349150717
An authoritative assessment of the debate over the role of volatile private capital flows and their impact on developing countries. The book outlines the long history of concern about these issues, going back to preparations for the Bretton Woods agreement. It assesses their acceleration with the growth of international capital and looks at key case studies from Latin America, Asia and Africa to assess the possibilities and problems for national and international policy responses.
Author : William S. Haraf,Thomas D. Willett
Publisher : American Enterprise Institute
Page : 230 pages
File Size : 52,9 Mb
Release : 1990
Category : Business & Economics
ISBN : 0844737135
This volume focuses on the crucial relationships between domestic and international economic developments and on their implications for monetary, fiscal, and exchange rate policies. The volume includes Richard N.Cooper on challenges to the international monetary system, Hali Edison and Michael Melvin on the choice of an exchange rate system, Gottfried Haberler on international and European monetary systems, Alan C.Stockman on exchange rates and the current account, Guido Tabellini on export of an inflation tax; and Thomas D.Willett and Clas Wihlborg on international capital flows and the dollar. It is a companion volume to Monetary Policy for a Changing Financial Environment.
Author : Mr.Donald J. Mathieson,Ms.Liliana Rojas-Suárez
Publisher : International Monetary Fund
Page : 60 pages
File Size : 43,6 Mb
Release : 1992-06-01
Category : Business & Economics
ISBN : 9781451973754
This paper reviews the experience with capital controls in industrial and developing countries, considers the policy issues raised when the effectiveness of capital controls diminishes, examines the medium-term benefits and costs of an open capital account, and analyzes the policy measures that could help sustain capital account convertibility. As the effectiveness of capital controls eroded more rapidly in the 1980s than in earlier periods, new constraints were placed on the formulation of stabilization and structural reform programs. However, experience suggests that certain macroeconomic, financial, and risk management policies would allow countries to attain the benefits of capital account convertibility and reduce the financial risks created by an open capital account.
Author : Mr.Eswar Prasad,Mr.Thomas Rumbaugh,Mr.Qing Wang
Publisher : International Monetary Fund
Page : 32 pages
File Size : 44,5 Mb
Release : 2005-01-01
Category : Business & Economics
ISBN : 9781451975451
This paper reviews the issues involved in moving towards greater exchange rate flexibility and capital account liberalization in China. A more flexible exchange rate regime would allow China to operate a more independent monetary policy, providing a useful buffer against domestic and external shocks. At the same time, weaknesses in China’s financial system suggest that capital account liberalization poses significant risks and should be a lower priority in the short term. This paper concludes that greater exchange rate flexibility is in China’s own interest and that, along with a more stable and robust financial system, it should be regarded as a prerequisite for undertaking a substantial liberalization of the capital account.
Author : Richard J Sweeney
Publisher : Westview Press
Page : 184 pages
File Size : 42,5 Mb
Release : 1997-10-16
Category : Business & Economics
ISBN : UCSC:32106014736703
In this challenging volume, distinguished economists evaluate capital control and capital account liberalization choices facing policymakers in emerging market economies. These issues are explored within the context of economic efficiency, economic structure, and political consequences. Critically assessing traditional positions on the timing and degree of liberalization of trade and capital flows, the contributors also consider newer arguments from the fields of public choice, financial economics, and industrial organizations.
