Capital Flows Financial Markets And Banking Crises

Author : Chia-Ying Chang
Publisher : Taylor & Francis
Page : 208 pages
File Size : 50,5 Mb
Release : 2017-04-21
Category : Business & Economics
ISBN : 9781315469409

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Capital Flows, Financial Markets and Banking Crises by Chia-Ying Chang Pdf

The increasing capital flows in the emerging markets and developed countries have raised various concerns worldwide. One main concern is the impact of the sharp decline of capital flows – so-called sudden stops – on financial markets and the stability of banking systems and the economy. The sudden stops and banking crises have been identified as the two main features of most financial crises, including the recent Asian Financial Crisis and Global Financial Crisis. However, how capital flows and banking crises are connected still remains unanswered. Most current studies on capital flows are empirical work, which faces various challenges. The challenges include how data has been collected and measured in each country and how sensitive the results are to the data and the adopted methodologies. Moreover, the links between capital flows and banking systems have been neglected. This book helps provide some insight into the challenges faced by empirical studies and the lessons of the recent crises. The book develops theoretical analysis to deepen our understanding on how capital flows, banking systems and financial markets are linked with each other and provides constructive policy implications by overcoming the empirical challenges.

Author : Miles Kahler
Publisher : Cornell University Press
Page : 284 pages
File Size : 45,7 Mb
Release : 2018-09-05
Category : Political Science
ISBN : 9781501731402

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Capital Flows and Financial Crises by Miles Kahler Pdf

Capital flows to the developing economies have long displayed a boom-and-bust pattern. Rarely has the cycle turned as abruptly as it did in the 1990s, however: surges in lending were followed by the Mexican peso crisis of 1994-95 and the sudden collapse of currencies in Asia in 1997. This volume maps a new and uncertain financial landscape, one in which volatile private capital flows and fragile banking systems produce sudden reversals of fortune for governments and economies. This environment creates dilemmas for both national policymakers who confront the "mixed blessing" of capital inflows and the international institutions that manage the recurrent crises.The authors—leading economists and political scientists—examine private capital flows and their consequences in Latin America, Pacific Asia, and East Europe, placing current cycles of lending in historical perspective. National governments have used a variety of strategies to deal with capital-account instability. The authors evaluate those responses, prescribe new alternatives, and consider whether the new circumstances require novel international policies.

Author : Mr.Stijn Claessens,Mr.Ayhan Kose
Publisher : International Monetary Fund
Page : 66 pages
File Size : 43,9 Mb
Release : 2013-01-30
Category : Business & Economics
ISBN : 9781475561005

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Financial Crises Explanations, Types, and Implications by Mr.Stijn Claessens,Mr.Ayhan Kose Pdf

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

Author : Yilmaz Akyüz,Andrew J. Cornford
Publisher : Unknown
Page : 76 pages
File Size : 44,5 Mb
Release : 2000
Category : Capital movements
ISBN : STANFORD:36105112847707

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Capital Flows to Developing Countries and the Reform of the International Financial System by Yilmaz Akyüz,Andrew J. Cornford Pdf

Author : Reuven Glick,Ramon Moreno,Mark Spiegel,Mark M. Spiegel
Publisher : Cambridge University Press
Page : 494 pages
File Size : 53,8 Mb
Release : 2001-04-23
Category : Business & Economics
ISBN : 052180020X

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Financial Crises in Emerging Markets by Reuven Glick,Ramon Moreno,Mark Spiegel,Mark M. Spiegel Pdf

The essays in this volume analyze causes of financial crises in emerging markets and different policy responses.

Author : Stephany Griffith-Jones,Manuel F. Montes,Anwar Nasution
Publisher : OUP Oxford
Page : 325 pages
File Size : 43,9 Mb
Release : 2001-02-01
Category : Business & Economics
ISBN : 9780191589140

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Short-Term Capital Flows and Economic Crises by Stephany Griffith-Jones,Manuel F. Montes,Anwar Nasution Pdf

The currency crises that engulfed East Asian economies in 1997 and Mexico in 1994 - and their high development costs - raise a serious concern about the net benefits for developing countries of large flows of potentially reversible short-term international capital. Written by senior policy-makers and academics, the contributions to this volume examine in depth the macroeconomic and other policy dilemmas confronting public authorities in the emerging economies as they deal with short-term capital movements, especially in the period before the outbreak of these crises. The studies are based on comparative case studies of key emerging economies. Valuable insights are also derived from contrasts between the East Asian, Latin American, African, and European experiences, between the financial and real effects of financial flows, and between private and public responsibilities in managing financial markets. The great value of the chapters in this volume is that they analytically identify the weaknesses in both domestic and international capital market regimes. The recommendations derived from this analysis apply to the development of financial markets in developing countries, the monitoring and regulation of mutual funds in source countries, and the future development of international capital markets. They will make an important contribution both to the discussion of national policies and of a new international financial architechture.

Author : Joseph R. Bisignano,William C. Hunter,George G. Kaufman
Publisher : Springer Science & Business Media
Page : 434 pages
File Size : 41,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461543671

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Global Financial Crises by Joseph R. Bisignano,William C. Hunter,George G. Kaufman Pdf

Since 1990, major banking and current crises have occurred in many countries throughout the world - including Mexico and Latin America in 1994-95, East Asia in 1997-98, and Russia and Brazil in 1998 - with large costs both to the individual countries experiencing the crises and to other nations. As a result, considerable effort has been expended by economists and policymakers to identify the causes of these crises and to design programs with the aim both of preventing similar crises from occurring in the future, and of minimizing the costs when these do occur. These studies have cut across national boundaries, being undertaken by individual researchers and organizations in particular countries, as well as by international institutions. This book collects the papers and discussants' comments presented at a conference co-sponsored by the Federal Reserve Bank of Chicago and the Bank for International Settlements in Basel, Switzerland, and held in Chicago, in early October 1999. The purpose of the conference was to identify and discuss the lessons to be learned from these crises. Topics discussed included reviews of the crises in the individual countries and regions; analyses of the policy responses, both by the affected countries and by official international institutions; what has been learned from these crises; deposit insurance reform; the design of bank capital regulation; the role of bank supervision and regulation; and the future of official international financial institutions, such as the International Monetary Fund and the World Bank. The conference participants included a broad range of academic, industry, and regulatory experts from more than twenty-five countries. Because of the timeliness of the conference and the wide-ranging expertise of the participants, the papers in this book should be of significant interest both to students of financial crises and to domestic and international policymakers.

Author : David W. R. Gruen,Luke Gower
Publisher : Unknown
Page : 272 pages
File Size : 50,8 Mb
Release : 1999
Category : Capital movements
ISBN : UCAL:B5304464

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Capital Flows and the International Financial System by David W. R. Gruen,Luke Gower Pdf

Describes understanding of the causes of financial crises and the best ways to reduce their frequency and severity. Analyses ways in which developing countries can best reduce their vulnerability to capital-flow reversals. Examines suggestions for reforming the international financial system.

Author : Ross P. Buckley,Douglas W. Arner
Publisher : Kluwer Law International B.V.
Page : 362 pages
File Size : 44,7 Mb
Release : 2011-01-01
Category : Business & Economics
ISBN : 9789041133540

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From Crisis to Crisis by Ross P. Buckley,Douglas W. Arner Pdf

The global financial system has proven increasingly unstable and crisis-prone since the early 1980s. The system has failed to serve either creditors or debtors well. This has been reinforced by the global financial crisis of 2008, where we have seen systemic weaknesses bring rich countries to the brink of bankruptcy and visit appalling suffering on the poorest citizens of poor countries. Yet the regulatory responses to this crisis have involved little thinking from outside the box in which the crisis was delivered to the world. This book presents a powerful indictment of this regulatory failure and calls for greatly increased attention to international financial law and analyses new regulatory measures with the potential to make a new recognition of the principles that ought to underlie it. Using a historical approach that compares the various financial crises of the past three decades, the authors clearly show how misconceived economic policy responses have paved the way for each next 'crash'. Among the numerous topics that arise in the course of this revealing analysis are the following: overvalued exchange rates; excess liquidity in rich countries; premature liberalisation of local financial markets; capital controls; derivatives markets; accounting standards; credit ratings and the conflicts in the role of credit rating agencies; investor protection arrangements; insurance companies; and payment, clearing and settlement activities. The authors offer detailed commentary on: the role of multilateral development banks, the IMF and the WTO in responding to crises; the role of the Basel Accords, the Financial Stability Forum and Board, and the responses of the European Commission, the US, and the G20 to the most recent crisis. The book concludes by exploring systemic game-changing reforms such as bank levies, financial activities taxes and financial transaction taxes, and a global sovereign bankruptcy regime; as well as measures to remove the currency mismatches from the balance sheets of developing countries. Apart from its great usefulness as a detailed introduction to the international financial system and its regulation, the book is enormously valuable for its clear identification of the areas of regulatory failure, and its analysis of new regulatory approaches that offer the potential for a genuinely more stable system. Banking and investment policymakers at every level, the lawyers that serve these markets and the regulators that seek to regulate them, cannot afford to neglect this book.

Author : Guillermo Calvo,Morris Goldstein,Eduard Hochreiter
Publisher : Peterson Institute
Page : 362 pages
File Size : 54,5 Mb
Release : 1996
Category : Business & Economics
ISBN : UCSD:31822023728405

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Private Capital Flows to Emerging Markets After the Mexican Crisis by Guillermo Calvo,Morris Goldstein,Eduard Hochreiter Pdf

Author : Mark Copelovitch,David A. Singer
Publisher : Cambridge University Press
Page : 257 pages
File Size : 46,9 Mb
Release : 2020-02-20
Category : Business & Economics
ISBN : 9781108489881

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Banks on the Brink by Mark Copelovitch,David A. Singer Pdf

International capital flow and domestic financial market structures explain why some countries are more vulnerable to banking crises.

Author : Mr.Giovanni Dell'Ariccia,Ms.Enrica Detragiache,Mr.Michael Mussa,Mr.Barry J. Eichengreen
Publisher : International Monetary Fund
Page : 74 pages
File Size : 46,7 Mb
Release : 1998-09-30
Category : Business & Economics
ISBN : 1557757771

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Capital Account Liberalization by Mr.Giovanni Dell'Ariccia,Ms.Enrica Detragiache,Mr.Michael Mussa,Mr.Barry J. Eichengreen Pdf

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.

Author : Mr.Markus Eberhardt,Andrea Presbitero
Publisher : International Monetary Fund
Page : 53 pages
File Size : 47,5 Mb
Release : 2018-07-06
Category : Business & Economics
ISBN : 9781484366776

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Commodity Price Movements and Banking Crises by Mr.Markus Eberhardt,Andrea Presbitero Pdf

We develop an empirical model to predict banking crises in a sample of 60 low-income countries (LICs) over the 1981-2015 period. Given the recent emergence of financial sector stress associated with low commodity prices in several LICs, we assign price movements in primary commodities a key role in our model. Accounting for changes in commodity prices significantly increases the predictive power of the model. The commodity price effect is economically substantial and robust to the inclusion of a wide array of potential drivers of banking crises. We confirm that net capital inflows increase the likelihood of a crisis; however, in contrast to recent findings for advanced and emerging economies, credit growth and capital flow surges play no significant role in predicting banking crises in LICs.

Author : Barry J. Eichengreen
Publisher : MIT Press
Page : 396 pages
File Size : 50,8 Mb
Release : 2004
Category : Business & Economics
ISBN : 0262550598

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Capital Flows and Crises by Barry J. Eichengreen Pdf

An analysis of the connections between capital flows and financial crises as well as between capital flows and economic growth.

Author : Mr.Ilan Goldfajn,Mr.Rodrigo O. Valdes
Publisher : International Monetary Fund
Page : 33 pages
File Size : 41,7 Mb
Release : 1997-07-01
Category : Business & Economics
ISBN : 9781451850987

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Capital Flows and the Twin Crises by Mr.Ilan Goldfajn,Mr.Rodrigo O. Valdes Pdf

This paper develops a model that focuses on the interaction of liquidity creation by financial intermediaries with capital flows and exchange rate collapses. The intermediaries’ role of transforming maturities is shown to result in larger movements of capital and a higher probability of crisis. These movements resemble the observed cycle in capital flows: large inflows, crisis and abrupt outflows. The model highlights how adverse productivity and international interest rate shocks may trigger a sudden outflow of capital and an exchange collapse. The initial shock is magnified by the behavior of individual foreign investors linked through their deposits in the intermediaries. The expectation of an eventual exchange rate crisis links investors’ behavior even further.