Capital Inflows And Balance Of Payments Pressures

Author : Mr.Juan Zalduendo,Ms.Manuela Goretti,Mr.Bikas Joshi,Mr.Atish R. Ghosh,Ms.Uma Ramakrishnan,Mr.Alun H. Thomas
Publisher : International Monetary Fund
Page : 21 pages
File Size : 55,7 Mb
Release : 2008-06-01
Category : Business & Economics
ISBN : 9781451945997

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Capital Inflows and Balance of Payments Pressures by Mr.Juan Zalduendo,Ms.Manuela Goretti,Mr.Bikas Joshi,Mr.Atish R. Ghosh,Ms.Uma Ramakrishnan,Mr.Alun H. Thomas Pdf

Although capital inflows are generally beneficial to recipient countries, they also pose a challenge for the conduct of economic policy. This paper proposes a conceptual taxonomy to guide the design of policy responses in the face of capital flows. We explore how responses to capital surges should be differentiated based on the source of balance of payments pressures. We also examine whether the policy choices in emerging market countries conform to the taxonomy's predictions and find some correspondence, especially during periods of high global liquidity.

Author : Guillermo A. Calvo,Ms.Carmen Reinhart,Mr.Leonardo Leiderman
Publisher : International Monetary Fund
Page : 40 pages
File Size : 49,8 Mb
Release : 1993-08
Category : Business & Economics
ISBN : UCSD:31822016765679

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The Capital Inflows Problem by Guillermo A. Calvo,Ms.Carmen Reinhart,Mr.Leonardo Leiderman Pdf

Since 1990 capital has started to move from industrial countries to developing regions like Latin America, the Middle East and parts of Asia. Reentry into international capital markets is a welcome turn of events for most countries. However, capital inflows are often associated with inflationary pressures, a real exchange rate appreciation, a deterioration in the current account, and a boom in bank lending. This paper briefly examines how these inflows have altered the macroeconomic environment in a number of Asian and Latin American countries. The pros and cons of a menu of policy options are discussed.

Author : Ms.Linda S. Goldberg,Signe Krogstrup
Publisher : International Monetary Fund
Page : 58 pages
File Size : 49,7 Mb
Release : 2018-02-16
Category : Business & Economics
ISBN : 9781484341803

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International Capital Flow Pressures by Ms.Linda S. Goldberg,Signe Krogstrup Pdf

This paper presents a new measure of capital flow pressures in the form of a recast Exchange Market Pressure index. The measure captures pressures that materialize in actual international capital flows as well as pressures that result in exchange rate adjustments. The formulation is theory-based, relying on balance of payments equilibrium conditions and international asset portfolio considerations. Based on the modified exchange market pressure index, the paper also proposes the Global Risk Response Index, which reflects the country-specific sensitivity of capital flow pressures to measures of global risk aversion. For a large sample of countries over time, we demonstrate time variation in the effects of global risk on exchange market pressures, the evolving importance of the global factor across types of countries, and the changing risk-on or risk-off status of currencies.

Author : Ralph C. Bryant,Patric H. Hendershott
Publisher : Unknown
Page : 450 pages
File Size : 48,6 Mb
Release : 1970
Category : Balance of payments
ISBN : UCSC:32106006161241

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Financial Capital Flows in the Balance of Payments of the United States by Ralph C. Bryant,Patric H. Hendershott Pdf

Author : Mr.R. B. Johnston,Chris Ryan
Publisher : International Monetary Fund
Page : 46 pages
File Size : 54,5 Mb
Release : 1994-07-01
Category : Business & Economics
ISBN : 9781451956207

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The Impact of Controlson Capital Movementson the Private Capital Accounts of Countries' Balance of Payments by Mr.R. B. Johnston,Chris Ryan Pdf

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.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 159 pages
File Size : 45,8 Mb
Release : 1996-04-15
Category : Business & Economics
ISBN : 9781557755704

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Balance of Payments Textbook by International Monetary Fund Pdf

The Balance of Payments Textbook, like the Balance of Payments Compilation Guide, is a companion document to the fifth edition of the Balance of Payments Manual. The Textbook provides illustrative examples and applications of concepts, definitions, classifications, and conventions contained in the Manual and affords compilers with opportunities for enhancing their understanding of the relevant parts of the Manual. The Textbook is one of the main reference materials for training courses in balance of payments methodology.

Author : Marina von Neumann Whitman
Publisher : Unknown
Page : 52 pages
File Size : 48,6 Mb
Release : 1967
Category : Balance of payments
ISBN : UCSC:32106000977394

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International and Interregional Payments Adjustment by Marina von Neumann Whitman Pdf

Author : Mr.Atish R. Ghosh,MissMahvash Qureshi
Publisher : International Monetary Fund
Page : 45 pages
File Size : 52,5 Mb
Release : 2016-02-12
Category : Business & Economics
ISBN : 9781498333221

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What’s In a Name? That Which We Call Capital Controls by Mr.Atish R. Ghosh,MissMahvash Qureshi Pdf

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 : International Monetary Fund
Publisher : International Monetary Fund
Page : 40 pages
File Size : 41,7 Mb
Release : 2010-05-14
Category : Business & Economics
ISBN : 9781455202553

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Republic of Poland by International Monetary Fund Pdf

The Selected Issues paper on Poland underlies that as the only European Union economy to avoid outright recession during the crisis, Poland is likely to attract renewed risk appetite. Poland could become one of the main recipients of capital inflows. This could lead to excessive exchange-rate appreciation, which would undermine competitiveness. The volatility of capital flows into Poland has been lower during both the boom and crisis periods, in part owing to timely introduction in the boom period of countercyclical macroprudential measures.

Author : Masahiro Kawai,Mario B. Lamberte
Publisher : Edward Elgar Publishing
Page : 465 pages
File Size : 46,9 Mb
Release : 2010-01-01
Category : Business & Economics
ISBN : 9781849806879

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Managing Capital Flows by Masahiro Kawai,Mario B. Lamberte Pdf

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.

Author : United States. Bureau of Economic Analysis
Publisher : Unknown
Page : 164 pages
File Size : 53,8 Mb
Release : 1990
Category : Balance of payments
ISBN : UCR:31210023597030

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The Balance of Payments of the United States by United States. Bureau of Economic Analysis Pdf

Author : International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Statistics Dept.
Publisher : International Monetary Fund
Page : 61 pages
File Size : 42,5 Mb
Release : 2016-07-11
Category : Business & Economics
ISBN : 9781498345057

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Capital Flows - Review of Experience with the Institutional View by International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Statistics Dept. Pdf

Capital flows are an important aspect of the international monetary system. They provide significant benefits, both direct and indirect. At the same time, they also carry risks, and a key challenge for countries is how to harness the benefits while managing the risks. The institutional view on the liberalization and management of capital flows provides the Fund with a basis for consistent advice on policies related to capital flows. This paper reviews countries’ experiences with handling capital flows in the period since the adoption of the IMF’s institutional view in 2012. Based on the experience, it identifies a few areas in which the view would benefit from further clarification or elaboration.

Author : C. Fred Bergsten,Joseph E. Gagnon
Publisher : Columbia University Press
Page : 128 pages
File Size : 41,9 Mb
Release : 2017-06-27
Category : Business & Economics
ISBN : 9780881327250

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Currency Conflict and Trade Policy by C. Fred Bergsten,Joseph E. Gagnon Pdf

Conflicts over currency valuations are a recurrent feature of the modern global economy. To strengthen their international competitiveness, many countries resort to buying foreign currencies to make their exports cheaper and their imports more expensive. In the first decade of the 21st century, for example, China's currency manipulation practices were so flagrant that they produced a backlash in the United States and other trading partners, prompting threats of retaliation. How damaging is the practice of currency manipulation—and how extensive is the problem? This book by C. Fred Bergsten and Joseph E. Gagnon—two leading experts on trade, investment, and the effects of currency manipulation—traces the history, causes, and effects of currency manipulation and analyzes a range of policy responses that the United States could adopt. The book is an indispensable guide to a complex and serious problem and what might be done to solve it.

Author : Cheikh A. Gueye,Mr.Javier Arze del Granado,Mr.Rodrigo Garcia-Verdu,Mr.Mumtaz Hussain,Mr.B. Jang,Mr.Sebastian Weber,Mr.Juan S Corrales
Publisher : International Monetary Fund
Page : 39 pages
File Size : 40,9 Mb
Release : 2014-03-26
Category : Business & Economics
ISBN : 9781616358440

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Managing Volatile Capital Flows: Experiences and Lessons for Sub-Saharan African Frontier Markets by Cheikh A. Gueye,Mr.Javier Arze del Granado,Mr.Rodrigo Garcia-Verdu,Mr.Mumtaz Hussain,Mr.B. Jang,Mr.Sebastian Weber,Mr.Juan S Corrales Pdf

During the past three years the frontier markets of sub-Saharan Africa have received growing amounts of portfolio capital flows, with heightened interest from foreign investors. Compared with foreign direct investment, portfolio capital flows tend to be more volatile, and thus pose challenges for sub-Saharan African frontier markets. This study examines the evolution of capital flows since 2010 and discusses the policies these countries have designed to reduce risks from the inherent volatility of these flows.

Author : Sebastian Edwards
Publisher : University of Chicago Press
Page : 699 pages
File Size : 48,7 Mb
Release : 2009-02-15
Category : Business & Economics
ISBN : 9780226184999

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Capital Controls and Capital Flows in Emerging Economies by Sebastian Edwards Pdf

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.