Capital Liberalization In Transition Countries

Author : Age Bakker,Bryan Chapple
Publisher : Edward Elgar Publishing
Page : 282 pages
File Size : 51,9 Mb
Release : 2003-01-01
Category : Business & Economics
ISBN : 1781957487

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Capital Liberalization in Transition Countries by Age Bakker,Bryan Chapple Pdf

'This collection provides an excellent account of the diverging ways countries in varying parts of the world went about liberalizing capital flows. Case studies of transition countries are set against the background of more general studies analysing the Asian and Latin American experience, as well as the earlier liberalization processes in economically advanced countries. The reader gets a lively picture of the many pitfalls that beset the road to full capital liberalization and will realise that there is no single best way to liberalize. The authors strike one as unprejudiced and far from dogmatic, out to learn from experience rather than trying to impose some particular point of view.' - Hans Visser, Vrije Universiteit, Amsterdam, The Netherlands This significant new book provides a succinct overview of the essential policy issues surrounding capital liberalization. The book compares the experiences of transition economies in Europe with those of advanced nations, allowing the reader to examine the changing international economic and financial environment within which transition countries have to liberalize.

Author : Mr.Donald J. Mathieson,Ms.Liliana Rojas-Suárez
Publisher : International Monetary Fund
Page : 60 pages
File Size : 53,9 Mb
Release : 1992-06-01
Category : Business & Economics
ISBN : 9781451973754

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Liberalization of the Capital Account by Mr.Donald J. Mathieson,Ms.Liliana Rojas-Suárez Pdf

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.Giovanni Dell'Ariccia,Ms.Enrica Detragiache,Mr.Michael Mussa,Mr.Barry J. Eichengreen
Publisher : International Monetary Fund
Page : 74 pages
File Size : 43,9 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 : Age Bakker,Mr.Bryan Chapple
Publisher : International Monetary Fund
Page : 72 pages
File Size : 53,5 Mb
Release : 2002-09-26
Category : Business & Economics
ISBN : 9781589061170

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Advanced Country Experiences with Capital Account Liberalization by Age Bakker,Mr.Bryan Chapple Pdf

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 : John Eatwell,Lance Taylor
Publisher : Oxford University Press
Page : 493 pages
File Size : 45,5 Mb
Release : 2002-04-18
Category : Business & Economics
ISBN : 9780195349016

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International Capital Markets by John Eatwell,Lance Taylor Pdf

These papers provide a cutting-edge overview of general issues regarding world capital markets, experience in developing countries, and capital market regulation, which many economists believe could turn into the number one topic in international business and economics.

Author : José Antonio Ocampo,Joseph E. Stiglitz
Publisher : OUP Oxford
Page : 388 pages
File Size : 54,5 Mb
Release : 2008-05-01
Category : Business & Economics
ISBN : 9780191528156

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Capital Market Liberalization and Development by José Antonio Ocampo,Joseph E. Stiglitz Pdf

Capital market liberalization has been a key battle in the debate on globalization for much of the previous two decades. Many developing countries, often at the behest of international financial institutions such as the IMF, opened their capital accounts and liberalized their domestic financial markets as part of the wave of liberalization that characterized the 1980s and 1990s and in doing so exposed their economies to increased risk and volatility. Now with even the IMF acknowledging the risks inherent in capital market liberalization, the central intellectual battle over the effects of capital market liberalization has for the most part ended. Though this new understanding of the consequences of capital market liberalization is reshaping many policy discussions among academics and international institutions, ideological and vested interests remain. Critical policy debates also remain, such as how much government should intervene and what tools are available. Although capital market liberalization might not produce the promised benefits, many economists and policymakers still worry about the costs of intervention. Do these costs exceed the benefits? What are the best kinds of interventions, under what circumstances? To answer these questions, we have to understand why capital market liberalization has failed to enhance growth, why it has resulted in greater instability, why the poor appear to have borne the greatest burden, and why the advocates of capital market liberalization were so wrong. Bringing together some of the leading researchers and practitioners in the field, this volume provides an analysis of both the risks associated with capital market liberalization and the alternative policy options available to enhance macroeconomic management.

Author : Trevor M. Sikorski
Publisher : World Bank Publications
Page : 31 pages
File Size : 51,5 Mb
Release : 1996
Category : Free enterprise
ISBN : 9780928064223

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Financial Liberalization in Developing Countries by Trevor M. Sikorski Pdf

Author : Mario I. Blejer,Marko Skreb
Publisher : Springer Science & Business Media
Page : 501 pages
File Size : 51,9 Mb
Release : 2007-08-23
Category : Business & Economics
ISBN : 9780585313467

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Balance of Payments, Exchange Rates, and Competitiveness in Transition Economies by Mario I. Blejer,Marko Skreb Pdf

Integrating transition economies into the global commercial and trade market system is a prolonged and risky process. This book is a collection of studies dealing with the different issues related to the liberalization of external relations in economies moving from a socialist to a market-based system The focus is on external sector developments, and the topics deal with balance of payments conditions, exchange rate policies and regimes, international competitiveness, international capital flows, trade, and other matters related to the integration of transition economies into the world economy. An understanding of the principles involved and of the experiences of both transition and advanced economies during this process is crucial to ensure its ultimate success. Written by internationally recognized scholars, the chapters cover these issues in a systematic manner. The first section treats current account developments, capital flows, and exchange rate policies in transition countries, the second section deals with specific issues related to international trade, and the final section consists of six specific country experiences. In this final section, a chapter dealing with the Russian Federation discusses the collapse of the ruble in August 1998.

Author : Gerald A. Epstein
Publisher : Edward Elgar Publishing
Page : 368 pages
File Size : 41,7 Mb
Release : 2005-01-01
Category : Business & Economics
ISBN : 1781008051

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Capital Flight and Capital Controls in Developing Countries by Gerald A. Epstein Pdf

Capital flight - the unrecorded export of capital from developing countries - often represents a significant cost for developing countries. It also poses a puzzle for standard economic theory, which would predict that poorer countries be importers of capital due to its scarcity. This situation is often reversed, however, with capital fleeing poorer countries for wealthier, capital-abundant locales. Using a common methodology for a set of case studies on the size, causes and consequences of capital flight in developing countries, the contributors address the extent of capital flight, its effects, and what can be done to reverse it. Case studies of Brazil, China, Chile, South Africa, Thailand, Turkey and the Middle East provide rich descriptions of the capital flight phenomena in a variety of contexts. The volume includes a detailed description of capital flight estimation methods, a chapter surveying the impact of financial liberalization, and several chapters on controls designed to solve the capital flight problem. The first book devoted to the careful calculation of capital flight and its historical and policy context, this volume will be of great interest to students and scholars in the areas of international finance and economic development.

Author : Bernhard Fischer,Helmut Reisen,Organisation for Economic Co-operation and Development. Development Centre
Publisher : OECD Publishing
Page : 164 pages
File Size : 44,7 Mb
Release : 1993
Category : Social Science
ISBN : UCSD:31822016935116

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Liberalising Capital Flows in Developing Countries by Bernhard Fischer,Helmut Reisen,Organisation for Economic Co-operation and Development. Development Centre Pdf

Author : Mrs.Sarwat Jahan,Daili Wang
Publisher : International Monetary Fund
Page : 26 pages
File Size : 41,5 Mb
Release : 2017-01-18
Category : Business & Economics
ISBN : 9781475567915

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Capital Account Openness in Low-income Developing Countries by Mrs.Sarwat Jahan,Daili Wang Pdf

The relevance of recording and assessing countries’ capital flow management measures is well-recognized, but very few studies have focused on low-income developing countries (LIDCs). A key constraint is the lack of an appropriate index to measure the openness of capital account and its change over time. This paper fills the gap by constructing a de jure index based on information contained in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. It provides an aggregate index to capture the overall openness of the capital account, and also provides a breakdown of openness for various subcategories of capital flows. The new database covers 164 countries with information on 12 types of asset categories over the period 1996–2013. The index provides the largest coverage of LIDCs among all existing indices and also provides granularity on openness across asset types, direction of flows and residency. The paper examines the link between de jure capital account openness with de facto capital flows and outlines potential applications of this database.

Author : Gerald K. Helleiner
Publisher : Springer
Page : 247 pages
File Size : 51,7 Mb
Release : 2016-07-27
Category : Business & Economics
ISBN : 9781349150717

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Capital Account Regimes and the Developing Countries by Gerald K. Helleiner Pdf

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 : Mr.Barry J. Eichengreen,Mr.Balazs Csonto,Ms.Asmaa A ElGanainy,Zsoka Koczan
Publisher : International Monetary Fund
Page : 37 pages
File Size : 46,7 Mb
Release : 2021-01-08
Category : Business & Economics
ISBN : 9781513566382

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Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword by Mr.Barry J. Eichengreen,Mr.Balazs Csonto,Ms.Asmaa A ElGanainy,Zsoka Koczan Pdf

We review the debate on the association of financial globalization with inequality. We show that the within-country distributional impact of capital account liberalization is context specific and that different types of flows have different distributional effects. Their overall impact depends on the composition of capital flows, their interaction, and on broader economic and institutional conditions. A comprehensive set of policies – macroeconomic, financial and labor- and product-market specific – is important for facilitating wider sharing of the benefits of financial globalization.

Author : Hali J. Edison
Publisher : Unknown
Page : 72 pages
File Size : 49,6 Mb
Release : 2002
Category : Capital market
ISBN : UCSD:31822029549953

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Capital Account Liberalization and Economic Performance by Hali J. Edison Pdf

This paper reviews the literature on the effects of capital account liberalization and stock market liberalization on economic growth. The various empirical measures used to gauge the presence of controls on capital account transactions as well as indicators of stock market liberalization are discussed. We compare detailed measures of capital account controls that attempt to capture the intensity of enforcement with others that simply capture whether or not controls are present. Our review of the literature shows the contrasting results that have been obtained. These differences may reflect differences in country coverage, sample periods and indicators of liberalization. In order to reconcile these differences, we present new estimates of the effects on growth of capital account liberalization and stock market liberalization. We find some support for a positive effect of capital account liberalization on growth, especially for developing countries.

Author : Ronald I. McKinnon
Publisher : Unknown
Page : 224 pages
File Size : 47,5 Mb
Release : 1991
Category : Business & Economics
ISBN : STANFORD:36105035222517

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The Order of Economic Liberalization by Ronald I. McKinnon Pdf