Effects Of Capital Flow Liberalization What Is The Evidence From Recent Experiences Of Emerging Market Economies

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Effects of Capital Flow Liberalization

Tahsin Saadi Sedik,Tao Sun
Effects of Capital Flow Liberalization Book PDF

Author : Tahsin Saadi Sedik,Tao Sun
Publisher : International Monetary Fund
Page : 27 pages
File Size : 50,5 Mb
Release : 2012-11-16
Category : Business & Economics
ISBN : 9781475547276

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Effects of Capital Flow Liberalization by Tahsin Saadi Sedik,Tao Sun Pdf

This paper analyzes the experiences of emerging market economies (EMEs) that have liberalized capital flows over the past 15 years with respect to macroeconomic performance and risks to financial stability. The results of the panel data regressions indicate that greater openness to capital flows is associated with higher growth, gross capital flows, and equity returns and with lower inflation and bank capital adequacy ratios. The effects vary depending on thresholds. As a potential application of these findings, the paper explores the possible effects of liberalization on China by applying the coefficients of explanatory variables to the corresponding variables of China in 2012–16.

Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Capital Flows and Capital Flow Management Measures — Benefits and Costs

Gurnain Kaur Pasricha,Erlend Nier
Review of The Institutional View on The Liberalization and Management of Capital Flows Background Note on Capital Flows and Capital Flow Management Measures Benefits and Costs Book PDF

Author : Gurnain Kaur Pasricha,Erlend Nier
Publisher : International Monetary Fund
Page : 23 pages
File Size : 51,5 Mb
Release : 2022-03-30
Category : Business & Economics
ISBN : 9798400205491

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Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Capital Flows and Capital Flow Management Measures — Benefits and Costs by Gurnain Kaur Pasricha,Erlend Nier Pdf

The Fund’s Institutional View (IV) recognizes the benefits of and risks associated with capital flows. Since the IV was adopted, a growing literature has provided additional insights into the benefits and risks from capital flows. This note summarizes the insights from the recent literature and the experiences of staff since the adoption of the IV that have informed this review.

Revisiting the Determinants of Capital Flows to Emerging Markets--A Survey of the Evolving Literature

Swarnali Ahmed Hannan
Revisiting the Determinants of Capital Flows to Emerging Markets A Survey of the Evolving Literature Book PDF

Author : Swarnali Ahmed Hannan
Publisher : International Monetary Fund
Page : 22 pages
File Size : 51,6 Mb
Release : 2018-09-28
Category : Business & Economics
ISBN : 9781484378281

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Revisiting the Determinants of Capital Flows to Emerging Markets--A Survey of the Evolving Literature by Swarnali Ahmed Hannan Pdf

This paper documents the evolution of gross and net capital flows to emerging market economies and surveys the large literature on the potential drivers. While the capital flow landscape has been shaped by the evolution of both global and country-specific factors, the relative importance of these factors has varied over time and differs depending on the type of capital flows. The findings from the survey of the literature thus underscores the importance of policies in both source and recipient countries in shaping capital flows.

Effects of Capital Flow Liberalization

Tahsin Saadi Sedik,Tao Sun
Effects of Capital Flow Liberalization Book PDF

Author : Tahsin Saadi Sedik,Tao Sun
Publisher : International Monetary Fund
Page : 27 pages
File Size : 47,6 Mb
Release : 2012-11-16
Category : Business & Economics
ISBN : 9781589068032

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Effects of Capital Flow Liberalization by Tahsin Saadi Sedik,Tao Sun Pdf

This paper analyzes the experiences of emerging market economies (EMEs) that have liberalized capital flows over the past 15 years with respect to macroeconomic performance and risks to financial stability. The results of the panel data regressions indicate that greater openness to capital flows is associated with higher growth, gross capital flows, and equity returns and with lower inflation and bank capital adequacy ratios. The effects vary depending on thresholds. As a potential application of these findings, the paper explores the possible effects of liberalization on China by applying the coefficients of explanatory variables to the corresponding variables of China in 2012–16.

Capital Account Liberalization

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

Author : Mr.Giovanni Dell'Ariccia,Ms.Enrica Detragiache,Mr.Michael Mussa,Mr.Barry J. Eichengreen
Publisher : International Monetary Fund
Page : 74 pages
File Size : 48,7 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.

Capital Liberalization in Transition Countries

Age Bakker,Bryan Chapple
Capital Liberalization in Transition Countries Book PDF

Author : Age Bakker,Bryan Chapple
Publisher : Edward Elgar Publishing
Page : 282 pages
File Size : 41,6 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.

Do Inflows or Outflows Dominate? Global Implications of Capital Account Liberalization in China

Mr.Tamim Bayoumi,Ms.Franziska Ohnsorge
Do Inflows or Outflows Dominate Global Implications of Capital Account Liberalization in China Book PDF

Author : Mr.Tamim Bayoumi,Ms.Franziska Ohnsorge
Publisher : International Monetary Fund
Page : 32 pages
File Size : 46,7 Mb
Release : 2013-08-28
Category : Business & Economics
ISBN : 9781475532159

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Do Inflows or Outflows Dominate? Global Implications of Capital Account Liberalization in China by Mr.Tamim Bayoumi,Ms.Franziska Ohnsorge Pdf

This paper assesses the implications of Chinese capital account liberalization for capital flows. Stylized facts from capital account liberalization in advanced and large emerging market economies illustrate that capital account liberalization has historically generated large gross capital in- and outflows, but the direction of net flows has depended on many factors. An econometric portfolio allocation model finds that capital controls significantly dampen cross-border portfolio asset holdings. The model also suggests that capital account liberalization in China may trigger net portfolio outflows as large domestic savings seek to diversify abroad.

Capital Flows - Review of Experience with the Institutional View

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.
Capital Flows Review of Experience with the Institutional View Book 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 : 47,8 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.

Liberalization of the Capital Account

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

Author : Mr.Donald J. Mathieson,Ms.Liliana Rojas-Suárez
Publisher : International Monetary Fund
Page : 60 pages
File Size : 47,9 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.

Effects of Financial Globalization on Developing Countries

Mr.Ayhan Kose,Mr.Kenneth Rogoff,Mr.Eswar Prasad,Shang-Jin Wei
Effects of Financial Globalization on Developing Countries Book PDF

Author : Mr.Ayhan Kose,Mr.Kenneth Rogoff,Mr.Eswar Prasad,Shang-Jin Wei
Publisher : International Monetary Fund
Page : 68 pages
File Size : 52,8 Mb
Release : 2003-09-03
Category : Business & Economics
ISBN : 1589062213

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Effects of Financial Globalization on Developing Countries by Mr.Ayhan Kose,Mr.Kenneth Rogoff,Mr.Eswar Prasad,Shang-Jin Wei Pdf

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.

Financial Openness and Capital Inflows to Emerging Markets: In Search of Robust Evidence

Diego A. Cerdeiro,Andras Komaromi
Financial Openness and Capital Inflows to Emerging Markets In Search of Robust Evidence Book PDF

Author : Diego A. Cerdeiro,Andras Komaromi
Publisher : International Monetary Fund
Page : 32 pages
File Size : 50,9 Mb
Release : 2019-09-13
Category : Business & Economics
ISBN : 9781513515090

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Financial Openness and Capital Inflows to Emerging Markets: In Search of Robust Evidence by Diego A. Cerdeiro,Andras Komaromi Pdf

We reassess the connection between capital account openness and capital flows in an empirical framework that is grounded in theory and makes use of previously unexplored variation in the data. We demonstrate how our theory-consistent regressions may overcome some ubiquitous measurement problems in the literature by relying on interaction terms between financial openness and traditional push-pull factors. Within our proposed framework, we ask: what can be said robustly about the effect of capital account restrictions on capital flows? Our results warrant against over-interpreting the existing cross-country evidence as we find very few robust relationships between capital account restrictiveness and various types of capital inflows. Countries with a higher degree of financial openness are more susceptible to some, but by no means all, push and pull factors. Overall, the results are still consistent with a complex set of tradeoffs faced by policymakers, where the ability to shield the domestic economy from volatile capital flow cycles must be weighed against the sources of exogenous risks and potential long run growth effects.

Real Effects of Capital Inflows in Emerging Markets

Ms.Deniz O Igan,Ali M. Kutan,Ali Mirzae
Real Effects of Capital Inflows in Emerging Markets Book PDF

Author : Ms.Deniz O Igan,Ali M. Kutan,Ali Mirzae
Publisher : International Monetary Fund
Page : 50 pages
File Size : 40,8 Mb
Release : 2016-12-06
Category : Business & Economics
ISBN : 9781475558562

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Real Effects of Capital Inflows in Emerging Markets by Ms.Deniz O Igan,Ali M. Kutan,Ali Mirzae Pdf

We examine the association between capital inflows and industry growth in a sample of 22 emerging market economies from 1998 to 2010. We expect more external finance dependent industries in countries that host more capital inflows to grow disproportionately faster. This is indeed the case in the pre-crisis period of 1998–2007, and is driven by debt, rather than equity, inflows. We also observe a reduction in output volatility but this association is more pronounced for equity, rather than debt, inflows. These relationships, however, break down during the crisis, hinting at the importance of an undisrupted global financial system for emerging markets to harness the growth benefits of capital inflows. In line with this observation, we also document that the inflows-growth nexus is stronger in countries with well-functioning banks.

Recent Experiences in Managing Capital Inflows—Cross-Cutting Themes and Possible Policy Framework

International Monetary Fund. Strategy, Policy, & Review Department
Recent Experiences in Managing Capital Inflows Cross Cutting Themes and Possible Policy Framework Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 98 pages
File Size : 54,8 Mb
Release : 2011-02-14
Category : Business & Economics
ISBN : 9781498339353

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Recent Experiences in Managing Capital Inflows—Cross-Cutting Themes and Possible Policy Framework by International Monetary Fund. Strategy, Policy, & Review Department Pdf

Emerging markets (EMs) are experiencing a surge in capital inflows, lifting asset prices and growth prospects. While inflows are typically beneficial for receiving countries, inflow surges can carry macroeconomic and financial stability risks. This paper reviews the recent experience of EMs in dealing with capital inflows and suggests a possible framework for IMF policy advice on the spectrum of measures available to policymakers to manage inflows, including macroeconomic policies, prudential measures and capital controls. Illustrative applications of this framework suggest that it may be appropriate for several countries, based on their current circumstances, to consider prudential measures or capital controls in response to capital inflows. The suggested framework is intended to inform staff policy advice to all Fund members with open capital accounts. It forms part of a broader effort to sharpen Fund surveillance, preserve evenhandedness, and foster greater global policy coordination. As indicated in the Supplement to this paper, this broader effort includes the development of “global rules of the game” on macroprudential policies, capital account liberalization, and reserve adequacy, and the preparation of spillover reports assessing spillovers from the five systemic economies—all of which will inform the current and broader framework being developed.

Financial Liberalization and Economic Performance in Emerging Countries

P. Arestis,L. de Paula,Luiz Fernando de Paula
Financial Liberalization and Economic Performance in Emerging Countries Book PDF

Author : P. Arestis,L. de Paula,Luiz Fernando de Paula
Publisher : Springer
Page : 221 pages
File Size : 55,6 Mb
Release : 2008-07-24
Category : Business & Economics
ISBN : 9780230227743

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Financial Liberalization and Economic Performance in Emerging Countries by P. Arestis,L. de Paula,Luiz Fernando de Paula Pdf

This book discusses the relationship between financial liberalization, financial deepening and economic performance from both a theoretical and a policy perspective, comparing several 'big' emerging countries: Argentina, Brazil, China, India, Russia, South Africa and India, amongst others.

Advanced Country Experiences with Capital Account Liberalization

Age Bakker,Mr.Bryan Chapple
Advanced Country Experiences with Capital Account Liberalization Book PDF

Author : Age Bakker,Mr.Bryan Chapple
Publisher : International Monetary Fund
Page : 72 pages
File Size : 54,7 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?