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Exchange Rates, Capital Flows and Policy by Rebecca Driver,Peter J N Sinclair,Christoph Thoenissen Pdf
Combining thorough scholarship with illuminating real-world examples, this edited collection provides insights on the causes and consequences of movements in both exchange rates and external assets and has a strong focus on the policy implications of operating in an open economy, particularly the choice of exchange rate and monetary policy, exchange rate intervention and policies on capital mobility.
William C. Gruben,David M. Gould,Carlos E. Zarazaga
Author : William C. Gruben,David M. Gould,Carlos E. Zarazaga Publisher : Springer Science & Business Media Page : 247 pages File Size : 44,9 Mb Release : 2012-12-06 Category : Business & Economics ISBN : 9781461561750
Exchange Rates, Capital Flows, and Monetary Policy in a Changing World Economy by William C. Gruben,David M. Gould,Carlos E. Zarazaga Pdf
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.
Monetary Policy, Capital Flows and Exchange Rates by William Allen,David Dickinson Pdf
Maxwell Fry was known internationally for his research into international and domestic financial issues. This book constitutes a tribute to his pioneering work in so many areas, and draws together contributions from a range of academic and policy-making colleagues who were fortunate enough to experience the depth of knowledge and insights which Maxwell demonstrated.
Managing Capital Flows and Exchange Rates by Reuven Glick Pdf
"This is a very timely book that brings the reader to the forefront of current research on macroeconomic policy issues in economies subject to sizable capital flows".--Guillermo A. Calvo, University of Maryland.
Capital Inflows, Exchange Rate Flexibility, and Credit Booms by Mr.Nicolas E. Magud,Ms.Carmen Reinhart,Mr.Esteban Vesperoni Pdf
The prospects of expansionary monetary policies in the advanced countries for the foreseeable future have renewed the debate over policy options to cope with large capital inflows that are, at least partly, driven by low interest rates in the financial centers. Historically, capital flow bonanzas have often fueled sharp credit expansions in advanced and emerging market economies alike. Focusing primarily on emerging markets, we analyze the impact of exchange rate flexibility on credit markets during periods of large capital inflows. We show that bank credit grows more rapidly and its composition tilts to foreign currency in economies with less flexible exchange rate regimes, and that these results are not explained entirely by the fact that the latter attract more capital inflows than economies with more flexible regimes. Our findings thus suggest countries with less flexible exchange rate regimes may stand to benefit the most from regulatory policies that reduce banks' incentives to tap external markets and to lend/borrow in foreign currency; these policies include marginal reserve requirements on foreign lending, currency-dependent liquidity requirements, and higher capital requirement and/or dynamic provisioning on foreign exchange loans.
Capital Flows in Central and Eastern Europe by Ms.Ratna Sahay,Mr.Guillermo Calvo,Mr.Carlos A. Végh Gramont Pdf
This paper examines the nature and composition of capital flows in selected countries in Central and Eastern Europe during 1987–93. The data show that there was a remarkable turnaround in the capital account in 1992–93. This improvement was accompanied by widening current account deficits, an increase in real consumption, and real exchange rate appreciation. In light of these developments, the paper discusses the main macroeconomic concerns raised by capital inflows and lays out the principal policy options relevant for the transition economies.
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.
Facing the Tides by Mr.Harald Finger,Pablo Lopez Murphy Pdf
This paper looks empirically at some economic effects of volatile exchange rates and financial conditions and examines policy responses for managing such volatility. It also sheds light on some economic costs that stem from volatile capital flows and exchange rates and analyzes how countries deploy their policy toolkits in response. The data-driven analysis should contribute to ongoing reflections about how to manage volatile capital flows and exchange rates both in Asian EMEs and more broadly.
Studies in East Asian Economies by Jagdish Handa,Shibeshi Ghebre Kahsay Pdf
This book includes three economic/econometric studies on four East Asian countries (Indonesia, Malaysia, Philippines and Thailand) and two studies on China. The four East Asian economies, designated at one time as ‘economic tigers’, provide important and interesting case studies on periods of very rapid growth with heavy capital inflows, followed by financial and economic crises. The three studies on these countries examine the impact of heavy capital inflows on growth, real exchange rates and the conduct of domestic monetary policy during the period 1970–96, which immediately preceded their financial crises of 1997–98. At a more general level, they shed light on the contributions that capital inflows make to small open economies and how these inflows impact on their exchange rates and monetary policies. The two studies on China examine the adequacy of capital flows to it and its monetary policies. In recent years, while China has been among the biggest recipients of capital inflows, our study on it finds that these inflows are still considerably short of the amounts that perfect capital flows would imply. Regarding China's pursuit of monetary policy, our study is the first one to question whether interest rates or monetary aggregates are appropriate instruments for the control of the economy. Our finding is that its large informal sector and black money holdings make the use of monetary aggregates the more appropriate policy instrument. This finding contrasts with the usual one for financially developed economies that interest rate targeting and a Taylor rule provide the applicable monetary policy framework. Contents:Capital Inflows and Growth: Evidence from Pre-Crises ASEAN Economies (Shibeshi Ghebre Kahsay and Jagdish Handa)Capital Flows and Real Exchange Rate Behavior: Evidence from Pre-Crises ASEAN Economies (Shibeshi Ghebre Kahsay and Jagdish Handa)Capital Flows and Monetary Policy: Evidence from Pre-Crises ASEAN Economies (Shibeshi Ghebre Kahsay and Jagdish Handa)Assessing International Capital Mobility: Evidence from China (Jagdish Handa, Jie Lin and Helei Wang)Optimal Monetary Policy Instruments and Rules: Evidence from China (Shen Guo, Shengzu Wang and Jagdish Handa) Readership: Graduate students, policy makers and researchers in developmental economics, SEA economies, monetary policy, capital flows and their impact on growth. Keywords:International Capital Mobility;Monetary Policy;Exchange Rates;Economic Growth;Taylor Rule;East Asian Economies;ChinaKey Features:Using Indonesia, Malaysia, Philippines and Thailand for case studies, this book provides a rare in-depth study on the impact of capital inflows and their impact on exchange rates, monetary policy and growth for small open economies, in the transition from a less developed stage to a more developed one. Using China as a case study, this book also provides a rare insight into the extent of capital flows and the formulation of monetary policy for a large, less developed economy in its transition to becoming a developed economy. There are almost no competing studies employing rigorous econometric techniques on these topics for developing economies
Two Targets, Two Instruments by Mr.Jonathan David Ostry,Mr.Atish R. Ghosh,Mr.Marcos Chamon Pdf
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
William H. Branson,Jacob A. Frenkel,Morris Goldstein
Author : William H. Branson,Jacob A. Frenkel,Morris Goldstein Publisher : University of Chicago Press Page : 396 pages File Size : 44,7 Mb Release : 2007-12-01 Category : Reference ISBN : 9780226071381
International Policy Coordination and Exchange Rate Fluctuations by William H. Branson,Jacob A. Frenkel,Morris Goldstein Pdf
Since the five largest industrial democracies concluded the Plaza Agreement in 1985, the theory and practice of international economic policy coordination has become the subject of spirited academic and public-policy debate. While some view policy coordination as crucial for the construction of an improved international monetary system, others fear that it risks delaying or weakening the implementation of macroeconomic and structural policies. In these papers and comments, prominent international economists consider past and present interpretations of the meaning of international policy coordination; conditions necessary for coordination to be beneficial both to the direct participants and the global economy; influential factors for the quantitative impact of coordination; obstacles to coordination; the most—and least—effective methods of coordination; and future directions of the coordination process, including processes associated with greater fixity of exchange rates. These studies will be readily accessible to policymakers, while offering sophisticated analyses to interested scholars of the global economy.
Macroeconomic Linkage by Takatoshi Ito,Anne O. Krueger Pdf
This volume explores East Asia's macroeconomic experience in the 1980s and the economic impact of East Asia's growth on the rest of the world. The authors explore the causes of capital flows, changes in trade balances, and exchange rate fluctuations in East Asia and their effects on other countries. These fourteen papers are organized around four themes: the overall determinants of growth and trading relations in the East Asian region; monetary policies in relation to capital controls and capital accounts; the impact of exchange rate behavior on industrial structure; and the potential for greater regional integration. The contributors examine interactions among exchange rate movements, trade balances, and capital flows; how government monetary policy affects capital flows; the effect of exchange rates on industrial structure, inventories, and prices; and the extent of regional integration in East Asia.
