Financial Market Integration And International Capital Flows

Financial Market Integration And International Capital Flows Book in PDF, ePub and Kindle version is available to download in english. Read online anytime anywhere directly from your device. Click on the download button below to get a free pdf file of Financial Market Integration And International Capital Flows book. This book definitely worth reading, it is an incredibly well-written.

The Integration of World Capital Markets

Mr.Michael Mussa,Mr.Morris Goldstein
The Integration of World Capital Markets Book PDF

Author : Mr.Michael Mussa,Mr.Morris Goldstein
Publisher : International Monetary Fund
Page : 66 pages
File Size : 52,9 Mb
Release : 1993-12-01
Category : Business & Economics
ISBN : 9781451950397

Get Book

The Integration of World Capital Markets by Mr.Michael Mussa,Mr.Morris Goldstein Pdf

This paper discusses the extent to which national capital markets have become linked, and identifies several of the more important consequences of that increased degree of integration. Alternative approaches to the measurement of capital market integration are reviewed, including deviations from the law of one price, differences between actual and optimally diversified portfolios, correlations between domestic investment and domestic saving, and cross-country links in consumption behavior. Two recent episodes of large-scale international capital flows—namely, the turmoil in the European Monetary System in the fall of 1992, and the surge of capital inflows into Latin America during the last three years—are examined for insights into the workings of today’s global capital market. Finally, the paper offers some concluding remarks on the future development of international capital markets, on exchange rate management, on alternative approaches to living with larger and more influential financial markets, and on the financing of investment in the formerly centrally planned economies.

Financial Market Integration and International Capital Flows

Gregor Irwin,David Vines
Financial Market Integration and International Capital Flows Book PDF

Author : Gregor Irwin,David Vines
Publisher : Edward Elgar Publishing
Page : 528 pages
File Size : 44,6 Mb
Release : 2001
Category : Business & Economics
ISBN : UCSD:31822031418361

Get Book

Financial Market Integration and International Capital Flows by Gregor Irwin,David Vines Pdf

Although widespread capital market liberalization has resulted in a surge in international capital flows and a more integrated world financial system, the volatility of capital flows has also increased, calling stability into question. This book assesses international capital market behaviour. In particular, the origins of the East Asia and the Latin American crises, and the lessons that can be drawn from these, are examined.

Global Capital Markets

Maurice Obstfeld,Alan M. Taylor
Global Capital Markets Book PDF

Author : Maurice Obstfeld,Alan M. Taylor
Publisher : Cambridge University Press
Page : 386 pages
File Size : 48,9 Mb
Release : 2004
Category : Business & Economics
ISBN : 0521671795

Get Book

Global Capital Markets by Maurice Obstfeld,Alan M. Taylor Pdf

This book is an economic survey of international capital mobility from the late nineteenth century to the present.

The Integration of World Capital Markets

Michael L. Mussa
The Integration of World Capital Markets Book PDF

Author : Michael L. Mussa
Publisher : Unknown
Page : 66 pages
File Size : 55,8 Mb
Release : 2006
Category : Electronic
ISBN : OCLC:1291213122

Get Book

The Integration of World Capital Markets by Michael L. Mussa Pdf

This paper discusses the extent to which national capital markets have become linked, and identifies several of the more important consequences of that increased degree of integration. Alternative approaches to the measurement of capital market integration are reviewed, including deviations from the law of one price, differences between actual and optimally diversified portfolios, correlations between domestic investment and domestic saving, and cross-country links in consumption behavior. Two recent episodes of large-scale international capital flows--namely, the turmoil in the European Monetary System in the fall of 1992, and the surge of capital inflows into Latin America during the last three years--are examined for insights into the workings of today`s global capital market. Finally, the paper offers some concluding remarks on the future development of international capital markets, on exchange rate management, on alternative approaches to living with larger and more influential financial markets, and on the financing of investment in the formerly centrally planned economies.

International Capital Flows: Economic Problems and Policy Implications

Nina Pohl
International Capital Flows Economic Problems and Policy Implications Book PDF

Author : Nina Pohl
Publisher : diplom.de
Page : 203 pages
File Size : 52,7 Mb
Release : 2000-09-01
Category : Political Science
ISBN : 9783832426415

Get Book

International Capital Flows: Economic Problems and Policy Implications by Nina Pohl Pdf

Inhaltsangabe:Abstract: This paper deals with three highly controversial aspects in the international finance literature: the degree of international financial integration, the economic impact of capital mobility, and the potential role of capital controls in the emerging international financial architecture. Regarding the first aspect, many observers have been influenced by the recent hype about globalisation and in fact take it for granted that capital markets have become almost fully integrated into a world financial marketplace. This paper, reviews evidence that challenges this conventional wisdom, though confirming that the degree of international financial integration is rising. With respect to the second aspect, it is demonstrated that there are circumstances under which the free flow of international capital could negatively impact upon economic performance and/or otherwise welfare-enhancing domestic policies. This finding conflicts with traditional theory and provides an economic rationale for the judicious introduction of capital controls. With this assertion in mind, the final aspect, the role of capital controls, is investigated. The specific question explored is how far restrictions on international capital flows are able to avert a costly economic imbalance arising from fluctuations in the balance of payments. Although the international consensus seems to have shifted in recent years towards promoting Chilean-style capital controls as a potential new building block in the international financial landscape, this paper cautions against such a generalisation of the Chilean experience. Rather, a review of the empirical literature suggests that much of Chile s economic success story in the last decade can be explained by factors other than its control regime. The rising degree of international financial integration enhances the need for small countries to resolve their dilemma of being dependent on external funding and, at the same time, most vulnerable to sudden reversals of international capital flows. Yet, simple solutions of how to counterbalance the potential threats of capital mobility in a second-best equilibrium, are not found to be easily forthcoming. In particular, this paper argues that capital controls are no panacea even less so, if they delay necessary macro- and microeconomic reforms. A worrying feature of the international financial system, partly due to continued innovations in financial engineering, is that [...]

International Capital Flows: Economic Impact and Policy Implications

Nina Gillmann
International Capital Flows Economic Impact and Policy Implications Book PDF

Author : Nina Gillmann
Publisher : GRIN Verlag
Page : 210 pages
File Size : 45,5 Mb
Release : 2012-08-08
Category : Business & Economics
ISBN : 9783656980940

Get Book

International Capital Flows: Economic Impact and Policy Implications by Nina Gillmann Pdf

Diploma Thesis from the year 2000 in the subject Economics - Finance, grade: 1, Christian-Albrechts-University of Kiel, language: English, abstract: This paper deals with three highly controversial aspects in the international finance literature: the degree of international financial integration, the economic impact of capital mobility, and the potential role of capital controls in the emerging international financial architecture. Regarding the first aspect, many observers have been influenced by the recent hype about “globalisation” and in fact take it for granted that capital markets have become almost fully integrated into a world financial marketplace. This paper, reviews evidence that challenges this conventional wisdom, though confirming that the degree of international financial integration is rising. With respect to the second aspect, it is demonstrated that there are circumstances under which the free flow of international capital could negatively impact upon economic performance and/or otherwise welfare-enhancing domestic policies. This finding conflicts with traditional theory and provides an economic rationale for the judicious introduction of capital controls. With this assertion in mind, the final aspect, the role of capital controls, is investigated. The specific question explored is how far restrictions on international capital flows are able to avert a costly economic imbalance arising from fluctuations in the balance of payments. Although the international consensus seems to have shifted in recent years towards promoting Chilean-style capital controls as a potential new building block in the international financial landscape, this paper cautions against such a generalisation of the Chilean experience. Rather, a review of the empirical literature suggests that much of Chile‘s economic success story in the last decade can be explained by factors other than its control regime. The rising degree of international financial integration enhances the need for small countries to resolve their dilemma of being dependent on external funding and, at the same time, most vulnerable to sudden reversals of international capital flows. Yet, simple solutions of how to counterbalance the potential threats of capital mobility in a second-best equilibrium, are not found to be easily forthcoming. In particular, this paper argues that capital controls are no panacea – even less so, if they delay necessary macro- and microeconomic reforms.

World Market Integration Through the Lens of Foreign Direct Investors

Luis Serven,Luis Albuquerque
World Market Integration Through the Lens of Foreign Direct Investors Book PDF

Author : Luis Serven,Luis Albuquerque
Publisher : World Bank Publications
Page : 60 pages
File Size : 44,7 Mb
Release : 2003
Category : Globalization
ISBN : 8210379456XXX

Get Book

World Market Integration Through the Lens of Foreign Direct Investors by Luis Serven,Luis Albuquerque Pdf

Albuquerque, Loayza, and Serven analyze the unparalleled increase in foreign direct investment to emerging market economies in the past 25 years. Using a large cross-country timeseries data set, the authors evaluate the dependence of foreign direct investment on global factors or worldwide sources of risk (that is, factors that drive foreign direct investment across several countries). They construct a globalization measure that equals the share of explained variation in direct investment attributable to global factors. The authors show that the globalization measure has increased steadily for industrial and developing countries. For the full sample of countries, the globalization measure rose eightfold from 1985 to 1999. Furthermore, in recent years developing countries' exposure to global factors has approached that of industrial countries, particularly for Latin America. Finally, the globalization measure correlates strongly with measures of capital market liberalization. Overall, the authors find strong support for the hypothesis of increased market integration which implies a greater role for worldwide sources of risk. They discuss the implications of the results for public policies regarding capital market liberalization and policies directed at attracting foreign investment.This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to understand international capital flows.

Benefits and Costs of International Financial Integration

Pierre-Richard Agénor
Benefits and Costs of International Financial Integration Book PDF

Author : Pierre-Richard Agénor
Publisher : World Bank Publications
Page : 68 pages
File Size : 40,7 Mb
Release : 2001
Category : Capital movements
ISBN : 8210379456XXX

Get Book

Benefits and Costs of International Financial Integration by Pierre-Richard Agénor Pdf

This literature review joins with recent studies in arguing that financial integration must be carefully prepared and managed to ensure that the benefits outweigh the short-run risks. But in contrast with some other studies, it adopts a more skeptical view of the benefits of capital flows other than foreign direct investment.

International Capital Flows Returns and World Financial Integration

Martin D. D. Evans,Viktoria Hnatkovska
International Capital Flows Returns and World Financial Integration Book PDF

Author : Martin D. D. Evans,Viktoria Hnatkovska
Publisher : Unknown
Page : 42 pages
File Size : 43,6 Mb
Release : 2005
Category : International finance
ISBN : OCLC:254999101

Get Book

International Capital Flows Returns and World Financial Integration by Martin D. D. Evans,Viktoria Hnatkovska Pdf

International capital flows have increased dramatically since the 1980s, with much of the increase being due to trade in equity and debt markets. Such developments are often attributed to the increased integration of world financial markets. We present a model that allows us to examine how greater integration in world financial markets affects the behavior of international capital flows and financial returns. Our model predicts that international capital flows are large (in absolute value) and very volatile during the early stages of financial integration when international asset trading is concentrated in bonds. As integration progresses and households gain access to world equity markets, the size and volatility of international bond flows fall dramatically but continue to exceed the size and volatility of international equity flows. This is the natural outcome of greater risk sharing facilitated by increased integration. We find that the equilibrium flows in bonds and stocks are larger than their empirical counterparts, and are largely driven by variations in equity risk premia. The paper also makes a methodological contribution to the literature on dynamic general equilibrium asset-pricing. We implement a new technique for solving a dynamic general equilibrium model with production, portfolio choice and incomplete markets.

Capital Flows, Financial Integration, and International Reserve Holdings

Sunil Sharma,Woon Gyu Choi,Maria Strömqvist
Capital Flows Financial Integration and International Reserve Holdings Book PDF

Author : Sunil Sharma,Woon Gyu Choi,Maria Strömqvist
Publisher : International Monetary Fund
Page : 42 pages
File Size : 55,5 Mb
Release : 2007-07
Category : Business & Economics
ISBN : UCSD:31822034969436

Get Book

Capital Flows, Financial Integration, and International Reserve Holdings by Sunil Sharma,Woon Gyu Choi,Maria Strömqvist Pdf

This paper examines the interaction between capital flows and international reserve holdings in the context of increasing financial integration. For emerging markets the sensitivity of reserves to net capital flows was negative in the 1980s, but became positive after the Asian crisis when these countries used net capital flows to build up reserves. For advanced countries, net capital flows had a negative effect on reserves, especially in recent years. Using measures of financial globalization, we also provide evidence that the sensitivity of reserves to net capital flows increased with globalization for emerging markets while it decreased for advanced countries.

Financial Integration and Real Activity

Tamim A. Bayoumi
Financial Integration and Real Activity Book PDF

Author : Tamim A. Bayoumi
Publisher : University of Michigan Press
Page : 178 pages
File Size : 41,7 Mb
Release : 1997
Category : Business & Economics
ISBN : 0472108700

Get Book

Financial Integration and Real Activity by Tamim A. Bayoumi Pdf

Globalization, financial deregulation, a single European currency . . . this book examines what all these changes mean for the world economy.

Following the Money

National Research Council,Division of Behavioral and Social Sciences and Education,Commission on Behavioral and Social Sciences and Education,Panel on International Capital Transactions,Anne Y. Kester
Following the Money Book PDF

Author : National Research Council,Division of Behavioral and Social Sciences and Education,Commission on Behavioral and Social Sciences and Education,Panel on International Capital Transactions,Anne Y. Kester
Publisher : National Academies Press
Page : 224 pages
File Size : 55,9 Mb
Release : 1995-10-12
Category : Political Science
ISBN : 9780309176903

Get Book

Following the Money by National Research Council,Division of Behavioral and Social Sciences and Education,Commission on Behavioral and Social Sciences and Education,Panel on International Capital Transactions,Anne Y. Kester Pdf

Many questions have been raised about America's status in the increasingly interconnected global economy. Yet key factsâ€"such as the amount of foreign assets abroad owned by U.S. citizensâ€"are not known. The crucial data needed to assess the U.S. position are unavailable. This volume explores significant shortcomings in U.S. data on international capital transactions and their implications for policymakers. The volume offers clearcut recommendations for U.S. agencies to bring data collection and analyses of the global economy into the twenty-first century. The volume explores: How factors emerging since the early 1980s have shaped world financial markets and revealed shortcomings in data collection and analysis. How the existing U.S. data system works and where it fails how measurements of international financial transactions are recorded; and how swaps, options, and futures present special reporting problems. How alternative methods, such as collecting data, from sources such as global custodians and international clearinghouses, might improve coverage and accuracy.

International Capital Flows

Martin Feldstein
International Capital Flows Book PDF

Author : Martin Feldstein
Publisher : University of Chicago Press
Page : 500 pages
File Size : 54,5 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226241807

Get Book

International Capital Flows by Martin Feldstein Pdf

Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.

Global Capital Markets

Maurice Obstfeld,Alan M. Taylor
Global Capital Markets Book PDF

Author : Maurice Obstfeld,Alan M. Taylor
Publisher : Cambridge University Press
Page : 382 pages
File Size : 40,6 Mb
Release : 2004-02-19
Category : Business & Economics
ISBN : 0521633176

Get Book

Global Capital Markets by Maurice Obstfeld,Alan M. Taylor Pdf

Publisher Description

International Financial Integration

Mr. Philip R. Lane,Mr. Gian-Maria Milesi-Ferretti
International Financial Integration Book PDF

Author : Mr. Philip R. Lane,Mr. Gian-Maria Milesi-Ferretti
Publisher : International Monetary Fund
Page : 46 pages
File Size : 50,6 Mb
Release : 2003-04-01
Category : Business & Economics
ISBN : 9781451896978

Get Book

International Financial Integration by Mr. Philip R. Lane,Mr. Gian-Maria Milesi-Ferretti Pdf

In recent decades, the foreign assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. This paper describes the broad trends in international financial integration for a sample of industrial countries and seeks to explain the cross-country and time-series variation in the size of international balance sheets. It also examines the behavior of the rates of return on foreign assets and liabilities, relating them to "market" returns.