International Capital Flows Economic Problems And Policy Implications

International Capital Flows Economic Problems And Policy Implications 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 International Capital Flows Economic Problems And Policy Implications book. This book definitely worth reading, it is an incredibly well-written.

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 : 53,8 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 : 54,7 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.

International Capital Flows

Martin Feldstein
International Capital Flows Book PDF

Author : Martin Feldstein
Publisher : University of Chicago Press
Page : 500 pages
File Size : 46,5 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.

Canadian Economic Policy and the Impact of International Capital Flows

Richard E. Caves,Grant L. Reuber
Canadian Economic Policy and the Impact of International Capital Flows Book PDF

Author : Richard E. Caves,Grant L. Reuber
Publisher : University of Toronto Press
Page : 82 pages
File Size : 44,7 Mb
Release : 1969-12-15
Category : Business & Economics
ISBN : 9781442654556

Get Book

Canadian Economic Policy and the Impact of International Capital Flows by Richard E. Caves,Grant L. Reuber Pdf

The object of this study is to investigate the effects that complete and formal integration of the Canadian with the American capital market would have on the Canadian economy. It is based largely on recent trade statistics, particularly those of the period when the exchange rate floated. In summary, the short- and long-run effects could both be beneficial to Canada. This study is a convenient summary of a longer work by the same authors to be published in 1970.

International Capital Movements

Charles P. Kindleberger
International Capital Movements Book PDF

Author : Charles P. Kindleberger
Publisher : Cambridge University Press
Page : 116 pages
File Size : 52,8 Mb
Release : 1988-06-24
Category : Business & Economics
ISBN : 0521369843

Get Book

International Capital Movements by Charles P. Kindleberger Pdf

First published in 1988, this study of international capital movements looks at their historical role in the financing of trade and their dramatically increased role in the world economy in recent years. It examines the current economic theory and the policy implications of these changes. Beginning with an analysis of the balance of payments, the authors goes on to discuss international short-term and long-term capital movements, both historically and with reference to current events. A further chapter deals with financial deregulation and the progression during the last few years towards the integration of international capital markets. The author looks forward to two possible futures for international finance: a gradual federalisation of macro-economic behaviour on a world basis, or a move towards self-reliance and autarky. The book is based on the author's Marshall Lectures, given in the University of Cambridge. It will be of interest to those studying international and financial economies, graduate students and those involved in the formulation of policy.

International Capital Flows and the Lucas Paradox

Muhammad Akhtaruzzaman
International Capital Flows and the Lucas Paradox Book PDF

Author : Muhammad Akhtaruzzaman
Publisher : Springer
Page : 203 pages
File Size : 55,8 Mb
Release : 2019-06-21
Category : Business & Economics
ISBN : 9789811390692

Get Book

International Capital Flows and the Lucas Paradox by Muhammad Akhtaruzzaman Pdf

This book offers a comprehensive analysis of the debates on international capital flows, and presents a new evidence-based answer to the long-standing question of why capital doesn’t tend to flow from rich to poor countries as predicted by standard neoclassical theory – a puzzle known as the Lucas paradox. Further, the book reviews alternative approaches to conventional estimates of the marginal product of capital (MPK) and considers whether these estimates actually help us understand observed international capital flows. A rigorous quantitative approach is subsequently used to provide clear empirical evidence on the determinants of capital flows across borders. The findings of this empirical analysis suggest that generous economic policies on capital account convertibility are more influential than differences in institutional quality in terms of determining international capital flows. In closing, the relative importance of various types of political risk (e.g. expropriation and corruption) is examined. After determining that expropriation risk has one of the greatest effects on foreign direct investment (FDI), the book proposes an appealingly intuitive explanation for the lack of FDI flows to many capital-scarce developing countries.

Short-Term Capital Flows and Economic Crises

Stephany Griffith-Jones,Manuel F. Montes,Anwar Nasution
Short Term Capital Flows and Economic Crises Book PDF

Author : Stephany Griffith-Jones,Manuel F. Montes,Anwar Nasution
Publisher : OUP Oxford
Page : 325 pages
File Size : 45,5 Mb
Release : 2001-02-01
Category : Business & Economics
ISBN : 9780191589140

Get Book

Short-Term Capital Flows and Economic Crises by Stephany Griffith-Jones,Manuel F. Montes,Anwar Nasution Pdf

The currency crises that engulfed East Asian economies in 1997 and Mexico in 1994 - and their high development costs - raise a serious concern about the net benefits for developing countries of large flows of potentially reversible short-term international capital. Written by senior policy-makers and academics, the contributions to this volume examine in depth the macroeconomic and other policy dilemmas confronting public authorities in the emerging economies as they deal with short-term capital movements, especially in the period before the outbreak of these crises. The studies are based on comparative case studies of key emerging economies. Valuable insights are also derived from contrasts between the East Asian, Latin American, African, and European experiences, between the financial and real effects of financial flows, and between private and public responsibilities in managing financial markets. The great value of the chapters in this volume is that they analytically identify the weaknesses in both domestic and international capital market regimes. The recommendations derived from this analysis apply to the development of financial markets in developing countries, the monitoring and regulation of mutual funds in source countries, and the future development of international capital markets. They will make an important contribution both to the discussion of national policies and of a new international financial architechture.

Exchange Rates, Capital Flows, and Monetary Policy in a Changing World Economy

William C. Gruben,David M. Gould,Carlos E. Zarazaga
Exchange Rates Capital Flows and Monetary Policy in a Changing World Economy Book PDF

Author : William C. Gruben,David M. Gould,Carlos E. Zarazaga
Publisher : Springer Science & Business Media
Page : 274 pages
File Size : 46,6 Mb
Release : 1997-08-31
Category : Business & Economics
ISBN : 0792399080

Get Book

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.

Capital Flows and Financial Crises

Miles Kahler
Capital Flows and Financial Crises Book PDF

Author : Miles Kahler
Publisher : Manchester University Press
Page : 290 pages
File Size : 55,7 Mb
Release : 1998
Category : Business & Economics
ISBN : 0719056497

Get Book

Capital Flows and Financial Crises by Miles Kahler Pdf

Capital flows to the developing economies have long displayed a boom-and-bust pattern. However, rarely has the cycle turned as abruptly as it did in the 1990s, when the surges in lending were followed by the Mexican peso crisis of 1994-95, and the sudden collapse of currencies in Asia in 1997 and 1998. The volume maps an uncertain financial landscape in which volatile private capital flows and fragile banking systems produce sudden reversals of fortune for governments and economies. This environment creates dilemmas for both national policy-makers who confront the mixed blessing of capital inflows and the international institutions that manage the recurrent crises.

The World's New Financial Landscape: Challenges for Economic Policy

Horst Siebert
The World s New Financial Landscape Challenges for Economic Policy Book PDF

Author : Horst Siebert
Publisher : Springer Science & Business Media
Page : 346 pages
File Size : 41,6 Mb
Release : 2001-09-28
Category : Political Science
ISBN : 3540419926

Get Book

The World's New Financial Landscape: Challenges for Economic Policy by Horst Siebert Pdf

This book will be of particular relevance for readers interested in a thorough analysis of international capital flows, their determinants and their macroeconomic implications. It also provides information about the origines of international financial crisis and assess proposals to overcome and avoid financial crisis in the future. The book is an outcome of a conference held at the Kiel Institute of World Economics. The papers cover the track record of financial integration, the changing structure of financial markets and the implications for macroeconomics and growth. Particular emphasis is placed on the various financial crises of the 1990s and on proposals for a reform of the international financial system.

International Capital Flows and Development

Mr.Thierry Tressel,Dennis B. S. Reinhardt,Mr.Luca Antonio Ricci
International Capital Flows and Development Book PDF

Author : Mr.Thierry Tressel,Dennis B. S. Reinhardt,Mr.Luca Antonio Ricci
Publisher : International Monetary Fund
Page : 46 pages
File Size : 54,7 Mb
Release : 2010-10-01
Category : Business & Economics
ISBN : 9781455209354

Get Book

International Capital Flows and Development by Mr.Thierry Tressel,Dennis B. S. Reinhardt,Mr.Luca Antonio Ricci Pdf

Does capital flow from rich to poor countries? We revisit the Lucas paradox and explore the role of capital account restrictions in shaping capital flows at various stages of economic development. We find that, when accounting for the degree of capital account openness, the prediction of the neoclassical theory is confirmed: less developed countries tend to experience net capital inflows and more developed countries tend to experience net capital outflows, conditional of various countries’ characteristics. The findings are driven by foreign direct investment, portfolio equity investment, and to some extent by loans to the private sector.

Capital Flow Deflection

Paolo Giordani,Michele Ruta,Hans Weisfeld,Ling Zhu
Capital Flow Deflection Book PDF

Author : Paolo Giordani,Michele Ruta,Hans Weisfeld,Ling Zhu
Publisher : International Monetary Fund
Page : 47 pages
File Size : 53,9 Mb
Release : 2014-08-08
Category : Business & Economics
ISBN : 9781498317498

Get Book

Capital Flow Deflection by Paolo Giordani,Michele Ruta,Hans Weisfeld,Ling Zhu Pdf

This paper focuses on the coordination problem among borrowing countries imposing controls on capital infl ows. In a simple model of capital flows and controls, we show that inflow restrictions distort international capital flows to other countries and that, in turn, such capital flow deflection may lead to a policy response. We then test the theory using data on inflow restrictions and gross capital inflows for a large sample of developing countries between 1995 and 2009. Our estimation yields strong evidence that capital controls deflect capital flows to other borrowing countries with similar economic characteristics. Notwithstanding these strong cross-border spillover effects, we do not find evidence of a policy response.

Capital Inflows and Balance of Payments Pressures

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

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 : 51,7 Mb
Release : 2008-06-01
Category : Business & Economics
ISBN : 9781451945997

Get Book

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.

Capital Flows and Crises

Barry J. Eichengreen
Capital Flows and Crises Book PDF

Author : Barry J. Eichengreen
Publisher : MIT Press
Page : 396 pages
File Size : 48,6 Mb
Release : 2004
Category : Business & Economics
ISBN : 0262550598

Get Book

Capital Flows and Crises by Barry J. Eichengreen Pdf

An analysis of the connections between capital flows and financial crises as well as between capital flows and economic growth.

Capital Flows at Risk: Taming the Ebbs and Flows

Mr.R. G Gelos,Lucyna Gornicka,Mr.Robin Koepke,Ms.Ratna Sahay,Ms.Silvia Sgherri
Capital Flows at Risk Taming the Ebbs and Flows Book PDF

Author : Mr.R. G Gelos,Lucyna Gornicka,Mr.Robin Koepke,Ms.Ratna Sahay,Ms.Silvia Sgherri
Publisher : International Monetary Fund
Page : 44 pages
File Size : 40,6 Mb
Release : 2019-12-20
Category : Business & Economics
ISBN : 9781513522906

Get Book

Capital Flows at Risk: Taming the Ebbs and Flows by Mr.R. G Gelos,Lucyna Gornicka,Mr.Robin Koepke,Ms.Ratna Sahay,Ms.Silvia Sgherri Pdf

The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new framework to answer critical policy questions: What policies and policy frameworks are most effective in dampening sharp capital flow movements in response to global shocks? What are the near- versus medium-term trade-offs of different policies? We tackle these questions using a quantile regression framework to predict the entire future probability distribution of capital flows to emerging markets, based on current domestic structural characteristics, policies, and global financial conditions. This new approach allows policymakers to quantify capital flows risks and evaluate policy tools to mitigate them, thus building the foundation of a risk management framework for capital flows.