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Author : Don Harding
Publisher : Unknown
Page : 13 pages
File Size : 49,5 Mb
Release : 1999
Category : Capital market
ISBN : 0734014783
Author : William C. Gruben,David M. Gould,Carlos E. Zarazaga
Publisher : Springer Science & Business Media
Page : 247 pages
File Size : 48,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461561750
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.
Author : Rebecca Driver,Peter J N Sinclair,Christoph Thoenissen
Publisher : Routledge
Page : 456 pages
File Size : 50,7 Mb
Release : 2013-04-15
Category : Business & Economics
ISBN : 9781134261970
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.
Author : Sebastian Edwards
Publisher : Cambridge University Press
Page : 452 pages
File Size : 41,8 Mb
Release : 1997-06-13
Category : Business & Economics
ISBN : 0521597110
The essays collected in this volume discuss the impact of increased capital mobility on macroeconomic performance.
Author : Reuven Glick
Publisher : Cambridge University Press
Page : 148 pages
File Size : 44,7 Mb
Release : 1998-06-13
Category : Business & Economics
ISBN : 0521623235
"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.
Author : William H. Branson,Jacob A. Frenkel,Morris Goldstein
Publisher : University of Chicago Press
Page : 396 pages
File Size : 53,9 Mb
Release : 2007-12-01
Category : Reference
ISBN : 9780226071381
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.
Author : Nina Gillmann
Publisher : GRIN Verlag
Page : 210 pages
File Size : 44,8 Mb
Release : 2012-08-08
Category : Business & Economics
ISBN : 9783656980940
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.
Author : Nina Pohl
Publisher : diplom.de
Page : 203 pages
File Size : 44,5 Mb
Release : 2000-09-01
Category : Political Science
ISBN : 9783832426415
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 [...]
Author : Peter Isard
Publisher : Cambridge University Press
Page : 298 pages
File Size : 41,7 Mb
Release : 1995-09-28
Category : Business & Economics
ISBN : 0521466008
This book describes and evaluates the literature on exchange rate economics. It provides a wide-ranging survey, with background on the history of international monetary regimes and the institutional characteristics of foreign exchange markets, an overview of the development of conceptual and empirical models of exchange rate behavior, and perspectives on the key issues that policymakers confront in deciding whether, and how, to try to stabilize exchange rates. The treatment of most topics is reasonably compact, with extensive references to the literature for those desiring to pursue individual topics further. The level of exposition is relatively easy to comprehend; the historical and institutional material (part I) and the discussion of policy issues (part III) contain no equations or technical notation, while the chapters on models of exchange rate behavior (part II) are written at a level intelligible to first-year graduate students or advanced undergraduates. The book will enlighten both students and policymakers, and should also serve as a valuable reference for many research economists.
Author : Ms.Ratna Sahay,Mr.Guillermo Calvo,Mr.Carlos A. Végh Gramont
Publisher : International Monetary Fund
Page : 48 pages
File Size : 47,8 Mb
Release : 1995-06-01
Category : Business & Economics
ISBN : 9781451847741
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.
Author : Tony Cavoli,Ramkishen S. Rajan
Publisher : Hong Kong University Press
Page : 249 pages
File Size : 42,9 Mb
Release : 2009-06-01
Category : Business & Economics
ISBN : 9789622090538
With the rise of China, India and the re-emergence of East Asia from the financial crisis of 1997–98, monetary issues in Asia have acquired great significance as the region holds the largest reserves in the world and consequently plays a major role in the global macro-economy. In addition, there are also a great variety of monetary policy regimes at play in the region – reflecting each country's needs and policy preferences. This volume explores monetary, exchange rate and macroeconomic policies in Asia. A particular question that is analysed is Asia's experience since the crisis with the use of monetary policy to manage the resurgence in capital inflows. It also examines the theoretical and policy issues associated with international capital flows, the increasing degree of integration of financial markets and exchange rates for emerging Asian economies. The book is unique in focussing on China, India and Southeast Asia, rather than just having a sub-regional or country-specific focus. Rigorous empirical analysis is applied to important practical policy issues. The book also provides accessible overviews of recent research relevant to the questions that are explored and is written throughout in a manner that is accessible to policy makers, students and business/financial journalists.
Author : Ms.Linda S. Goldberg,Signe Krogstrup
Publisher : International Monetary Fund
Page : 58 pages
File Size : 42,6 Mb
Release : 2018-02-16
Category : Business & Economics
ISBN : 9781484342725
This paper presents a new measure of capital flow pressures in the form of a recast Exchange Market Pressure index. The measure captures pressures that materialize in actual international capital flows as well as pressures that result in exchange rate adjustments. The formulation is theory-based, relying on balance of payments equilibrium conditions and international asset portfolio considerations. Based on the modified exchange market pressure index, the paper also proposes the Global Risk Response Index, which reflects the country-specific sensitivity of capital flow pressures to measures of global risk aversion. For a large sample of countries over time, we demonstrate time variation in the effects of global risk on exchange market pressures, the evolving importance of the global factor across types of countries, and the changing risk-on or risk-off status of currencies.
Author : Jagdish Handa,Shibeshi Ghebre Kahsay
Publisher : World Scientific
Page : 284 pages
File Size : 51,8 Mb
Release : 2011
Category : Business & Economics
ISBN : 9789814338950
"This book presents five theoretical and empirical studies on growth, capital flows, exchange rates and monetary policy. The empirical parts of three of the studies use data from the ASEAN-4 countries of Indonesia, Malaysia, Philippines, Thailand, with the remaining two studies using data on China."--Preface.
Author : Richard Portes,David Vines
Publisher : Commonwealth Secretariat
Page : 48 pages
File Size : 44,5 Mb
Release : 1997
Category : Business & Economics
ISBN : 0850925029
Private capital flows to developing countries have increased dramatically. This book identifies key concerns about the sustainability and volatility of these flows, and makes a number of recommendations for national macroeconomics management, including crisis prevention measures. In addition there is an innovative proposal for the orderly workout of sovereign debt
Author : Mr.Morris Goldstein,Mr.Andrew Crockett
Publisher : International Monetary Fund
Page : 100 pages
File Size : 55,5 Mb
Release : 1987-02-26
Category : Business & Economics
ISBN : 0939934760
This report comprises three papers written by staff members of the Fund's Research Department on issues arising out of the reports on the international monetary system prepared in 1985 by the Group of Ten (representing the industrial countries participating in the General Arrangements to Borrow) and the intergovernmental Group of Twenty-Four on International Monetary Affairs. These two reports, which appear as appendices to this volume, were transmitted to the Interim Committee of the Fund's Board of Governors and were subsequently discussed by the Fund's Executive Board in early 1986.
