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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 : 46,9 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.
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.
Monetary Policy, Capital Flows and Exchange Rates by David G. Dickinson,Bill Allen Pdf
Max Fry was known internationally for his research on international and domestic financial issues. This book draws together contributions from a range of academic and policy-making friends and colleagues.
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.
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.
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.
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.
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.
Author : Suiwah Leung Publisher : Australian National University, Research School of Social Sciences Page : 44 pages File Size : 46,5 Mb Release : 1996 Category : Capital movements ISBN : UCSD:31822023593304
Capital Flows, Monetary Policy and Exchange Rates in the Asian Region by Suiwah Leung Pdf
Booklet examining the responses of several Asian countries to recent surges in capital inflows. Examines the difficulties faced by these countries in trying to maintain pegged exchange rates and monetary independence.
The Role of the Exchange Rate in Inflation-Targeting Emerging Economies by Anna Nordstrom,Mr.Scott Roger,Mr.Mark R. Stone,Seiichi Shimizu,Turgut Kisinbay,Jorge Restrepo Pdf
This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that has become especially germane during the current episode of financial turmoil and volatile capital flows. Under inflation targeting, the interest rate is the main monetary policy tool for influencing activity and inflation, and there is little agreement about the appropriate role of the exchange rate.The exchange rate is a more important monetary policy tool for emerging economies that have adopted inflation targeting than it is for inflation-targeting advanced economies. Inflation-targeting emerging economies generally have less flexible exchange rate arrangements and intervene more frequently in the foreign exchange market than their advanced economy counterparts. The enhanced role of the exchange rate reflects these economies' greater vulnerability to exchange rate shocks and their less developed financial markets. However, their sharper focus on the exchange rate may cause some confusion about the commitment of their central banks to achieve the inflation target and may also complicate policy implementation. Global inflation pressures, greater exchange rate volatility, and the financial stresses from the global financial turmoil that began in mid-2007 are heightening these tensions.
Moving to a Flexible Exchange Rate by Mrs.Gilda Fernandez,Mr.Cem Karacadag,Rupa Duttagupta Pdf
A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transition under disorderly conditions, with the sharp depreciation of their currency during a crisis. Regardless of the reason for adopting a flexible exchange rate, a successful transition depends on the effective management of a number of institutional and operational issues. The authors of this Economic Issue describe the necessary ingredients for moving to a flexible regime, as well as the optimal pace and sequencing under different conditions.
