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Author : Eduardo Fernandez-Arias
Publisher : World Bank Publications
Page : 48 pages
File Size : 44,7 Mb
Release : 1994
Category : Capital movements
ISBN : 8210379456XXX
Author : World Bank. International Economics Department. Debt and International Finance Division
Publisher : Unknown
Page : 40 pages
File Size : 49,5 Mb
Release : 1994
Category : Capital movements
ISBN : OCLC:1245567808
In most cases, push. Lower international interest rates are a key factor in the new wave of capital inflows to developing countries. Whether that wave is sustainable depends on the economic performance of industrial countries. This makes developing countries vulnerable - but a soft landing is feasible.
Author : Leonardo Hernández,Heinz Rudolph
Publisher : World Bank Publications
Page : 44 pages
File Size : 49,9 Mb
Release : 1995
Category : Capital movements
ISBN : 8210379456XXX
Author : Juliana Dutra Araujo,Mr.Antonio David,Carlos van Hombeeck,Mr.Chris Papageorgiou
Publisher : International Monetary Fund
Page : 41 pages
File Size : 51,5 Mb
Release : 2015-04-29
Category : Business & Economics
ISBN : 9781484341087
Low-income countries (LIDCs) are typically characterized by intermittent and very modest access to private external funding sources. Motivated by recent developments in private flows to LIDCs this paper makes two contributions: First, it constructs a new comprehensive dataset on gross private capital flows with special focus on non-FDI flows in LIDCs. Concentrating on LIDCs and more specifically on gross non-FDI private flows is intentionally aimed at closing a gap in existing datasets where country coverage of developing economies is limited mainly to emerging markets (EMs). Second, using the new data, it identifies several shifting patterns of gross non-FDI private inflows to LIDCs. A surprising fact emerges: since the mid 2000's periods of surges in gross non-FDI private inflows in LIDCs are broadly comparable to those of EMs. Moreover, while gross non-FDI inflows to LIDCs are on average much lower than those to EMs, we show that the LIDC top quartile gross non-FDI inflow is comparable to the EM median inflow and converging to the EM top quartile inflow.
Author : Juliana Dutra Araujo
Publisher : Unknown
Page : 60 pages
File Size : 50,5 Mb
Release : 2015
Category : Electronic books
ISBN : 1484342119
This paper constructs a new dataset on gross private capital flows in LIDCs and identifies several shifting patterns.
Author : Anonim
Publisher : World Bank Publications
Page : 432 pages
File Size : 44,7 Mb
Release : 1997
Category : Business & Economics
ISBN : 0195211162
This book analyzes the process of international financial integration and the structural forces driving private capital to developing countries. Against this background, it details the potential benefits of integration and the implications of fast-moving global capital flows for emerging economics. Examining the experience of countries that have attracted substantial private capital flows, the book provides invaluable guidance as to what works and what doesn't during the transition to financial integration. It will be of compelling interest to policymakers and also to international investors and bankers, financial analysts, and researchers.
Author : Mr.Atish R. Ghosh,Mr.Jun Il Kim,MissMahvash Qureshi,Mr.Juan Zalduendo
Publisher : International Monetary Fund
Page : 43 pages
File Size : 48,7 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9781463942304
This paper examines why surges in capital flows to emerging market economies (EMEs) occur, and what determines the allocation of capital across countries during such surge episodes. We use two different methodologies to identify surges in EMEs over 1980-2009, differentiating between those mainly caused by changes in the country's external liabilities (reflecting the investment decisions of foreigners), and those caused by changes in its assets (reflecting the decisions of residents). Global factors-including US interest rates and risk aversion¡-are key to determining whether a surge will occur, but domestic factors such as the country's external financing needs (as implied by an intertemporal optimizing model of the current account) and structural characteristics also matter, which explains why not all EMEs experience surges. Conditional on a surge occurring, moreover, the magnitude of the capital inflow depends largely on domestic factors including the country's external financing needs, and the exchange rate regime. Finally, while similar factors explain asset- and liability-driven surges, the latter are more sensitive to global factors and contagion.
Author : Michael Patrick Dooley,Eduardo Fernandez-Arias,Kenneth Kletzer
Publisher : World Bank Publications
Page : 36 pages
File Size : 49,8 Mb
Release : 1994
Category : Capital movements
ISBN : 8210379456XXX
This empirical study finds that while debt reduction and policy reforms in debtor countries have been important determinants of renewed access to international capital markets, changes in international interest rates have been the dominant factor. We calculate the effects of changes in international interest rates for a 'typical' debtor country. We conclude that increases in interest rates associated with business cycle upturn in industrial countries could depress the secondary market prices of existing debt to levels inconsistent with continued capital inflows.
Author : Eduardo Fernández-Arias
Publisher : Unknown
Page : 60 pages
File Size : 50,5 Mb
Release : 2000
Category : Capital market
ISBN : UCSD:31822028523488
Author : Erlend Nier,Tahsin Saadi Sedik,Tomas Mondino
Publisher : International Monetary Fund
Page : 35 pages
File Size : 44,8 Mb
Release : 2014-10-27
Category : Business & Economics
ISBN : 9781498352925
This paper assesses empirically the key drivers of private capital flows to a large sample of emerging market economies in the last decade. It analyzes the effect of the global financial cycle, measured by the VIX, on capital flows and investigates the role of fundamentals and country characteristics in mitigating or amplifying its effect. Using interaction models, we find the effect of the VIX to be non-linear. For low levels of the VIX, capital flows are driven by fundamental factors. During periods of stress, the VIX becomes the dominant driver of capital flows while other determinants, with the exception of interest rate differentials, lose statistical significance. Our results also suggest that the effect of global financial conditions on gross private capital flows increases with the host country’s level of financial sector development. Finally, our results imply that countries cannot fully insulate themselves from global financial shocks, unless creating a fragmented global financial system.
Author : Eduardo Fernandez-Arias,Peter J. Montiel
Publisher : World Bank Publications
Page : 54 pages
File Size : 45,6 Mb
Release : 1995
Category : Capital movements
ISBN : 8210379456XXX
Author : Miles Kahler
Publisher : Cornell University Press
Page : 284 pages
File Size : 50,7 Mb
Release : 2018-09-05
Category : Political Science
ISBN : 9781501731402
Capital flows to the developing economies have long displayed a boom-and-bust pattern. Rarely has the cycle turned as abruptly as it did in the 1990s, however: surges in lending were followed by the Mexican peso crisis of 1994-95 and the sudden collapse of currencies in Asia in 1997. This volume maps a new and uncertain financial landscape, one 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 policymakers who confront the "mixed blessing" of capital inflows and the international institutions that manage the recurrent crises.The authors—leading economists and political scientists—examine private capital flows and their consequences in Latin America, Pacific Asia, and East Europe, placing current cycles of lending in historical perspective. National governments have used a variety of strategies to deal with capital-account instability. The authors evaluate those responses, prescribe new alternatives, and consider whether the new circumstances require novel international policies.
Author : Richard M. Levich
Publisher : Springer Science & Business Media
Page : 464 pages
File Size : 41,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461561972
In a little over one decade, the spread of market-oriented policies has turned the once so-called lesser developed countries into emerging markets. Many forces have been responsible for the tremendous growth in emerging markets. Trends toward market-oriented policies that permit private ownership of economic activities, such as public utilities and telecommunications, are part of the explanation. Corporate restructuring, following the debt crisis of the early 1980's has permitted many emerging market companies to gain international competitiveness. And an essential condition, a basic sea-change in economic policy, has opened up many emerging markets to international investors. This growth in emerging markets has been accompanied by volatility in individual markets, and a sector-wide shock after the meltdown in the Mexican Bolsa and Mexican peso, resulting in heated debate over the nature of these markets. Emerging market capital flows continue to be the subject of intense discussion around the world among investors, academics, and policymakers. Emerging Market Capital Flows examines the issues of emerging market capital flows from several distinct perspectives, addressing a number of related questions about emerging markets.
Author : Felipe Larraín B.
Publisher : University of Michigan Press
Page : 188 pages
File Size : 44,7 Mb
Release : 2000
Category : Business & Economics
ISBN : 0472110985
Examines the resurgence in private capital inflows experienced by Latin America during the 1990s
Author : Samuel H. Talley,Marcelo Giugale,Rossana Polastri
Publisher : World Bank Publications
Page : 32 pages
File Size : 40,5 Mb
Release : 1998
Category : Banking law
ISBN : 8210379456XXX
