Who Needs To Open The Capital Account

Author : Olivier Jeanne,Arvind Subramanian,John Williamson
Publisher : Peterson Institute
Page : 147 pages
File Size : 47,6 Mb
Release : 2012
Category : Business & Economics
ISBN : 9780881326482

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Who Needs to Open the Capital Account by Olivier Jeanne,Arvind Subramanian,John Williamson Pdf

Most countries emerged from the Second World War with capital accounts that were closed to the rest of the world. Since then, a process of capital account opening has occurred, with the result that all developed and many emerging-market countries now have capital accounts that are both de facto and de jure open, while many developing countries also have de facto openness. This study examines this in part by considering some of the first lessons from the current global financial crisis. This crisis may change the terms of the debate on capital account liberalization in a deeper and more lasting way than any of the crises of the past two decades because it may mark a reversal in the secular trend of financial liberalization at the core of the international financial system. The current crisis also raises new questions about the appropriate policy responses to boom-bust dynamics in domestic credit and in international credit flows. Intellectual consistency is needed between the domestic and international dimensions of financial regulation and the policies aimed at dealing with boom-bust dynamics in domestic and international credit.

Author : Mariam El Hamiani Khatat,Mr.Romain M Veyrune
Publisher : International Monetary Fund
Page : 57 pages
File Size : 48,8 Mb
Release : 2019-03-18
Category : Business & Economics
ISBN : 9781498302913

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Liquidity Management under Fixed Exchange Rate with Open Capital Account by Mariam El Hamiani Khatat,Mr.Romain M Veyrune Pdf

This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived from the price-specie flow mechanism of David Hume. The framework highlights that the risk of short-term money market rates un-anchoring from the uncovered interest rate parity due to money and foreign exchange market frictions could jeopardize financial stability and market development. The paper then discusses operational solutions that stabilize money market rates close to the level implied by the Uncovered Interest Rate Parity (UIP). Liquidity management under fixed exchange rate with an open capital account presents specific challenges due to: (1) the larger liquidity shocks induced by foreign reserve swings that challenge the development of money markets; and (2) more complicated liquidity forecasts. The theoretical framework is empirically tested based on the estimate of “offset” coefficients for Denmark and Hong Kong SAR.

Author : Jeremi Suri,Benjamin A. Valentino
Publisher : Oxford University Press
Page : 433 pages
File Size : 43,8 Mb
Release : 2016
Category : Political Science
ISBN : 9780190611484

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Sustainable Security by Jeremi Suri,Benjamin A. Valentino Pdf

Sustaining security : rethinking American national security strategy / Jeremi Suri and Benjamin Valentino -- Dollar diminution and new macroeconomic constraints on American power / Jonathan Kirshner -- Does American military power attract foreign investment? / Daniel Drezner and Nancy Hite-Rubin -- Preserving national strength in a period of fiscal restraint / Cindy Williams -- State finance and national power : Great Britain, China, and the United States in historical perspective / Jeremi Suri -- Reforming American power : civilian national security institutions in the early cold war and beyond / William Inboden -- To starve an army : how great power armies respond to austerity / John W. Hall -- Climate change and US national security : sustaining security amidst unsustainability / Joshua William Busby -- At home abroad : public attitudes towards America's overseas commitments / Benjamin Valentino -- The right choice for NATO / William Wohlforth -- The United States and the Middle East : interests, risks, and costs / Daniel Byman and Sara Bjerg Moller -- Keep, toss, or fix? : assessing US alliances in East Asia / Jennifer Lind -- Terminating the interminable? / Sumit Ganguly -- Neutralization as a sustainable approach to Afghanistan / Audrey Kurth Cronin -- Conclusion / Jeremi Suri and Benjamin Valentino

Author : Mrs.Sarwat Jahan,Daili Wang
Publisher : International Monetary Fund
Page : 26 pages
File Size : 40,8 Mb
Release : 2017-01-18
Category : Business & Economics
ISBN : 9781475567915

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Capital Account Openness in Low-income Developing Countries by Mrs.Sarwat Jahan,Daili Wang Pdf

The relevance of recording and assessing countries’ capital flow management measures is well-recognized, but very few studies have focused on low-income developing countries (LIDCs). A key constraint is the lack of an appropriate index to measure the openness of capital account and its change over time. This paper fills the gap by constructing a de jure index based on information contained in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. It provides an aggregate index to capture the overall openness of the capital account, and also provides a breakdown of openness for various subcategories of capital flows. The new database covers 164 countries with information on 12 types of asset categories over the period 1996–2013. The index provides the largest coverage of LIDCs among all existing indices and also provides granularity on openness across asset types, direction of flows and residency. The paper examines the link between de jure capital account openness with de facto capital flows and outlines potential applications of this database.

Author : India. Ministry of Finance. High Powered Expert Committee
Publisher : SAGE
Page : 286 pages
File Size : 44,7 Mb
Release : 2007-04-19
Category : Business & Economics
ISBN : 0761936300

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Mumbai - An International Financial Centre by India. Ministry of Finance. High Powered Expert Committee Pdf

The Ministry of Finance, Government of India established a High Powered Expert Committee in 2006 to study the feasibility of India's entry into the global market for international financial services and that of Mumbai becoming an international financial center. The Committee's report analyses Mumbai's strengths and weaknesses in terms of the above seven key factors essential for the success of an IFC. The report strives to deliver a nuanced appreciation of the likely costs and benefits of the path to an IFC, based on an understanding of which policy-makers can make a reasoned choice.

Author : Malcolm Cook
Publisher : Routledge
Page : 175 pages
File Size : 47,7 Mb
Release : 2008-05-13
Category : Business & Economics
ISBN : 9781134125135

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Banking Reform in Southeast Asia by Malcolm Cook Pdf

Providing a detailed account of the history of banking reform in Southeast Asia, this book analyzes the major developments in the global economic system over the past three decades, including the globalization of finance, the debt crisis of the 1980s and the 1997-1998 Asian financial crisis.

Author : Mr.Jonathan David Ostry,Mr.Atish R. Ghosh,Mr.Anton Korinek
Publisher : International Monetary Fund
Page : 25 pages
File Size : 48,9 Mb
Release : 2012-09-07
Category : Business & Economics
ISBN : 9781475596359

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Multilateral Aspects of Managing the Capital Account by Mr.Jonathan David Ostry,Mr.Atish R. Ghosh,Mr.Anton Korinek 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.

Author : Peter J. Quirk,Mr.Owen Evens
Publisher : International Monetary Fund
Page : 60 pages
File Size : 47,9 Mb
Release : 1995-10-06
Category : Business & Economics
ISBN : 1557755248

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Capital Account Convertibility by Peter J. Quirk,Mr.Owen Evens Pdf

The paper summarizes the main issues arising from experiences of industrial and developing countries with capital account liberalization and it examines the IMF's treatment of capital controls in its surveillance, use of IMF resources, and technical assistance activities. Case studies of recent experiences with capital controls in Chile, Colombia, Malaysia, and Venezuela are presented.

Author : Eswar S. Prasad
Publisher : Oxford University Press
Page : 208 pages
File Size : 50,6 Mb
Release : 2016-09-13
Category : Business & Economics
ISBN : 9780190631079

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Gaining Currency by Eswar S. Prasad Pdf

In Gaining Currency, leading China scholar Eswar S. Prasad describes how the renminbi (RMB) is taking the world by storm and explains its role in reshaping global finance. This book sets the recent rise of the RMB, China's currency since 1949, against a sweeping historical backdrop. China issued the world's first paper currency in the 7th century. In the 13th century, Kublai Khan issued the first-ever currency to circulate widely despite not being backed by commodities or precious metals. China also experienced some of the earliest episodes of hyperinflation currency wars. Gaining Currency reveals the interconnections linking China's growing economic might, its expanding international influence, and the rise of its currency. If China plays its cards right by adopting reforms that put its economy and financial markets on the right track, the RMB could rival even the euro and the Japanese yen. Prasad shows, however, that while China has successfully adopted a unique playbook for promoting the RMB, many pitfalls lie ahead for its economy and currency that could limit the RMB's ascendance. The Chinese leadership is pursuing financial liberalization and limited market-oriented reforms, but it has unequivocally repudiated political, legal, and institutional reforms. Therefore, Prasad argues, while the RMB is likely to become a significant reserve currency, it will not attain "safe haven" status as a currency to which investors turn during crises. In short, the hype predicting the RMB's inevitable rise to global dominance is overblown. Gaining Currency makes a compelling case that, for all its promise, the RMB does not pose a serious challenge to the U.S. dollar's dominance in international finance.

Author : Mr.Donald J. Mathieson,Ms.Liliana Rojas-Suárez
Publisher : International Monetary Fund
Page : 60 pages
File Size : 42,6 Mb
Release : 1992-06-01
Category : Business & Economics
ISBN : 9781451973754

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Liberalization of the Capital Account by Mr.Donald J. Mathieson,Ms.Liliana Rojas-Suárez Pdf

This paper reviews the experience with capital controls in industrial and developing countries, considers the policy issues raised when the effectiveness of capital controls diminishes, examines the medium-term benefits and costs of an open capital account, and analyzes the policy measures that could help sustain capital account convertibility. As the effectiveness of capital controls eroded more rapidly in the 1980s than in earlier periods, new constraints were placed on the formulation of stabilization and structural reform programs. However, experience suggests that certain macroeconomic, financial, and risk management policies would allow countries to attain the benefits of capital account convertibility and reduce the financial risks created by an open capital account.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 81 pages
File Size : 51,9 Mb
Release : 2019-04-11
Category : Business & Economics
ISBN : 9781498308953

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Back to Basics by International Monetary Fund Pdf

This paper discusses about capitalism that is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit. In a capitalist economy, capital assets—such as factories, mines, and railroads—can be privately owned and controlled, labor is purchased for money wages, capital gains accrue to private owners, and prices allocate capital and labor between competing uses. Although some form of capitalism is the basis for nearly all economies today, for much of the past century it was but one of two major approaches to economic organization. In the other, socialism, the state owns the means of production, and state-owned enterprises seek to maximize social good rather than profits.

Author : Williamson, John
Publisher : Peterson Institute
Page : 160 pages
File Size : 40,6 Mb
Release : 2005
Category : Electronic
ISBN : 0881325961

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Curbing the Boom-Bust Cycle: Stabilizing Capital Flows to Emerging Markets by Williamson, John Pdf

Author : Marlene Amstad,Guofeng Sun,Wei Xiong
Publisher : Princeton University Press
Page : 504 pages
File Size : 46,7 Mb
Release : 2020-11-17
Category : Business & Economics
ISBN : 9780691205847

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The Handbook of China's Financial System by Marlene Amstad,Guofeng Sun,Wei Xiong Pdf

A comprehensive, in-depth, and authoritative guide to China's financial system The Chinese economy is one of the most important in the world, and its success is driven in large part by its financial system. Though closely scrutinized, this system is poorly understood and vastly different than those in the West. The Handbook of China’s Financial System will serve as a standard reference guide and invaluable resource to the workings of this critical institution. The handbook looks in depth at the central aspects of the system, including banking, bonds, the stock market, asset management, the pension system, and financial technology. Each chapter is written by leading experts in the field, and the contributors represent a unique mix of scholars and policymakers, many with firsthand knowledge of setting and carrying out Chinese financial policy. The first authoritative volume on China’s financial system, this handbook sheds new light on how it developed, how it works, and the prospects and direction of significant reforms to come. Contributors include Franklin Allen, Marlene Amstad, Kaiji Chen, Tuo Deng, Hanming Fang, Jin Feng, Tingting Ge, Kai Guo, Zhiguo He, Yiping Huang, Zhaojun Huang, Ningxin Jiang, Wenxi Jiang, Chang Liu, Jun Ma, Yanliang Mao, Fan Qi, Jun Qian, Chenyu Shan, Guofeng Sun, Xuan Tian, Chu Wang, Cong Wang, Tao Wang, Wei Xiong, Yi Xiong, Tao Zha, Bohui Zhang, Tianyu Zhang, Zhiwei Zhang, Ye Zhao, and Julie Lei Zhu.

Author : Chi Lo
Publisher : Emerald Group Publishing
Page : 280 pages
File Size : 51,5 Mb
Release : 2017-04-28
Category : Business & Economics
ISBN : 9781787144095

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Demystifying China’s Mega Trends by Chi Lo Pdf

This new book examines the structural forces behind mega trends in China, refuting conventional wisdom and demystifying media and market hypes about business opportunity and policy. It uses rigorous economic research and evidence to provide a new view of mega trends in China, and expose new trends and problems that will affect China and the World.

Author : Mario I. Blejer,Marko Skreb
Publisher : Springer Science & Business Media
Page : 501 pages
File Size : 55,8 Mb
Release : 2007-08-23
Category : Business & Economics
ISBN : 9780585313467

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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.