Capital Controls And Capital Flows In Emerging Economies
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Capital Controls And Capital Flows In Emerging Economies
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Author : Sebastian Edwards
language : en
Publisher: University of Chicago Press
Release Date : 2009-02-15
Capital Controls And Capital Flows In Emerging Economies written by Sebastian Edwards and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-02-15 with Business & Economics categories.
Some scholars argue that the free movement of capital across borders enhances welfare; others claim it represents a clear peril, especially for emerging nations. In Capital Controls and Capital Flows in Emerging Economies, an esteemed group of contributors examines both the advantages and the pitfalls of restricting capital mobility in these emerging nations. In the aftermath of the East Asian currency crises of 1997, the authors consider mechanisms that eight countries have used to control capital inflows and evaluate their effectiveness in altering the maturity of the resulting external debt and reducing macroeconomic vulnerability. This volume is essential reading for all those interested in emerging nations and the costs and benefits of restricting international capital flows.
Capital Controls In Emerging Economies
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Author : Christine P Ries
language : en
Publisher: Routledge
Release Date : 2018-02-23
Capital Controls In Emerging Economies written by Christine P Ries and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-23 with Political Science categories.
This book looks at situations where a dramatic transformation of the political environment made existing institutions obsolete. It explores the use of capital controls in the reforming economies of the formerly communist countries.
Revisiting The Determinants Of Capital Flows To Emerging Markets A Survey Of The Evolving Literature
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Author : Swarnali Ahmed Hannan
language : en
Publisher: International Monetary Fund
Release Date : 2018-09-28
Revisiting The Determinants Of Capital Flows To Emerging Markets A Survey Of The Evolving Literature written by Swarnali Ahmed Hannan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-28 with Business & Economics categories.
This paper documents the evolution of gross and net capital flows to emerging market economies and surveys the large literature on the potential drivers. While the capital flow landscape has been shaped by the evolution of both global and country-specific factors, the relative importance of these factors has varied over time and differs depending on the type of capital flows. The findings from the survey of the literature thus underscores the importance of policies in both source and recipient countries in shaping capital flows.
Curbing The Boom Bust Cycle Stabilizing Capital Flows To Emerging Markets
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Author : Williamson, John
language : en
Publisher: Peterson Institute
Release Date : 2005
Curbing The Boom Bust Cycle Stabilizing Capital Flows To Emerging Markets written by Williamson, John and has been published by Peterson Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Capital Flows And The Emerging Economies
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Author : Sebastian Edwards
language : en
Publisher: University of Chicago Press
Release Date : 2008-04-15
Capital Flows And The Emerging Economies written by Sebastian Edwards and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-04-15 with Business & Economics categories.
The 1990s witnessed several acute currency crises among developing nations that invariably spread to other nearby at-risk countries. These episodes—in Mexico, Thailand, South Korea, Russia, and Brazil—were all exacerbated by speculative foreign investments and high-volume movements of capital in and out of those countries. Insufficient domestic controls and a sluggish international response further undermined these economies, as well as the credibility of external oversight agencies like the International Monetary Fund. This timely volume examines the correlation between volatile capital mobility, currency instability, and the threat of regional contagion, focusing particular attention on the emergent economies of Latin America, Southeast Asia, and Eastern Europe. Together these studies offer a new understanding of the empirical relationship between capital flows, international trade, and economic performance, and also afford key insights into realms of major policy concern.
Managing The Tide
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Author : Mr.Atish R. Ghosh
language : en
Publisher: International Monetary Fund
Release Date : 2017-03-27
Managing The Tide written by Mr.Atish R. Ghosh and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-27 with Business & Economics categories.
This paper examines whether—and how—emerging market economies (EMEs) respond to capital flows to mitigate their untoward consequences. Based on a sample of about 50 EMEs over 2005Q1–2013Q4, we find that EME policy makers respond proactively to capital inflows by using a combination of policy tools: central banks raise the policy interest rate to address economic overheating concerns; intervene in the foreign exchange market to resist currency appreciation pressures; tighten macroprudential measures to dampen credit growth; and deploy capital inflow controls in the face of competitiveness and financial-stability concerns. Contrary to conventional policy advice to EMEs, we find no evidence of counter-cyclical fiscal policy in the face of capital inflows. Overall, policies are more likely to respond, and used in combination, during inflow surges than in more normal times.
Cross Border Listings Capital Controls And U S Equity Flows To Emerging Markets
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Author : Ms.Hali J. Edison
language : en
Publisher: International Monetary Fund
Release Date : 2003-12-01
Cross Border Listings Capital Controls And U S Equity Flows To Emerging Markets written by Ms.Hali J. Edison and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-12-01 with Business & Economics categories.
We analyze capital flows to emerging markets in a framework that incorporates two quantitative measures of financial integration, the intensity of capital controls and the extent of cross border listings, while controlling for traditional global (push) and country specific (pull) factors. Two important results emerge. First, the cross listing of an emerging market firm on a U.S. exchange is an important but short lived capital flows event, suggesting that the cross listed stock is in effect a new security that U.S. investors quickly bring into their portfolios. Second, the effect of financial liberalization on capital flows is more nuanced than is suggested by event studies: A reduction in capital controls results in increased inflows only when the controls are binding. Among the standard push and pull factors, global factors are important-slack U.S. economic activity is associated with increased flows to emerging markets-and U.S. investors appear to chase expected, but not past, returns.
Capital Account Regimes And The Developing Countries
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Author : Gerald K. Helleiner
language : en
Publisher: Springer
Release Date : 2016-07-27
Capital Account Regimes And The Developing Countries written by Gerald K. Helleiner and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-27 with Business & Economics categories.
An authoritative assessment of the debate over the role of volatile private capital flows and their impact on developing countries. The book outlines the long history of concern about these issues, going back to preparations for the Bretton Woods agreement. It assesses their acceleration with the growth of international capital and looks at key case studies from Latin America, Asia and Africa to assess the possibilities and problems for national and international policy responses.
Effectiveness Of Capital Controls In Selected Emerging Markets In The 2000 S
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Author : Chikako Baba
language : en
Publisher: International Monetary Fund
Release Date : 2011-12-01
Effectiveness Of Capital Controls In Selected Emerging Markets In The 2000 S written by Chikako Baba and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-12-01 with Business & Economics categories.
This paper estimates the effectiveness of capital controls in response to inflow surges in Brazil, Colombia, Korea, and Thailand in the 2000s. Controls are generally associated with a decrease in inflows and a lengthening of maturities, but the relationship is not statistically significant in all cases, and the effects are temporary. Controls are more successful in providing room for monetary policy than dampening currency appreciation pressures. We argue that the macroeconomic impact of capital controls depends on the extensiveness of the policy, the level of capital market development, the support provided by other policies, and the persistence of capital flows.
Financial Openness And Capital Inflows To Emerging Markets In Search Of Robust Evidence
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Author : Diego A. Cerdeiro
language : en
Publisher: International Monetary Fund
Release Date : 2019-09-13
Financial Openness And Capital Inflows To Emerging Markets In Search Of Robust Evidence written by Diego A. Cerdeiro and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-13 with Business & Economics categories.
We reassess the connection between capital account openness and capital flows in an empirical framework that is grounded in theory and makes use of previously unexplored variation in the data. We demonstrate how our theory-consistent regressions may overcome some ubiquitous measurement problems in the literature by relying on interaction terms between financial openness and traditional push-pull factors. Within our proposed framework, we ask: what can be said robustly about the effect of capital account restrictions on capital flows? Our results warrant against over-interpreting the existing cross-country evidence as we find very few robust relationships between capital account restrictiveness and various types of capital inflows. Countries with a higher degree of financial openness are more susceptible to some, but by no means all, push and pull factors. Overall, the results are still consistent with a complex set of tradeoffs faced by policymakers, where the ability to shield the domestic economy from volatile capital flow cycles must be weighed against the sources of exogenous risks and potential long run growth effects.