Capital Controls In Emerging Markets
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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.
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.
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.
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.
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.
Capital Controls In Emerging Markets
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Author : Justus Peter Diestel
language : en
Publisher:
Release Date : 2024
Capital Controls In Emerging Markets written by Justus Peter Diestel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024 with categories.
Estimated Policy Rules For Capital Controls
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Author : Gurnain Kaur Pasricha
language : en
Publisher: International Monetary Fund
Release Date : 2020-06-05
Estimated Policy Rules For Capital Controls written by Gurnain Kaur Pasricha 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 2020-06-05 with Business & Economics categories.
This paper borrows the tradition of estimating policy reaction functions from monetary policy literature to ask whether capital controls respond to macroprudential or mercantilist motivations. I explore this question using a novel, weekly dataset on capital control actions in 21 emerging economies from 2001 to 2015. I introduce a new proxy for mercantilist motivations: the weighted appreciation of an emerging-market currency against its top five trade competitors. This proxy Granger causes future net initiations of non-tariff barriers in most countries. Emerging markets systematically respond to both mercantilist and macroprudential motivations. Policymakers respond to trade competitiveness concerns by using both instruments—inflow tightening and outflow easing. They use only inflow tightening in response to macroprudential concerns. Policy is acyclical to foreign debt; however, high levels of this debt reduces countercyclicality to mercantilist concerns. Higher exchange rate pass-through to export prices, and having an inflation targeting regime with non-freely floating exchange rates, increase responsiveness to mercantilist concerns.
A Simple Measure Of The Intensity Of Capital Controls
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Author : Ms.Hali J. Edison
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2001-11-01
A Simple Measure Of The Intensity Of Capital Controls 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 2001-11-01 with Business & Economics categories.
We present a readily available monthly measure of the intensity of capital controls across 29 emerging market countries that is based on the degree of restrictions on foreign ownership of equities. The initial opening of a market as given by our measure corresponds well with the liberalization dates of Bekaert and Harvey (2000a). In addition, our measure provides information on the extent of the initial opening as well as the evolution of the liberalization over time. After presenting the measure, we compare it to other existing measures of capital controls and briefly describe empirical applications concerning home bias, capital flows to emerging markets, and the effects of financial liberalization on the cost of capital.
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.
Financial Markets Volatility And Performance In Emerging Markets
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Author : Sebastian Edwards
language : en
Publisher: University of Chicago Press
Release Date : 2008-09-15
Financial Markets Volatility And Performance In Emerging Markets 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 2008-09-15 with Business & Economics categories.
Capital mobility is a double-edged sword for emerging economies, as governments must weigh the benefits of investment against the potential economic costs and political consequences of currency crises, devaluations, and instability. Financial Markets Volatility and Performance in Emerging Markets addresses the delicate balance between capital mobility and capital controls as developing countries navigate the convoluted global network of private investors, hedge funds, large corporations, and international institutions such as the International Monetary Fund. A group of experts here examine rapidly globalizing financial markets with regard to capital flows and crises, domestic credit, international financial integration, and economic policy. Featuring detailed analyses and cross-national comparisons of countries such as Brazil, Argentina, Uruguay, and Korea, this book will shape economists’ and policymakers’ understanding of the effectiveness of restrictions on capital mobility in the world’s most fragile economies.