Capital Flows And The Twin Crises

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Capital Flows And The Twin Crises

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Author : Mr.Ilan Goldfajn
language : en
Publisher: International Monetary Fund
Release Date : 1997-07-01

Capital Flows And The Twin Crises written by Mr.Ilan Goldfajn 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 1997-07-01 with Business & Economics categories.

This paper develops a model that focuses on the interaction of liquidity creation by financial intermediaries with capital flows and exchange rate collapses. The intermediaries’ role of transforming maturities is shown to result in larger movements of capital and a higher probability of crisis. These movements resemble the observed cycle in capital flows: large inflows, crisis and abrupt outflows. The model highlights how adverse productivity and international interest rate shocks may trigger a sudden outflow of capital and an exchange collapse. The initial shock is magnified by the behavior of individual foreign investors linked through their deposits in the intermediaries. The expectation of an eventual exchange rate crisis links investors’ behavior even further.

Capital Flows And Financial Crises

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Author : Miles Kahler
language : en
Publisher: Manchester University Press
Release Date : 1998

Capital Flows And Financial Crises written by Miles Kahler and has been published by Manchester University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.

Capital flows to the developing economies have long displayed a boom-and-bust pattern. However, rarely has the cycle turned as abruptly as it did in the 1990s, when the surges in lending were followed by the Mexican peso crisis of 1994-95, and the sudden collapse of currencies in Asia in 1997 and 1998. The volume maps an uncertain financial landscape 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 policy-makers who confront the mixed blessing of capital inflows and the international institutions that manage the recurrent crises.

Regional And Global Capital Flows

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Author : Takatoshi Ito
language : en
Publisher: University of Chicago Press
Release Date : 2009-02-15

Regional And Global Capital Flows written by Takatoshi Ito 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.

The volume of capital flows between industrial and developing countries has grown dramatically in the past decade and has become a major issue in a world that is increasingly "globalized." Here Takatoshi Ito and Anne O. Krueger, two leading experts on this topic, have assembled a group of scholars who address different types of capital flows—bank lending, bonds, direct foreign investment—and the implications they hold for economic performance. With its particular focus on the Asian financial crises, this work presents a new model for policy makers everywhere in thinking about the role of private capital flows.

Nber Macroeconomics Annual 1999

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Author : Ben S. Bernanke
language : en
Publisher: MIT Press
Release Date : 2000

Nber Macroeconomics Annual 1999 written by Ben S. Bernanke and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.

The goals of the annual NBER Macroeconomics Conference are to present, extend, and apply frontier work in macroeconomics and to stimulate work by macroeconomists in policy issues. Each paper in the Annual is followed by comments and discussion. The goals of the annual NBER Macroeconomics Conference are to present, extend, and apply frontier work in macroeconomics and to stimulate work by macroeconomists in policy issues. Each paper in the Annual is followed by comments and discussion.

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.

Short Term Capital Flows And Economic Crises

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Author : Stephany Griffith-Jones
language : en
Publisher: OUP Oxford
Release Date : 2001-02-01

Short Term Capital Flows And Economic Crises written by Stephany Griffith-Jones and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-02-01 with Business & Economics categories.

The currency crises that engulfed East Asian economies in 1997 and Mexico in 1994 - and their high development costs - raise a serious concern about the net benefits for developing countries of large flows of potentially reversible short-term international capital. Written by senior policy-makers and academics, the contributions to this volume examine in depth the macroeconomic and other policy dilemmas confronting public authorities in the emerging economies as they deal with short-term capital movements, especially in the period before the outbreak of these crises. The studies are based on comparative case studies of key emerging economies. Valuable insights are also derived from contrasts between the East Asian, Latin American, African, and European experiences, between the financial and real effects of financial flows, and between private and public responsibilities in managing financial markets. The great value of the chapters in this volume is that they analytically identify the weaknesses in both domestic and international capital market regimes. The recommendations derived from this analysis apply to the development of financial markets in developing countries, the monitoring and regulation of mutual funds in source countries, and the future development of international capital markets. They will make an important contribution both to the discussion of national policies and of a new international financial architechture.

The Liberalization And Management Of Capital Flows An Institutional View

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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2012-04-11

The Liberalization And Management Of Capital Flows An Institutional View written by International Monetary Fund. Strategy, Policy, & Review Department 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 2012-04-11 with Business & Economics categories.

Capital flows have increased significantly in recent years and are a key aspect of the global monetary system. They offer potential benefits to countries, but their size and volatility can also pose policy challenges. The Fund needs to be in a position to provide clear and consistent advice with respect to capital flows and policies related to them. In 2011, the International Monetary and Financial Committee (IMFC) called for ?further work on a comprehensive, flexible, and balanced approach for the management of capital flows.? This paper proposes an institutional view to underpin this approach, drawing on earlier Fund policy papers, analytical work, and Board discussions on capital flows.

East Asia In Crisis

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Author : Ross Garnaut
language : en
Publisher: Routledge
Release Date : 2002-01-22

East Asia In Crisis written by Ross Garnaut and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-01-22 with Social Science categories.

The current economic crisis in East Asia is unprecedented in world economic history. It seemed the economic strength of the region, until very recently, would just keep growing. Now, the macroeconomic achievements of Asia are under threat and the economies of North America and Europe are feeling the results. This book brings together the thoughts of leading experts on the Asian economy and provides a broad and thorough analysis of the situation. It provides case studies from fourteen countries in the region, how the crisis developed and affected them, and the response from governments. There are other non-country specific chapters with a strong theoretical content which address issues such as causation, how such a crisis should be handled, how it might be avoided in the future, and the likely implications for on-going deregulatory and other economic reforms. This is an important authoritative account of one of the most extraordinary economic events and provides a broad synthesis of case studies and theoretical approaches from a variety of researchers with an intimate knowledge of the region.

Financial Markets And Policies In East Asia

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Author : Gordon De Brouwer
language : en
Publisher: Routledge
Release Date : 2003-09-02

Financial Markets And Policies In East Asia written by Gordon De Brouwer and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-09-02 with Business & Economics categories.

This book assesses the need to secure policy consistency, the scope for inflation targeting, the sustainability of exchange rate regimes and the scope for deeper financial integration in the Australasian area.

Capital Flows Capital Controls And Currency Crises

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Author : Felipe Larraín B.
language : en
Publisher: University of Michigan Press
Release Date : 2000

Capital Flows Capital Controls And Currency Crises written by Felipe Larraín B. and has been published by University of Michigan Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.

Examines the resurgence in private capital inflows experienced by Latin America during the 1990s