Controlling Capital Flows
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Controlling Capital Legal Restrictions And The Asset Composition Of International Financial Flows
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Author : Mr.Martin Schindler
language : en
Publisher: International Monetary Fund
Release Date : 2009-09-01
Controlling Capital Legal Restrictions And The Asset Composition Of International Financial Flows written by Mr.Martin Schindler 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 2009-09-01 with Business & Economics categories.
How effective are capital account restrictions? We provide new answers based on a novel panel data set of capital controls, disaggregated by asset class and by inflows/outflows, covering 74 countries during 1995-2005. We find the estimated effects of capital controls to vary markedly across the types of capital controls, both by asset categories, by the direction of flows, and across countries' income levels. In particular, both debt and equity controls can substantially reduce outflows, with little effect on capital inflows, but only high-income countries appear able to effectively impose debt (outflow) controls. The results imply that capital controls can affect both the volume and the composition of capital flows.
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.
Managing Capital Flows
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Author : Masahiro Kawai
language : en
Publisher: Edward Elgar Publishing
Release Date : 2010-01-01
Managing Capital Flows written by Masahiro Kawai and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-01 with Business & Economics categories.
Managing Capital Flows provides analyses that can help policymakers develop a framework for managing capital flows that is consistent with prudent macroeconomic and financial sector stability. While capital inflows can provide emerging market economies with invaluable benefits in pursuing economic development and growth, they can also pose serious policy challenges for macroeconomic management and financial sector supervision. The expert contributors cover a wide range of issues related to managing capital flows and analyze the experience of emerging Asian economies in dealing with surges in capital inflows. They also discuss possible policy measures to manage capital flows while remaining consistent with the goals of macroeconomic and financial sector stability. Building on this analysis, the book presents options for workable national policies and regional policy cooperation, particularly in exchange rate management. Containing chapters that bring in international experiences relevant to Asia and other emerging market economies, this insightful book will appeal to policymakers in governments and financial institutions, as well as public and private finance experts. It will also be of great interest to advanced students and academic researchers in finance.
Managing Capital Flows And Exchange Rates
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Author : Reuven Glick
language : en
Publisher: Cambridge University Press
Release Date : 1998-06-13
Managing Capital Flows And Exchange Rates written by Reuven Glick and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-06-13 with Business & Economics categories.
"This is a very timely book that brings the reader to the forefront of current research on macroeconomic policy issues in economies subject to sizable capital flows".--Guillermo A. Calvo, University of Maryland.
Capital Controls
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Author : Ms.Inci Ötker
language : en
Publisher: International Monetary Fund
Release Date : 2000-05-17
Capital Controls written by Ms.Inci Ötker 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 2000-05-17 with Business & Economics categories.
This paper examines country experiences with the use and liberalization of capital controls to develop a deeper understanding of the role of capital controls in coping with volatile capital flows, as well as the issues surrounding their liberalization. Detailed analyses of country cases aim to shed light on the motivations to limit capital flows; the role the controls may have played in coping with particular situations, including in financial crises and in limiting short-term inflows; the nature and design of the controls; and their effectivenes and potential costs. The paper also examines the link between prudential policies and capital controls and illstrates the ways in which better prudential practices and accelerated financial reforms could address the risks in cross-border capital transactions.
What S In A Name That Which We Call Capital Controls
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Author : Mr.Atish R. Ghosh
language : en
Publisher: International Monetary Fund
Release Date : 2016-02-12
What S In A Name That Which We Call Capital Controls 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 2016-02-12 with Business & Economics categories.
This paper investigates why controls on capital inflows have a bad name, and evoke such visceral opposition, by tracing how capital controls have been used and perceived, since the late nineteenth century. While advanced countries often employed capital controls to tame speculative inflows during the last century, we conjecture that several factors undermined their subsequent use as prudential tools. First, it appears that inflow controls became inextricably linked with outflow controls. The latter have typically been more pervasive, more stringent, and more linked to autocratic regimes, failed macroeconomic policies, and financial crisis—inflow controls are thus damned by this “guilt by association.” Second, capital account restrictions often tend to be associated with current account restrictions. As countries aspired to achieve greater trade integration, capital controls came to be viewed as incompatible with free trade. Third, as policy activism of the 1970s gave way to the free market ideology of the 1980s and 1990s, the use of capital controls, even on inflows and for prudential purposes, fell into disrepute.
Managing Capital Flows
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Author : Mr.Jaime Cardoso
language : en
Publisher: International Monetary Fund
Release Date : 1998-12-01
Managing Capital Flows written by Mr.Jaime Cardoso 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 1998-12-01 with Business & Economics categories.
As a result of the Asian crisis, methods of coping with volatile international capital markets have received considerable attention from observers and policymakers. It has been argued that the imposition by Chile of a nonremunerated reserve requirement on external borrowing played a useful role in the smooth liberalization of its capital account by allowing Chile to deal effectively with short-term capital inflows and thus to reduce its vulnerability to external shocks, and that such measures should be adopted by other countries. In light of this, this paper reviews Chile’s experience in managing capital flows and draws lessons for policymakers.
Controlling Capital Flows
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Author : Amartya Lahiri
language : en
Publisher:
Release Date : 1998
Controlling Capital Flows written by Amartya Lahiri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
Capital account restrictions have been part and parcel of active policy making for a very long time. This paper studies a small open economy to analyze the implications of imposing capital controls. The paper shows that the dynamic implications of restricting capital flows are extremely sensitive to the choice of the policy target. The perfect foresight equilibrium path for the economy is stable and unique if the policymaker uses capital controls as an instrument to target the stock of country assets. On the other hand, the economy exhibits explosive dynamics if the policymaker targets instantaneously adjusting variables like the real exchange rate or the trade account. Intuitively, a real exchange rate appreciation or an increased trade deficit calls for increased controls on capital inflows. This changes the cost of capital and, hence, introduces an intertemporal distortion. Reduced current consumption comes at the cost of higher consumption tomorrow which worsens the trade account even more or further appreciates the real exchange rate, thus setting the economy off on an explosive path.
Recent Experiences In Managing Capital Inflows Cross Cutting Themes And Possible Policy Framework
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2011-02-14
Recent Experiences In Managing Capital Inflows Cross Cutting Themes And Possible Policy Framework 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 2011-02-14 with Business & Economics categories.
Emerging markets (EMs) are experiencing a surge in capital inflows, lifting asset prices and growth prospects. While inflows are typically beneficial for receiving countries, inflow surges can carry macroeconomic and financial stability risks. This paper reviews the recent experience of EMs in dealing with capital inflows and suggests a possible framework for IMF policy advice on the spectrum of measures available to policymakers to manage inflows, including macroeconomic policies, prudential measures and capital controls. Illustrative applications of this framework suggest that it may be appropriate for several countries, based on their current circumstances, to consider prudential measures or capital controls in response to capital inflows. The suggested framework is intended to inform staff policy advice to all Fund members with open capital accounts. It forms part of a broader effort to sharpen Fund surveillance, preserve evenhandedness, and foster greater global policy coordination. As indicated in the Supplement to this paper, this broader effort includes the development of “global rules of the game” on macroprudential policies, capital account liberalization, and reserve adequacy, and the preparation of spillover reports assessing spillovers from the five systemic economies—all of which will inform the current and broader framework being developed.
Liberalizing Capital Flows And Managing Outflows Background Paper
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2012-03-14
Liberalizing Capital Flows And Managing Outflows Background Paper written by International Monetary Fund. Monetary and Capital Markets 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 2012-03-14 with Business & Economics categories.
Liberalization of capital flows can benefit both source and recipient countries by improving resource allocation, reducing financing costs, increasing competition and accelerating the development of domestic financial systems. The empirical evidence, however, is mixed on the benefits, and it suggests that countries benefit most when they meet certain thresholds related to institutional and financial development. The principal cost of capital flow liberalization stems from the economic instability brought on by volatile capital flows. In extreme cases, sudden stops or reversals in capital inflows can trigger financial crises followed by prolonged periods of weak growth.