Controlling The Capital

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Controlling Capital

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Author : Nicholas Dorn
language : en
Publisher: Routledge
Release Date : 2016-02-12

Controlling Capital written by Nicholas Dorn and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-02-12 with Business & Economics categories.

Controlling Capital examines three pressing issues in financial market regulation: the contested status of public regulation, the emergence of ‘culture’ as a proposed modality of market governance, and the renewed ascendancy of private regulation. In the years immediately following the outbreak of crisis in financial markets, public regulation seemed almost to be attaining a position of command – the robustness and durability of which is explored here in respect of market conduct, European Union capital markets union, and US and EU competition policies. Subsequently there has been a softening of command and a return to public-private co-regulation, positioned within a narrative on culture. The potential and limits of culture as a regulatory resource are unpacked here in respect of occupational and organisational aspects, stakeholder connivance and wider political embeddedness. Lastly the book looks from both appreciative and critical perspectives at private regulation, through financial market associations, arbitration of disputes and, most controversially, market ‘policing’ by hedge funds. Bringing together a distinguished group of international experts, this book will be a key text for all those concerned with issues arising at the intersection of financial markets, law, culture and governance.

Capital Ideas

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Author : Jeffrey M. Chwieroth
language : en
Publisher: Princeton University Press
Release Date : 2009-12-14

Capital Ideas written by Jeffrey M. Chwieroth and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-14 with Business & Economics categories.

The right of governments to employ capital controls has always been the official orthodoxy of the International Monetary Fund, and the organization's formal rules providing this right have not changed significantly since the IMF was founded in 1945. But informally, among the staff inside the IMF, these controls became heresy in the 1980s and 1990s, prompting critics to accuse the IMF of indiscriminately encouraging the liberalization of controls and precipitating a wave of financial crises in emerging markets in the late 1990s. In Capital Ideas, Jeffrey Chwieroth explores the inner workings of the IMF to understand how its staff's thinking about capital controls changed so radically. In doing so, he also provides an important case study of how international organizations work and evolve. Drawing on original survey and archival research, extensive interviews, and scholarship from economics, politics, and sociology, Chwieroth traces the evolution of the IMF's approach to capital controls from the 1940s through spring 2009 and the first stages of the subprime credit crisis. He shows that IMF staff vigorously debated the legitimacy of capital controls and that these internal debates eventually changed the organization's behavior--despite the lack of major rule changes. He also shows that the IMF exercised a significant amount of autonomy despite the influence of member states. Normative and behavioral changes in international organizations, Chwieroth concludes, are driven not just by new rules but also by the evolving makeup, beliefs, debates, and strategic agency of their staffs.

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 International Economic Law

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Author : Bryan Mercurio
language : en
Publisher: Cambridge University Press
Release Date : 2023-06

Capital Controls And International Economic Law written by Bryan Mercurio 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 2023-06 with Law categories.

Explores the IMF's mandate over capital flows and analyses whether capital controls are consistent with international trade and investment agreements.

Capital Control Measures

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Author : Andrés Fernández
language : en
Publisher: International Monetary Fund
Release Date : 2015-04-22

Capital Control Measures written by Andrés Fernández 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 2015-04-22 with Business & Economics categories.

This paper presents a new dataset of capital control restrictions on both inflows and outflows of 10 categories of assets for 100 countries over the period 1995 to 2013. Building on the data in Schindler (2009) and other datasets based on the analysis of the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER), this dataset includes additional asset categories, more countries, and a longer time period. The paper discusses in detail the construction of the dataset and characterizes the data with respect to the prevalence and correlation of controls across asset categories and between controls on inflows and controls on outflows, the aggregation of the separate categories into broader indicators, and the comparison of this dataset with other indicators of capital controls.

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.

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 Movements And Their Control

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Author : A.K. Swoboda
language : en
Publisher: Martinus Nijhoff Publishers
Release Date : 2024-12-02

Capital Movements And Their Control written by A.K. Swoboda and has been published by Martinus Nijhoff Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-12-02 with Law categories.

Malaysian Capital Controls

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Author : Ron Hood
language : en
Publisher: World Bank Publications
Release Date : 2001

Malaysian Capital Controls written by Ron Hood and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Capital movements categories.

Late in the Asian crisis, Malaysian authorities implemented controls on international capital flows, providing insurance against the consequences of possible further disturbances and creating a breathing space for essential reforms. Both the benefits from and the costs of the controls have been modest.

Do Capital Controls Limit Inflow Surges

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Author : Apoorv Bhargava
language : en
Publisher: International Monetary Fund
Release Date : 2023-03-10

Do Capital Controls Limit Inflow Surges written by Apoorv Bhargava 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 2023-03-10 with Business & Economics categories.

With rising financial integration, the magnitude and swings in capital flows have increased in the past two decades, intensifying the policy debate on how best to deal with these flows. This paper assesses the use and effectiveness of capital controls in limiting inflow surges. Using a novel dataset on capital control changes across 40 advanced and emerging market and developing economies over 1995-2018, we find that the tightening of capital controls reduces the probability of future surges both at the aggregate and the asset flow levels. The results are robust to various definitions of surges and are stronger when controls are matched to the asset class they target. Finally, we also find significant multilateral spillovers from capital control actions, pointing towards the need for international cooperation in the use of these policies.