Corruption Composition Of Capital Flows And Currency Crises
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Corruption Composition Of Capital Flows And Currency Crises
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Author : Shang-Jin Wei
language : en
Publisher: World Bank Publications
Release Date : 2000
Corruption Composition Of Capital Flows And Currency Crises written by Shang-Jin Wei 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 2000 with Bank loans categories.
Corruption affects the composition of capital inflows in a way that may raise the likelihood of a currency crisis.
Corruption Composition Of Capital Flows And Currency Crises
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Author : Shang-Jin Wei
language : en
Publisher:
Release Date : 2016
Corruption Composition Of Capital Flows And Currency Crises written by Shang-Jin Wei and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Corruption affects the composition of capital inflows in a way that may raise the likelihood of a currency crisis.Crony capitalism and international creditors' self-fulfilling expectations are often suggested as rival explanations for currency crises. A possible link between the two has not been explored.Wei shows one channel through which crony capitalism can increase the chance of a currency/financial crisis by altering the composition of capital inflows.Using data on bilateral foreign direct investment and bilateral bank loans, Wei finds clear evidence that in corrupt countries the composition of capital inflows is relatively light in foreign direct investment.Earlier studies indicated that a country with a capital inflow structure is more likely to run into a currency crisis down the road (partly through international creditors' self-fulfilling expectations).Therefore, crony capitalism, through its effect on the composition of a country's capital inflows, makes the country more vulnerable to currency crises brought about by self-fulfilling expectations. Corruption may also weaken domestic financial supervision, with a subsequent deterioration in the quality in banks' and firms' balance sheets.This paper - a product of Public Economics, Development Research Group - is part of a larger effort in the group to understand the connection between corruption and international capital flows. This study was supported in part by a grant from the OECD Development Center. The author may be contacted at [email protected].
Negative Alchemy
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Author : Shang-Jin Wei
language : en
Publisher:
Release Date : 2001
Negative Alchemy written by Shang-Jin Wei and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Capital movements categories.
Crony capitalism and self-fulfilling expectations by international creditors are often suggested as two rival explanations for currency crisis. This paper examines a possible linkage between the two that has not been explored much in the literature: corruption may affect a country's composition of capital inflows in a way that makes it more likely to experience a currency crisis that is triggered/aided by a sudden reversal of international capital flows. We find robust evidence that poor public governance is associated with a higher loan-to-FDI ratio. Such a composition of capital flows has been identified as being associated with a higher incidence of a currency crisis. We also find some weaker evidence that poor public governance is associated with a country's inability to borrow internationally in its own currency. The latter is also associated with a higher incidence of a currency crisis. To sum up, even though crony capitalism does not forecast the timing of a crisis, it can nevertheless increase its likelihood. This paper illustrates a particular channel through which this can happen.
Preventing Currency Crises In Emerging Markets
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Author : Sebastian Edwards
language : en
Publisher: University of Chicago Press
Release Date : 2009-02-15
Preventing Currency Crises 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 2009-02-15 with Business & Economics categories.
Economists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. In this timely and important volume, distinguished academics, officials in multilateral organizations, and public and private sector economists explore the causes of and effective policy responses to international currency crises. Topics covered include exchange rate regimes, contagion (transmission of currency crises across countries), the current account of the balance of payments, the role of private sector investors and of speculators, the reaction of the official sector (including the multilaterals), capital controls, bank supervision and weaknesses, and the roles of cronyism, corruption, and large players (including hedge funds). Ably balancing detailed case studies, cross-country comparisons, and theoretical concerns, this book will make a major contribution to ongoing efforts to understand and prevent international currency crises.
The Chinese Approach To Capital Inflows
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Author : Mr.Eswar Prasad
language : en
Publisher: International Monetary Fund
Release Date : 2005-04-01
The Chinese Approach To Capital Inflows written by Mr.Eswar Prasad 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 2005-04-01 with Business & Economics categories.
In this paper, we adopt a cross-country perspective to examine the evolution of capital flows into China, both in terms of volumes and composition. China's inflows have generally been dominated by foreign direct investment (FDI), a pattern that appears to be favorable in light of the recent literature on the experiences of developing countries with financial globalization. We provide a detailed documentation of the evolution of China's capital controls, a proximate determinant of the pattern of capital inflows. We also discuss a number of other intriguing hypotheses that attempt to capture the "deeper" causes underlying China's approach to capital flows. In particular, we argue that some popular mercantilist-type arguments are inconsistent with the facts. We also analyze the recent rapid rise of China's international reserves and discuss its implications. Contrary to some popular perceptions, the dramatic surge in foreign exchange reserves since 2001 is mainly attributable to non-FDI capital inflows, rather than current account surpluses or FDI.
Exchange Rates Currency Crisis And Monetary Cooperation In Asia
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Author : R. Rajan
language : en
Publisher: Springer
Release Date : 2009-03-26
Exchange Rates Currency Crisis And Monetary Cooperation In Asia written by R. Rajan and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-03-26 with Business & Economics categories.
This book concentrates on exchange rates and their macroeconomic consequences, analytical and empirical issues relating to currency crises and policy responses and monetary and financial cooperation in Asia. It is truely pan-Asia-focused with chapters on China, Japan, Korea, India and Southeast Asia.
Development Centre Seminars Foreign Direct Investment Versus Other Flows To Latin America
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2001-03-05
Development Centre Seminars Foreign Direct Investment Versus Other Flows To Latin America written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-03-05 with categories.
Proceedings of the 11th International Forum on latin American Perspectives, which discussed the desirability of foreign direct investment over other flows, such as bank lending.
The Evidence And Impact Of Financial Globalization
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Author : Gerard Caprio
language : en
Publisher: Academic Press
Release Date : 2012-11-27
The Evidence And Impact Of Financial Globalization written by Gerard Caprio and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-27 with Business & Economics categories.
The sharp realities of financial globalization become clear during crises, when winners and losers emerge. Crises usher in short- and long-term changes to the status quo, and everyone agrees that learning from crises is a top priority. The Evidence and Impact of Financial Globalization devotes separate articles to specific crises, the conditions that cause them, and the longstanding arrangements devised to address them. While other books and journal articles treat these subjects in isolation, this volume presents a wide-ranging, consistent, yet varied specificity. Substantial, authoritative, and useful, these articles provide material unavailable elsewhere. Substantial articles by top scholars sets this volume apart from other information sources Rapidly developing subjects will interest readers well into the future Reader demand and lack of competitors underline the high value of these reference works
International Handbook On The Economics Of Corruption
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Author : Susan Rose-Ackerman
language : en
Publisher: Edward Elgar Publishing
Release Date : 2007-01-01
International Handbook On The Economics Of Corruption written by Susan Rose-Ackerman 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 2007-01-01 with Political Science categories.
This collection of articles offers a comprehensive assessment of the subtle but nevertheless pervasive economic infrastructure of corruption. It provides suitable core or adjunct reading for law school, graduate, and undergraduate courses on international economics, international relations and international law. American Society of International Law This exhaustive collection, edited by Rose-Ackerman, cannot be called anything but excellent. . . . Overall, a wonderful addition to the literature. Highly recommended. C.J. Talele, Choice Susan Rose-Ackerman is a world-class economist and an authority on the economics of corruption. This is a fine reference volume that every economist interested in this important subject will want to have as a ready reference. Jagdish Bhagwati, Columbia University, US Economic research on corruption aims both to isolate the economic effects of quid pro quo deals between agents and third parties, and to suggest how legal and institutional reforms might curb harms and enhance benefits. In this comprehensive Handbook, top scholars in the field provide specially commissioned essays, both theoretical and empirical, exploring both types of research. The Handbook begins with an introductory essay by the editor, followed by two chapters written by leading exponents of cross-country research. However, the focus of the Handbook is on research at the micro level, where policy can be made and evaluated. These microeconomic studies fall into several overlapping categories. The first group includes studies that link corrupt incentives to institutional structures, particularly the organization of the state. The second draws implications from surveys of households or businesses and from controlled experiments. The third concentrates on particular sectors such as education, tax administration, public works, customs services, and pharmaceuticals. Finally, two chapters assess corruption in the transition away from socialism in Europe and Asia.
Imf Staff Papers Volume 57 No 2
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2010-06-29
Imf Staff Papers Volume 57 No 2 written by International Monetary Fund. Research Dept. 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 2010-06-29 with Business & Economics categories.
This paper introduces a new database of financial reforms covering 91 economies over 1973-2005. It describes the content of the database, the information sources utilized, and the coding rules used to create an index of financial reform. It also compares the database with other measures of financial liberalization, provides descriptive statistics, and discusses some possible applications. The database provides a multifaceted measure of reform, covering seven aspects of financial sector policy. Along each dimension the database provides a graded (rather than a binary) score, and allows for reversals.