Do Macroeconomic Effects Of Capital Controls Vary By Their Type Evidence From Malaysia
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Do Macroeconomic Effects Of Capital Controls Vary By Their Type Evidence From Malaysia
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Author : Natalia T. Tamirisa
language : en
Publisher: International Monetary Fund
Release Date : 2004
Do Macroeconomic Effects Of Capital Controls Vary By Their Type Evidence From Malaysia written by Natalia T. Tamirisa 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 2004 with Business & Economics categories.
This paper examines how the macroeconomic effects of capital controls vary depending on which type of international financial transaction they cover. Drawing on Malaysia's experiences in regulating the capital account during the 1990s, it finds, in an error-correction model, that capital controls generally have statistically insignificant effects on the exchange rate. Controls on portfolio outflows and on bank and foreign exchange operations facilitate reductions in the domestic interest rate, while controls on portfolio inflows have the opposite effect, in line with the theoretical priors. Controls on international transactions in the domestic currency and stock market operations have statistically insignificant effects on the interest rate differential.
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.
Preemptive Policies And Risk Off Shocks In Emerging Markets
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Author : Ms. Mitali Das
language : en
Publisher: International Monetary Fund
Release Date : 2022-01-07
Preemptive Policies And Risk Off Shocks In Emerging Markets written by Ms. Mitali Das 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 2022-01-07 with Business & Economics categories.
We show that “preemptive” capital flow management measures (CFM) can reduce emerging markets and developing countries’ (EMDE) external finance premia during risk-off shocks, especially for vulnerable countries. Using a panel dataset of 56 EMDEs during 1996–2020 at monthly frequency, we document that countries with preemptive policies in place during the five year window before risk-off shocks experienced relatively lower external finance premia and exchange rate volatility during the shock compared to countries which did not have such preemptive policies in place. We use the episodes of Taper Tantrum and COVID-19 as risk-off shocks. Our identification relies on a difference-in-differences methodology with country fixed effects where preemptive policies are ex-ante by construction and cannot be put in place as a response to the shock ex-post. We control the effects of other policies, such as monetary policy, foreign exchange interventions (FXI), easing of inflow CFMs and tightening of outflow CFMs that are used in response to the risk-off shocks. By reducing the impact of risk-off shocks on countries’ funding costs and exchange rate volatility, preemptive policies enable countries’ continued access to international capital markets during troubled times.
Capital Controls And The Cost Of Debt
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Author : Eugenia Andreasen
language : en
Publisher: International Monetary Fund
Release Date : 2017-06-09
Capital Controls And The Cost Of Debt written by Eugenia Andreasen 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 2017-06-09 with Business & Economics categories.
Using a panel data set for international corporate bonds and capital account restrictions in advanced and emerging economies, we show that restrictions on capital inflows produce a substantial and economically meaningful increase in corporate bond spreads. A number of heterogeneities suggest that the effect of capital controls on inflows is particularly strong for more financially constrained firms, establishing a novel channel through which capital controls affect economic outcomes. By contrast, we do not find a robust significant effect of restrictions on outflows.
Managing Elevated Risk
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Author : Iwan J. Azis
language : en
Publisher: Springer
Release Date : 2014-12-11
Managing Elevated Risk written by Iwan J. Azis and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-11 with Business & Economics categories.
This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy—An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book.
Managing Capital Flows
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Author : Bruno Carrasco
language : en
Publisher: Oxford University Press, USA
Release Date : 2014
Managing Capital Flows written by Bruno Carrasco and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Business & Economics categories.
Papers presented at a conference held at Mumbai during 19-20 November 2012.
Shaping Globalization
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Author : Bertelsmann Stiftung
language : en
Publisher: Verlag Bertelsmann Stiftung
Release Date : 2013-01-25
Shaping Globalization written by Bertelsmann Stiftung and has been published by Verlag Bertelsmann Stiftung this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-25 with Business & Economics categories.
The rise of new economic powers in Asia and Latin America has changed the size and the direction of cross-border investment flows. Emerging economies like China, Brazil and India have become major destinations of foreign direct investment within the past decade, and they are also taking on the role of investor themselves. The unprecedented shifts in global investment flows have revived the debate over the effects of foreign investment on growth, employment and income distribution. In this book, leading experts analyse the most important trends, from the increasingly active role emerging economies play as investors in Africa to the rising suspicion in the U.S. and Europe of Chinese takeovers. Global challenges like climate change and the ageing of societies will act as new drivers of foreign investment, reshaping the patterns of globalization once again.
The Great Recession
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Author : Jacob Braude
language : en
Publisher: MIT Press
Release Date : 2013
The Great Recession written by Jacob Braude and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.
Here, experts assess the role of central banks in responding to the recent financial crisis and in preventing future crises. The contributors focus on monetary policy, the new area of macroprudential policy, and issues of exchange rates, capital flows, and banking and financial markets.
What Happened To Thailand
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Author : Peter G. Warr
language : en
Publisher:
Release Date : 1999
What Happened To Thailand written by Peter G. Warr and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Bank reserves categories.