Exchange Rate Appreciation Capital Flows And Excess Liquidity

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Exchange Rate Appreciation Capital Flows And Excess Liquidity

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Author : Victor C. Pontines
language : en
Publisher:
Release Date : 2012

Exchange Rate Appreciation Capital Flows And Excess Liquidity written by Victor C. Pontines and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Capital movements categories.

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.

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.

Capital Inflows And Balance Of Payments Pressures

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Author : Mr.Juan Zalduendo
language : en
Publisher: International Monetary Fund
Release Date : 2008-06-01

Capital Inflows And Balance Of Payments Pressures written by Mr.Juan Zalduendo 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 2008-06-01 with Business & Economics categories.

Although capital inflows are generally beneficial to recipient countries, they also pose a challenge for the conduct of economic policy. This paper proposes a conceptual taxonomy to guide the design of policy responses in the face of capital flows. We explore how responses to capital surges should be differentiated based on the source of balance of payments pressures. We also examine whether the policy choices in emerging market countries conform to the taxonomy's predictions and find some correspondence, especially during periods of high global liquidity.

Excess Liquidity Inflation And The Yuan Appreciation

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Author : Chengsi Zhang
language : en
Publisher:
Release Date : 2009

Excess Liquidity Inflation And The Yuan Appreciation written by Chengsi Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.

This paper analyses the issues of excess liquidity, inflation and the exchange rate appreciation currently evolving in China. In mapping the co-movement between excess liquidity and inflation and developing a dynamic model, the paper shows that excess liquidity, ignited by dramatic capital inflows, is a significant driver for consumer price inflation in China during the last decade. In addition, the article compares the dynamic paths of inflation and interest rates between China and the United States and reveals marked changes in their differentials over recent years. Associating these findings with the evolving appreciation of the yuan against the dollar, the paper advises a slowdown in the rate of RMB appreciation. Instead of quick appreciation, the paper proposes more flexibility in the RMB exchange rate regime combined with alternative capital control measures to rein-in excess liquidity and curb ongoing inflation in China.

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.

The Role Of The Exchange Rate In Inflation Targeting Emerging Economies

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Author : Anna Nordstrom
language : en
Publisher: International Monetary Fund
Release Date : 2009-11-24

The Role Of The Exchange Rate In Inflation Targeting Emerging Economies written by Anna Nordstrom 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 2009-11-24 with Business & Economics categories.

This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that has become especially germane during the current episode of financial turmoil and volatile capital flows. Under inflation targeting, the interest rate is the main monetary policy tool for influencing activity and inflation, and there is little agreement about the appropriate role of the exchange rate.The exchange rate is a more important monetary policy tool for emerging economies that have adopted inflation targeting than it is for inflation-targeting advanced economies. Inflation-targeting emerging economies generally have less flexible exchange rate arrangements and intervene more frequently in the foreign exchange market than their advanced economy counterparts. The enhanced role of the exchange rate reflects these economies' greater vulnerability to exchange rate shocks and their less developed financial markets. However, their sharper focus on the exchange rate may cause some confusion about the commitment of their central banks to achieve the inflation target and may also complicate policy implementation. Global inflation pressures, greater exchange rate volatility, and the financial stresses from the global financial turmoil that began in mid-2007 are heightening these tensions.

Capital Flows Exchange Rate Flexibility And The Real Exchange Rate

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Author : Mr.Tidiane Kinda
language : en
Publisher: International Monetary Fund
Release Date : 2011-01-01

Capital Flows Exchange Rate Flexibility And The Real Exchange Rate written by Mr.Tidiane Kinda 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 2011-01-01 with Business & Economics categories.

This paper analyzes the impact of capital inflows and exchange rate flexibility on the real exchange rate in developing countries based on panel cointegration techniques. The results show that public and private flows are associated with a real exchange rate appreciation. Among private flows, portfolio investment has the highest appreciation effect-almost seven times that of foreign direct investment or bank loans-and private transfers have the lowest effect. Using a de facto measure of exchange rate flexibility, we find that a more flexible exchange rate helps to dampen appreciation of the real exchange rate stemming from capital inflows.

Capital Inflows Exchange Rate Flexibility And Credit Booms

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Author : Mr.Nicolas E. Magud
language : en
Publisher: International Monetary Fund
Release Date : 2012-02-01

Capital Inflows Exchange Rate Flexibility And Credit Booms written by Mr.Nicolas E. Magud 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 2012-02-01 with Business & Economics categories.

The prospects of expansionary monetary policies in the advanced countries for the foreseeable future have renewed the debate over policy options to cope with large capital inflows that are, at least partly, driven by low interest rates in the financial centers. Historically, capital flow bonanzas have often fueled sharp credit expansions in advanced and emerging market economies alike. Focusing primarily on emerging markets, we analyze the impact of exchange rate flexibility on credit markets during periods of large capital inflows. We show that bank credit grows more rapidly and its composition tilts to foreign currency in economies with less flexible exchange rate regimes, and that these results are not explained entirely by the fact that the latter attract more capital inflows than economies with more flexible regimes. Our findings thus suggest countries with less flexible exchange rate regimes may stand to benefit the most from regulatory policies that reduce banks' incentives to tap external markets and to lend/borrow in foreign currency; these policies include marginal reserve requirements on foreign lending, currency-dependent liquidity requirements, and higher capital requirement and/or dynamic provisioning on foreign exchange loans.

Coping With Capital Flows In East Asia

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Author : C. H. Kwan
language : en
Publisher: Institute of Southeast Asian Studies
Release Date : 1998

Coping With Capital Flows In East Asia written by C. H. Kwan and has been published by Institute of Southeast Asian Studies this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.

This timely book examines how the countries of East Asia coped with the vast pool of international capital that flowed into the region during the early 1990s. East Asia appeared to be doing well. But, as this book was in preparation in 1997, a currency crisis sent capital fleeing and catapulted the East Asian economies into turmoil. Country-specific updates describe events since July 1997, how government authorities addressed the crisis, and what lessons can be learned.