Growth Effects Of The Exchange Rate Regime And The Capital Account Openness In A Crisis Prone World Market
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Growth Effects Of The Exchange Rate Regime And The Capital Account Openness In A Crisis Prone World Market
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Author : Assaf Razin
language : en
Publisher:
Release Date : 2004
Growth Effects Of The Exchange Rate Regime And The Capital Account Openness In A Crisis Prone World Market written by Assaf Razin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Balance of payments categories.
"It has been a remarkably difficult empirical task to identify clear-cut real effects of exchange-rate regimes on the open economy. Similarly, no definitive view emerges as to the aggregate effects of capital account liberalizations. The main hypothesis of the paper is that a direct and an indirect effect of balance-of-payments policies, geared toward exchange rate regimes and capital account openness, exert a confounding overall influence on output growth, in the presence of sudden-stop crises. A direct channel works through the trade and financial sectors, akin to the optimal currency area arguments. An indirect channel works through the probability of a sudden-stop crisis. The empirical analysis disentagles these conflicting effects and demonstrates that: (i) the balance-of-payments policies significantly affect the probability of crises, and the crisis probability, in turn, negatively affects output growth; (ii) controlling for the crisis probability in the growth equation, the direct effect of balance-of-payments policies is large. Domestic price crises (high inflation above a 20 percent threshold) affect growth only indirectly; through their positive effecton the probability of sudden-stop crises"--NBER website
Pick Your Poison
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Author : Mr.Shigeru Iwata
language : en
Publisher: International Monetary Fund
Release Date : 2003-05-01
Pick Your Poison written by Mr.Shigeru Iwata 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 2003-05-01 with Business & Economics categories.
We characterize a country's exchange rate regime by how its central bank channels a capital account shock across three variables: exchange depreciation, interest rates, and international reserve flows. Structural vector autoregression estimates for Brazil, Mexico, and Turkey reveal such responses, both contemporaneously and over time. Capital account shocks are further shown to affect output growth and inflation. The nature and magnitude of these effects may depend on the exchange rate regime.
Evaluation Of Exchange Rate Capital Market And Dollarization Regimes In The Presence Of Sudden Stops
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Author : Assaf Razin
language : en
Publisher:
Release Date : 2005
Evaluation Of Exchange Rate Capital Market And Dollarization Regimes In The Presence Of Sudden Stops written by Assaf Razin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Capital market categories.
"The literature has not being able to identify clear-cut real effects of exchange-rate regimes on output growth. Similarly, no definitive view emerges from the literature in regard to the effects of open capital markets on macroeconomic performance. The paper attributes the failure of the literature to fundamental flaws, consisting of ignoring non-linearities in the effects of exchange rate and capital-market liberalization regimes, on the macroeconomic performance. The paper develops a methodology consisting of accounting for the "crisis-prone state of the economy", summarized by a projected probability of crisis, due to sudden stops in international capital inflows. We apply the new methodology to a cross-country panel of 100 low and middle-income countries. Findings indicate that the effects of exchange rate regimes, and liberalization regimes, on macroeconomic performance go through two distinct channels: a direct channel via the real side of the economy, and an indirect channel via the financial side, which influences the probability of sudden stops. We also analyze how the projected probability of sudden stops affects the level of dollarization, and provide estimates for the effect of dollarization on growth"--National Bureau of Economic Research web site.
Capital Controls Exchange Rates And Monetary Policy In The World Economy
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Author : Sebastian Edwards
language : en
Publisher: Cambridge University Press
Release Date : 1997-06-13
Capital Controls Exchange Rates And Monetary Policy In The World Economy written by Sebastian Edwards 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 1997-06-13 with Business & Economics categories.
The essays collected in this volume discuss the impact of increased capital mobility on macroeconomic performance.
Growth Effects Of The Exchange Rate Regime And The Capital Account Openness
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Author : Assaf Razin
language : en
Publisher:
Release Date : 2004
Growth Effects Of The Exchange Rate Regime And The Capital Account Openness written by Assaf Razin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Do Inflows Or Outflows Dominate Global Implications Of Capital Account Liberalization In China
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Author : Mr.Tamim Bayoumi
language : en
Publisher: International Monetary Fund
Release Date : 2013-08-28
Do Inflows Or Outflows Dominate Global Implications Of Capital Account Liberalization In China written by Mr.Tamim Bayoumi 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 2013-08-28 with Business & Economics categories.
This paper assesses the implications of Chinese capital account liberalization for capital flows. Stylized facts from capital account liberalization in advanced and large emerging market economies illustrate that capital account liberalization has historically generated large gross capital in- and outflows, but the direction of net flows has depended on many factors. An econometric portfolio allocation model finds that capital controls significantly dampen cross-border portfolio asset holdings. The model also suggests that capital account liberalization in China may trigger net portfolio outflows as large domestic savings seek to diversify abroad.
Exchange Rate Regimes And Capital Flows
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Author : George S. Tavlas
language : en
Publisher: SAGE Publications, Incorporated
Release Date : 2002
Exchange Rate Regimes And Capital Flows written by George S. Tavlas and has been published by SAGE Publications, Incorporated this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
Recent international financial crises have brought the issue of reforming the international financial system to the forefront of debates. Is the current international monetary system a sufficient foundation? Or do the recent crises indicate that the current architecture is inadequate? This issue of The Annals takes stock of both arguments and presents positions held both by leading proponents of reform and to leading proponents of the existing architecture. It reviews the core of the debate: · reform of the exchange rate arrangements · the role of the International Monetary Fund · and the role of the private sector in crisis resolution. Presenting a wide spectrum of viewpoints and reviewing the lessons learned from recent financial crises, the exchange rate debate is placed in a clear context, making this critical issue more accessible.
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.
Capital Account Liberalization And Economic Performance
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Author : Hali J. Edison
language : en
Publisher:
Release Date : 2002
Capital Account Liberalization And Economic Performance written by Hali J. Edison and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Capital market categories.
This paper reviews the literature on the effects of capital account liberalization and stock market liberalization on economic growth. The various empirical measures used to gauge the presence of controls on capital account transactions as well as indicators of stock market liberalization are discussed. We compare detailed measures of capital account controls that attempt to capture the intensity of enforcement with others that simply capture whether or not controls are present. Our review of the literature shows the contrasting results that have been obtained. These differences may reflect differences in country coverage, sample periods and indicators of liberalization. In order to reconcile these differences, we present new estimates of the effects on growth of capital account liberalization and stock market liberalization. We find some support for a positive effect of capital account liberalization on growth, especially for developing countries.
Evolution And Performance Of Exchange Rate Regimes
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Author : Mr.Kenneth Rogoff
language : en
Publisher: International Monetary Fund
Release Date : 2003-12-01
Evolution And Performance Of Exchange Rate Regimes written by Mr.Kenneth Rogoff 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 2003-12-01 with Business & Economics categories.
Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.