The Composition Of Capital Flows
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The Composition Matters
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Author : Mr.Hui Tong
language : en
Publisher: International Monetary Fund
Release Date : 2009-08-01
The Composition Matters written by Mr.Hui Tong 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 2009-08-01 with Business & Economics categories.
We study whether capital flows affect the degree of credit crunch faced by a country's manufacturing firms during the 2007-09 crisis. Examining 3823 firms in 24 emerging countries, we find that the decline in stock prices was more severe for firms that are intrinsically more dependent on external finance for working capital. The volume of capital flows has no significant effect on the severity of the credit crunch. However, the composition of capital flows matters: pre-crisis exposure to non-FDI capital inflows worsens the credit crunch, while exposure to FDI alleviates the liquidity constraint. Similar results also hold surrounding the Lehman Brothers bankruptcy
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.
The Composition Of Capital Flows
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Author : Mr.Norbert Funke
language : en
Publisher: International Monetary Fund
Release Date : 2005-03-01
The Composition Of Capital Flows written by Mr.Norbert Funke 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 2005-03-01 with Business & Economics categories.
Over the past decade, South Africa has attracted relatively little foreign direct investment (FDI), but considerable amounts of portfolio inflows. In this context, the objective of the paper is twofold: to identify the determinants of the level and composition of capital flows to emerging markets and to draw policy conclusions for South Africa. We estimate a dynamic panel for up to 81 emerging markets using GMM (Generalized Method of Moments) techniques. The results suggest that further trade and capital control liberalization would increase the share of FDI. Additionally, a reduction in exchange rate volatility would affect the composition of capital flows in favor of FDI.
International Capital Flows
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Author : Martin Feldstein
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01
International Capital Flows written by Martin Feldstein 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 2007-12-01 with Business & Economics categories.
Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.
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.
Large Capital Flows
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Author : Mr.Alejandro Lopez Mejia
language : en
Publisher: International Monetary Fund
Release Date : 1999-02-01
Large Capital Flows written by Mr.Alejandro Lopez Mejia 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 1999-02-01 with Business & Economics categories.
This paper reviews the causes, consequences, and policy responses to large capital flows in several emerging markets. It opens by studying recent patterns of capital flows, and then discusses the causes of capital flows. Emphasis is given to the reasons behind the capital inflow episode in the 1990s, the major reversals, and the volatility observed in these flows. The paper goes on to examine the consequences of capital inflows and the pros and cons of alternative policy responses. It concludes with policy lessons derived from country experiences.
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].
Capital Inflows Credit Growth And Financial Systems
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Author : Ms.Deniz Igan
language : en
Publisher: International Monetary Fund
Release Date : 2015-08-19
Capital Inflows Credit Growth And Financial Systems written by Ms.Deniz Igan 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 2015-08-19 with Business & Economics categories.
Exploiting a granular panel dataset that breaks down capital inflows into FDI, portfolio and other categories, and distinguishes between credit to the household sector and to the corporate sector, we investigate the association between capital inflows and credit growth. We find that non-FDI capital inflows boost credit growth and increase the likelihood of credit booms in both household and corporate sectors. For household credit growth, the composition of capital inflows appears to be more important than financial system characteristics. In contrast, for corporate credit growth, both the composition and the financial system matter. Regardless of sectors and financial systems, net other inflows are always linked to rapid credit growth. Firm-level data corroborate these findings and hint at a causal link: net other inflows are related to more rapid credit growth for firms that rely more heavily on external financing. Further explorations on how capital flows translate into more credit indicate that both demand and supply side factors play a role.
Patterns Of Capital Flows To Emerging Markets
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Author : Mr.Mohsin S. Khan
language : en
Publisher: International Monetary Fund
Release Date : 1997-01-01
Patterns Of Capital Flows To Emerging Markets written by Mr.Mohsin S. Khan 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 1997-01-01 with Business & Economics categories.
This paper reviews some of the basic patterns of international capital flows to emerging markets in recent years, including the composition of capital flows, intraregional flow patterns, and the geographical distribution of the flows. A theoretical model that sheds new light on these observed patterns is developed. This model focuses on the cost of financing aspect of capital flows, and shows that the patterns of capital flows are influenced by the combined effects of financial market development and growth potential in the recipient countries. The theoretical predictions of the model are shown to be consistent with the stylized facts.
Push Factors And Capital Flows To Emerging Markets
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Author : Mr.Eugenio Cerutti
language : en
Publisher: International Monetary Fund
Release Date : 2015-06-22
Push Factors And Capital Flows To Emerging Markets written by Mr.Eugenio Cerutti 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 2015-06-22 with Business & Economics categories.
This paper analyzes the behavior of gross capital inflows across 34 emerging markets (EMs). We first confirm that aggregate inflows to EMs co-move considerably. We then report three findings: (i) the aggregate co-movement conceals significant heterogeneity across asset types as only bank-related and portfolio bond and equity inflows do co-move; (ii) while global push factors in advanced economies mostly explain the common dynamics, their relative importance varies by type of flow; and (iii) the sensitivity to common dynamics varies significantly across borrower countries, with market structure characteristics (especially the composition of the foreign investor base and the level of liquidity) rather than borrower country’s institutional fundamentals strongly affecting sensitivities. Countries relying more on international funds and global banks are found to be more sensitive to push factors. Our findings suggest that EMs need to closely monitor their lenders and investors to assess their inflow exposures to global push factors.