The Surge In Capital Inflows To Developing Countries

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Capital Flows And Financial Crises

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Author : Miles Kahler
language : en
Publisher: Cornell University Press
Release Date : 1998

Capital Flows And Financial Crises written by Miles Kahler and has been published by Cornell University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.

Table of Contents

The Surge In Capital Inflows To Developing Countries

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Author : Eduardo Fernandez-Arias
language : en
Publisher: World Bank Publications
Release Date : 1995

The Surge In Capital Inflows To Developing Countries written by Eduardo Fernandez-Arias 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 1995 with Capital movements categories.

Implications Of A Surge In Capital Inflows

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Author : Jang-Yung Lee
language : en
Publisher: International Monetary Fund
Release Date : 1996-05-01

Implications Of A Surge In Capital Inflows written by Jang-Yung Lee 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 1996-05-01 with Business & Economics categories.

This paper seeks to extend discussion of monetary policy instruments to the situation of a country faced with major capital inflows when the process of domestic financial liberalization is incomplete. It briefly summarizes the recent usage of traditional monetary instruments, discusses the practical limits to classic sterilization measures as well as the pros and cons of using other supplementary measures including tax-based controls on capital inflows. It also examines the efficacy of such measures in Chile, Colombia, Indonesia, Korea, Spain, and Thailand. The conclusion is that, for a time and as a transitional measure, a country may find it opportune to supplement the traditional instruments with certain “belt and braces” measures including, in some instances, indirect (tax-based) capital controls.

Development Centre Studies Capital Flows And Investment Performance Lessons From Latin America

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Author : French-Davis Ricardo
language : en
Publisher: OECD Publishing
Release Date : 1998-10-09

Development Centre Studies Capital Flows And Investment Performance Lessons From Latin America written by French-Davis Ricardo and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-10-09 with categories.

This book, the result of a joint project between the OECD Development Centre and the UN Economic Commission for Latin America and the Caribbean (ECLAC), examines the policies of a group of major Latin American countries faced with large inflows.

The Surge In Capital Inflows To Developing Countries Prospects And Policy Response

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Author : Eduardo Fernández-Arias
language : en
Publisher:
Release Date : 1999

The Surge In Capital Inflows To Developing Countries Prospects And Policy Response written by Eduardo Fernández-Arias and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.

June 1995 After being excluded from world capital markets during the debt crisis, many developing countries have experienced large capital inflows in the past five years. The challenges these inflows pose for domestice policy have generated a substantial literature. The authors review and extend that literature. They characterize the new inflows, assess their causes and the likelihood of sustainability, analyze the policy issues they raise, and evaluate the possible policy responses. Their conclusions tie desirable policy responses to characteristics of both the flows themselves and to those of the recipient economy. Regarding the forces driving the current episode, they conclude that generally, the role of foreign interest rates as a push factor driving capital inflows and determining their magnitude has been well-established. On the other hand, country creditworthiness has helped determine both the timing and destination of the new capital flows. Even if creditworthiness is maintained, the early level of inflows is unlikely to be sustained. The pace of reduction in flows to countries that have been receiving them since the early 1990s depends on the path of foreign interest rates and the role of stock adjustment. But a loss of creditworthiness caused by a deterioration in domestic policy would stop inflows quickly and, depending on the circumstances, inflows may be replaced by substantial outflows and an outright balance of payments crisis. What are the implications for policy in recipient countries? Briefly, the receipt of capital inflows may strengthen the case for removing macroeconomic distortions, either because such inflows aggravate the cost of such distortions or because they ease the constraints that originally motivated their adoption. While direct intervention may not be feasible (because controls may be easily evaded), controls may sometimes be a second-best policy. To the extent that capital inflows are permitted to materialize, the desirability of foreign exhcange intervention depends on what is required for macroeconomic stability. Sterilized foreign exchange intervention to prevent overstimulation of demand with a fixed exchange rate may not be feasible or effective. A commensurate reduction in the money multiplier, achieved by increasing reserve requirements, may also have limited effects. The effectiveness of both measures depends on the structure of the domestic financial system. If domestic monetary expansion is not avoided, or if an expansionary financial stimulus is transmitted outside the banking system, the stabilization of total demand will require fiscal contraction.

Capital Account Regimes And The Developing Countries

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Author : Gerald K. Helleiner
language : en
Publisher: Springer
Release Date : 2016-07-27

Capital Account Regimes And The Developing Countries written by Gerald K. Helleiner and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-27 with Business & Economics categories.

An authoritative assessment of the debate over the role of volatile private capital flows and their impact on developing countries. The book outlines the long history of concern about these issues, going back to preparations for the Bretton Woods agreement. It assesses their acceleration with the growth of international capital and looks at key case studies from Latin America, Asia and Africa to assess the possibilities and problems for national and international policy responses.

Capital Flows Are Fickle

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Author : Mr.John C Bluedorn
language : en
Publisher: International Monetary Fund
Release Date : 2013-08-22

Capital Flows Are Fickle written by Mr.John C Bluedorn 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 2013-08-22 with Business & Economics categories.

Has the unprecedented financial globalization of recent years changed the behavior of capital flows across countries? Using a newly constructed database of gross and net capital flows since 1980 for a sample of nearly 150 countries, this paper finds that private capital flows are typically volatile for all countries, advanced or emerging, across all points in time. This holds true across most types of flows, including bank, portfolio debt, and equity flows. Advanced economies enjoy a greater substitutability between types of inflows, and complementarity between gross inflows and outflows, than do emerging markets, which reduces the volatility of their total net inflows despite higher volatility of the components. Capital flows also exhibit low persistence, across all economies and across most types of flows. Inflows tend to rise temporarily when global financing conditions are relatively easy. These findings suggest that fickle capital flows are an unavoidable fact of life to which policymakers across all countries need to continue to manage and adapt.

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.

Revisiting The Determinants Of Capital Flows To Emerging Markets A Survey Of The Evolving Literature

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Author : Swarnali Ahmed Hannan
language : en
Publisher: International Monetary Fund
Release Date : 2018-09-28

Revisiting The Determinants Of Capital Flows To Emerging Markets A Survey Of The Evolving Literature written by Swarnali Ahmed Hannan 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 2018-09-28 with Business & Economics categories.

This paper documents the evolution of gross and net capital flows to emerging market economies and surveys the large literature on the potential drivers. While the capital flow landscape has been shaped by the evolution of both global and country-specific factors, the relative importance of these factors has varied over time and differs depending on the type of capital flows. The findings from the survey of the literature thus underscores the importance of policies in both source and recipient countries in shaping capital flows.

Liberalising Capital Flows In Developing Countries

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Author : Bernhard Fischer
language : en
Publisher: OECD Publishing
Release Date : 1993

Liberalising Capital Flows In Developing Countries written by Bernhard Fischer and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Social Science categories.