Author: Roald Versteeg
Publisher:
ISBN:
Category :
Languages : en
Pages : 21

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Book Description

Author: Sebastian Edwards
Publisher: Cambridge University Press
ISBN: 9780521597111
Category : Business & Economics
Languages : en
Pages : 452

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Book Description
The essays collected in this volume discuss the impact of increased capital mobility on macroeconomic performance.

Author: Michael Frenkel
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 34

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Book Description

Author: William C. Gruben
Publisher: Springer Science & Business Media
ISBN: 1461561752
Category : Business & Economics
Languages : en
Pages : 247

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Book Description
The dramatic growth of international capital flow has provided unprecedented opportunities and risks in emerging markets. This book is the result of a conference exploring this phenomenon, sponsored by the Federal Reserve Bank of Dallas. The issues explored include direct versus portfolio investment; exchange rates and economic growth; and optimal exchange rate policy for stabilizing inflation in developing countries. It concludes with a panel discussion on central bank coordination in the midst of exchange rate instability.

Author: Ms.Inci Ötker
Publisher: International Monetary Fund
ISBN: 1557758743
Category : Business & Economics
Languages : en
Pages : 135

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Book Description
This paper examines country experiences with the use and liberalization of capital controls to develop a deeper understanding of the role of capital controls in coping with volatile capital flows, as well as the issues surrounding their liberalization. Detailed analyses of country cases aim to shed light on the motivations to limit capital flows; the role the controls may have played in coping with particular situations, including in financial crises and in limiting short-term inflows; the nature and design of the controls; and their effectivenes and potential costs. The paper also examines the link between prudential policies and capital controls and illstrates the ways in which better prudential practices and accelerated financial reforms could address the risks in cross-border capital transactions.

Author: Forrest Capie
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 132

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Book Description
Free capital movements played an important part in the economic integration and globalisation of the nineteenth century. This work analyses historical experience with capital controls, in Britain and elsewhere, and reviews the theory. It concludes that such controls are damaging and that there is no case for reviving them.

Author: Eugenia Andreasen
Publisher: International Monetary Fund
ISBN: 1484303318
Category : Business & Economics
Languages : en
Pages : 26

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Book Description
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.

Author: Leonardo Leiderman
Publisher: Cambridge University Press
ISBN: 9780521454384
Category : Business & Economics
Languages : en
Pages : 400

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Book Description
This edited volume examines capital mobility in both industrialised and developing countries.

Author: Antonio C. David
Publisher: World Bank Publications
ISBN:
Category : Bank Policy
Languages : en
Pages : 26

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Book Description
The author attempts to analyze whether price-based controls on capital inflows are successful in insulating economies against external shocks. He presents results from vector auto regressive (VAR) models that indicate that Chile and Colombia, countries that adopted controls on capital inflows, seem to have been relatively well insulated against external disturbances. Subsequently, he uses the auto regressive distributed lag (ARDL) approach to co-integration to isolate the effects of the capital controls on the pass-through of external disturbances to domestic interest rates in those economies. The author concludes that there is evidence that the capital controls allowed for greater policy autonomy.

Author: Richard C. Marston
Publisher:
ISBN:
Category :
Languages : en
Pages : 50

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Book Description
This paper examines evidence on interest differentials under the Bretton Woods system of fixed exchange rates and under the flexible rate system which succeeded it. Under the Bretton Woods system, many countries resorted to capital controls in an attempt to pursue independent monetary policies. In the three major countries studied in this paper, Britain, Germany and the United States, these capital controls resulted in large differentials between national interest rates covered for exchange risk. The capital controls and resulting interest differentials distorted many cross-border investment and borrowing decisions. The paper compares these covered interest differentials with uncovered interest differentials in the Eurocurrency markets which are free of capital controls. In both fixed and flexible periods, average uncovered differentials between Eurodollar interest rates and four other Eurocurrency rates are in most cases close to zero. So these average uncovered interest differentials, whether attributable to exchange risk premiums or forecast errors, are much smaller than average covered interest differentials between national markets due to capital controls. If exchange risk premiums have significant effects on uncovered interest differentials in some periods, these premiums must be time-varying with a mean close to zero over the long sample periods studied. Similarly, if forecast errors have systematic components in some periods, in the long sample periods studied these errors have a mean close to zero as well.