Capital Account Liberation PDF Download
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Author | : Peter Blair Henry |
Publisher | : |
Total Pages | : 82 |
Release | : 2006 |
Genre | : Capital |
ISBN | : 9780979037634 |
Download Capital Account Liberalization Book in PDF, ePub and Kindle
"Writings on the macroeconomic impact of capital account liberalization find few, if any, robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up quite well to a critical reading of this literature. The lion's share of papers that find no effect of liberalization on real variables tell us nothing about the empirical validity of the theory, because they do not really test it. This paper explains why it is that most studies do not really address the theory they set out to test. It also discusses what is necessary to test the theory and examines papers that have done so. Studies that actually test the theory show that liberalization has significant effects on the cost of capital, investment, and economic growth"--National Bureau of Economic Research web site.
Author | : Edwin L.-C. Lai |
Publisher | : Cambridge University Press |
Total Pages | : 347 |
Release | : 2021-07-08 |
Genre | : Business & Economics |
ISBN | : 1108491685 |
Download One Currency, Two Markets Book in PDF, ePub and Kindle
Economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB.
Author | : Olivier Jeanne |
Publisher | : Peterson Institute |
Total Pages | : 147 |
Release | : 2012 |
Genre | : Business & Economics |
ISBN | : 0881326488 |
Download Who Needs to Open the Capital Account Book in PDF, ePub and Kindle
Most countries emerged from the Second World War with capital accounts that were closed to the rest of the world. Since then, a process of capital account opening has occurred, with the result that all developed and many emerging-market countries now have capital accounts that are both de facto and de jure open, while many developing countries also have de facto openness. This study examines this in part by considering some of the first lessons from the current global financial crisis. This crisis may change the terms of the debate on capital account liberalization in a deeper and more lasting way than any of the crises of the past two decades because it may mark a reversal in the secular trend of financial liberalization at the core of the international financial system. The current crisis also raises new questions about the appropriate policy responses to boom-bust dynamics in domestic credit and in international credit flows. Intellectual consistency is needed between the domestic and international dimensions of financial regulation and the policies aimed at dealing with boom-bust dynamics in domestic and international credit.
Author | : Ying Yirong |
Publisher | : CRC Press |
Total Pages | : 445 |
Release | : 2015-05-13 |
Genre | : Business & Economics |
ISBN | : 1498712274 |
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Along with the development of economic globalization, many countries have begun to relax their controls on their capital accounts. However, the recent financial crises in Latin American countries as well as the exchange rate crises in Southeast Asian countries have shown that there is major risk associated with capital account liberalization.This b
Author | : Mr.Donald J. Mathieson |
Publisher | : International Monetary Fund |
Total Pages | : 60 |
Release | : 1992-06-01 |
Genre | : Business & Economics |
ISBN | : 1451973756 |
Download Liberalization of the Capital Account Book in PDF, ePub and Kindle
This paper reviews the experience with capital controls in industrial and developing countries, considers the policy issues raised when the effectiveness of capital controls diminishes, examines the medium-term benefits and costs of an open capital account, and analyzes the policy measures that could help sustain capital account convertibility. As the effectiveness of capital controls eroded more rapidly in the 1980s than in earlier periods, new constraints were placed on the formulation of stabilization and structural reform programs. However, experience suggests that certain macroeconomic, financial, and risk management policies would allow countries to attain the benefits of capital account convertibility and reduce the financial risks created by an open capital account.
Author | : Davide Furceri |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 2015-11-24 |
Genre | : Business & Economics |
ISBN | : 1513531409 |
Download Capital Account Liberalization and Inequality Book in PDF, ePub and Kindle
This paper examines the distributional impact of capital account liberalization. Using panel data for 149 countries from 1970 to 2010, we find that, on average, capital account liberalization reforms increase inequality and reduce the labor share of income in the short and medium term. We also find that the level of financial development and the occurrence of crises play a key role in shaping the response of inequality to capital account liberalization reforms.
Author | : Christoph Yew |
Publisher | : GRIN Verlag |
Total Pages | : 93 |
Release | : 2010-07-02 |
Genre | : Business & Economics |
ISBN | : 3640653564 |
Download Capital Account Liberalization Book in PDF, ePub and Kindle
Diploma Thesis from the year 2008 in the subject Business economics - Economic Policy, grade: 2.0, University of Osnabrück (Fachbereich Außenwirtschaft), language: English, abstract: During the recent decades, many countries decided to get access to international financial markets by liberalizing their capital accounts. As we will see in this paper, the issues of liberalization are very complex. Many different areas like, for example, growth, inflation or the labor market are affected by it. For some areas, empirical research supports theory and delivers sustainable and significant results. For others, theory is inconsistent or not supported by evidence from the real world. Some special ones, like for instance welfare or productivity, even show that it is important to split up the results to see whose welfare is increased or which's branch productivity is affected. Another interesting point is the connection between crises and capital account liberalization. Due to the financial crises that occurred in the aftermath of liberalization the concept has been controversially debated by academics for a long time. The real connection between these two issues is not yet clear. The structure of this paper is as follows. Section 2 will give short case studies of countries that liberalized their capital account. Section 3 is meant to endow the reader with some basic tools that will be important for the understanding of the concepts that will be presented later on in this paper. This includes definitions and conceptual ideas about measuring capital account liberalization. Section 4 focuses on the theory and empirical findings. In that section, the effects of liberalization on various macroeconomic variables will be presented. Section 5 follows the thoughts of the prior one by having a look at the implications that can be concluded from the theoretical and empirical findings that have been presented in the prior chapter. Section 6 discusses capital account liberalization with r
Author | : Mr.Giovanni Dell'Ariccia |
Publisher | : International Monetary Fund |
Total Pages | : 74 |
Release | : 1998-09-30 |
Genre | : Business & Economics |
ISBN | : 9781557757777 |
Download Capital Account Liberalization Book in PDF, ePub and Kindle
Capital account liberalization - orderly, properly sequence, and befitting the individual circumstances of countries- is an inevitable step for all countries wishing to realize the benefits of the globalized economy. This paper reviews the theories behind capital account liberalization and examines the dangers associated with free capital flows. The authors conclude that the dangers can be limited through a combination of sound macroeconomic and prudential policies.
Author | : Claudia Echeverria |
Publisher | : International Monetary Fund |
Total Pages | : 116 |
Release | : 1997-11-01 |
Genre | : Business & Economics |
ISBN | : 1451857454 |
Download Sequencing Capital Account Liberalization Book in PDF, ePub and Kindle
This paper examines issues in sequencing and pacing capital account liberalization and draws lessons from experience in four countries (Chile, Indonesia, Korea, and Thailand). The paper focuses on the interrelationship between capital account liberalization, domestic financial sector reforms, and the design of monetary and exchange rate policy. It concludes that capital account liberalization should be approached as an integrated part of comprehensive reform strategies and should be paced with the implementation of appropriate macroeconomic and exchange rate policies.
Author | : Hali J. Edison |
Publisher | : |
Total Pages | : 72 |
Release | : 2002 |
Genre | : Capital market |
ISBN | : |
Download Capital Account Liberalization and Economic Performance Book in PDF, ePub and Kindle
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.