Capital Account Openness In Low Income Developing Countries PDF Download
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| Author | : Mrs.Sarwat Jahan |
| Publisher | : International Monetary Fund |
| Total Pages | : 26 |
| Release | : 2017-01-18 |
| Genre | : Business & Economics |
| ISBN | : 147556791X |
Download Capital Account Openness in Low-income Developing Countries Book in PDF, ePub and Kindle
The relevance of recording and assessing countries’ capital flow management measures is well-recognized, but very few studies have focused on low-income developing countries (LIDCs). A key constraint is the lack of an appropriate index to measure the openness of capital account and its change over time. This paper fills the gap by constructing a de jure index based on information contained in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. It provides an aggregate index to capture the overall openness of the capital account, and also provides a breakdown of openness for various subcategories of capital flows. The new database covers 164 countries with information on 12 types of asset categories over the period 1996–2013. The index provides the largest coverage of LIDCs among all existing indices and also provides granularity on openness across asset types, direction of flows and residency. The paper examines the link between de jure capital account openness with de facto capital flows and outlines potential applications of this database.
| Author | : Mr.Thierry Tressel |
| Publisher | : International Monetary Fund |
| Total Pages | : 46 |
| Release | : 2010-10-01 |
| Genre | : Business & Economics |
| ISBN | : 145520935X |
Download International Capital Flows and Development Book in PDF, ePub and Kindle
Does capital flow from rich to poor countries? We revisit the Lucas paradox and explore the role of capital account restrictions in shaping capital flows at various stages of economic development. We find that, when accounting for the degree of capital account openness, the prediction of the neoclassical theory is confirmed: less developed countries tend to experience net capital inflows and more developed countries tend to experience net capital outflows, conditional of various countries’ characteristics. The findings are driven by foreign direct investment, portfolio equity investment, and to some extent by loans to the private sector.
| Author | : Sebastian Horn |
| Publisher | : International Monetary Fund |
| Total Pages | : 49 |
| Release | : 2021-09-24 |
| Genre | : Business & Economics |
| ISBN | : 1513597728 |
Download Opening Up: Capital Flows and Financial Sector Dynamics in Low-Income Developing Countries Book in PDF, ePub and Kindle
Over the past two decades, many low-income developing countries have substantially increased openness towards external financing and have received large capital inflows. Using bank-level micro data, this paper finds that capital inflows have been associated with financial deepening through increases in bank loans, deposits, and wholesale funding. Domestic banks increase loans more than foreign banks. There are only modest signs of a build-up in financial vulnerabilities. Causality is examined through an instrumental variable approach and an augmented inverse-probability weighting estimator. These approaches indicate only limited evidence for global push effects, pointing towards the importance of domestic pull factors.
| 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 | : Mr.Alessandro Prati |
| Publisher | : International Monetary Fund |
| Total Pages | : 72 |
| Release | : 2011-03-15 |
| Genre | : Business & Economics |
| ISBN | : 1616350539 |
Download External Performance in Low-Income Countries Book in PDF, ePub and Kindle
Assessments of exchange rate misalignments and external imbalances for low-income countries are challenging because methodologies developed for advanced and emerging economies cannot be automatically applied to poorer nations. This paper uses a large database, unique in the set of indicators and number of countries it covers, to estimate the relationship in low-income countries between a set of fundamentals in the medium to long term and the real effective exchange rate, the current account, and the net external assets position.
| Author | : Juliana Dutra Araujo |
| Publisher | : International Monetary Fund |
| Total Pages | : 42 |
| Release | : 2015-07-17 |
| Genre | : Business & Economics |
| ISBN | : 1513552260 |
Download Joining the Club? Procyclicality of Private Capital Inflows in Low Income Developing Countries Book in PDF, ePub and Kindle
Using a newly developed dataset this paper examines the cyclicality of private capital inflows to low-income developing countries (LIDCs) over the period 1990-2012. The empirical analysis shows that capital inflows to LIDCs are procyclical, yet considerably less procyclical than flows to more advanced economies. The analysis also suggests that flows to LIDCs are more persistent than flows to emerging markets (EMs). There is also evidence that changes in risk aversion are a significant correlate of private capital inflows with the expected sign, but LIDCs seem to be less sensitive to changes in global risk aversion than EMs. A host of robustness checks to alternative estimation methods, samples, and control variables confirm the baseline results. In terms of policy implications, these findings suggest that private capital inflows are likely to become more procyclical as LIDCs move along the development path, which could in turn raise several associated policy challenges, not the least concerning the reform of traditional monetary policy frameworks.
| 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 | : Gerald A. Epstein |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 368 |
| Release | : 2005-01-01 |
| Genre | : Business & Economics |
| ISBN | : 9781781008058 |
Download Capital Flight and Capital Controls in Developing Countries Book in PDF, ePub and Kindle
Capital flight - the unrecorded export of capital from developing countries - often represents a significant cost for developing countries. It also poses a puzzle for standard economic theory, which would predict that poorer countries be importers of capital due to its scarcity. This situation is often reversed, however, with capital fleeing poorer countries for wealthier, capital-abundant locales. Using a common methodology for a set of case studies on the size, causes and consequences of capital flight in developing countries, the contributors address the extent of capital flight, its effects, and what can be done to reverse it. Case studies of Brazil, China, Chile, South Africa, Thailand, Turkey and the Middle East provide rich descriptions of the capital flight phenomena in a variety of contexts. The volume includes a detailed description of capital flight estimation methods, a chapter surveying the impact of financial liberalization, and several chapters on controls designed to solve the capital flight problem. The first book devoted to the careful calculation of capital flight and its historical and policy context, this volume will be of great interest to students and scholars in the areas of international finance and economic development.
| Author | : Gerald K. Helleiner |
| Publisher | : Springer |
| Total Pages | : 247 |
| Release | : 2016-07-27 |
| Genre | : Business & Economics |
| ISBN | : 1349150711 |
Download Capital Account Regimes and the Developing Countries Book in PDF, ePub and Kindle
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.
| Author | : |
| Publisher | : |
| Total Pages | : 56 |
| Release | : 2009 |
| Genre | : Balance of payments |
| ISBN | : |
Download External Balance in Low Income Countries Book in PDF, ePub and Kindle
This paper offers a coherent empirical analysis of the determinants of the real exchange rate, the current account, and the net foreign assets position in low income countries. The paper focuses on indicators specific to low income countries, such as the quality of policies and institutions, the special access to official external financing, and the role of shocks. In addition to more standard factors, we find that domestic financial liberalization is associated with higher current account balances and net foreign asset positions, while capital account liberalization is associated with lower current account balances and net foreign asset positions and with more appreciated real exchange rates. Negative exogenous shocks tend to raise (reduce) the current account in countries with closed (opened) capital accounts. Finally, foreign aid is progressively absorbed over time through net imports, and is associated with a more depreciated real exchange rate in the long-run.
