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Author | : Stephany Griffith-Jones |
Publisher | : OUP Oxford |
Total Pages | : 325 |
Release | : 2001-02-01 |
Genre | : Business & Economics |
ISBN | : 0191589144 |
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The currency crises that engulfed East Asian economies in 1997 and Mexico in 1994 - and their high development costs - raise a serious concern about the net benefits for developing countries of large flows of potentially reversible short-term international capital. Written by senior policy-makers and academics, the contributions to this volume examine in depth the macroeconomic and other policy dilemmas confronting public authorities in the emerging economies as they deal with short-term capital movements, especially in the period before the outbreak of these crises. The studies are based on comparative case studies of key emerging economies. Valuable insights are also derived from contrasts between the East Asian, Latin American, African, and European experiences, between the financial and real effects of financial flows, and between private and public responsibilities in managing financial markets. The great value of the chapters in this volume is that they analytically identify the weaknesses in both domestic and international capital market regimes. The recommendations derived from this analysis apply to the development of financial markets in developing countries, the monitoring and regulation of mutual funds in source countries, and the future development of international capital markets. They will make an important contribution both to the discussion of national policies and of a new international financial architechture.
Author | : Miles Kahler |
Publisher | : Cornell University Press |
Total Pages | : 284 |
Release | : 2018-09-05 |
Genre | : Political Science |
ISBN | : 1501731408 |
Download Capital Flows and Financial Crises Book in PDF, ePub and Kindle
Capital flows to the developing economies have long displayed a boom-and-bust pattern. Rarely has the cycle turned as abruptly as it did in the 1990s, however: surges in lending were followed by the Mexican peso crisis of 1994-95 and the sudden collapse of currencies in Asia in 1997. This volume maps a new and uncertain financial landscape, one in which volatile private capital flows and fragile banking systems produce sudden reversals of fortune for governments and economies. This environment creates dilemmas for both national policymakers who confront the "mixed blessing" of capital inflows and the international institutions that manage the recurrent crises.The authors—leading economists and political scientists—examine private capital flows and their consequences in Latin America, Pacific Asia, and East Europe, placing current cycles of lending in historical perspective. National governments have used a variety of strategies to deal with capital-account instability. The authors evaluate those responses, prescribe new alternatives, and consider whether the new circumstances require novel international policies.
Author | : Barry J. Eichengreen |
Publisher | : MIT Press |
Total Pages | : 396 |
Release | : 2004 |
Genre | : Business & Economics |
ISBN | : 9780262550598 |
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An analysis of the connections between capital flows and financial crises as well as between capital flows and economic growth.
Author | : Chia-Ying Chang |
Publisher | : Routledge |
Total Pages | : 298 |
Release | : 2017-04-21 |
Genre | : Business & Economics |
ISBN | : 1315469391 |
Download Capital Flows, Financial Markets and Banking Crises Book in PDF, ePub and Kindle
The increasing capital flows in the emerging markets and developed countries have raised various concerns worldwide. One main concern is the impact of the sharp decline of capital flows – so-called sudden stops – on financial markets and the stability of banking systems and the economy. The sudden stops and banking crises have been identified as the two main features of most financial crises, including the recent Asian Financial Crisis and Global Financial Crisis. However, how capital flows and banking crises are connected still remains unanswered. Most current studies on capital flows are empirical work, which faces various challenges. The challenges include how data has been collected and measured in each country and how sensitive the results are to the data and the adopted methodologies. Moreover, the links between capital flows and banking systems have been neglected. This book helps provide some insight into the challenges faced by empirical studies and the lessons of the recent crises. The book develops theoretical analysis to deepen our understanding on how capital flows, banking systems and financial markets are linked with each other and provides constructive policy implications by overcoming the empirical challenges.
Author | : Swarnali Ahmed Hannan |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 2017-03-13 |
Genre | : Business & Economics |
ISBN | : 1475586787 |
Download The Drivers of Capital Flows in Emerging Markets Post Global Financial Crisis Book in PDF, ePub and Kindle
Using a sample of 34 emerging markets and developing economies over the period 2009Q3-2015Q4, the paper employs a panel framework to study the determinants of capital flows, both net and gross, across a wide range of instruments. The baseline regressions are then extended to focus on high and low episodes – quarters with flows one standard deviation above/below mean. Overall, the results suggest that the capital flow slowdown witnessed in recent years is due to a combination of lower growth prospects of recipient countries and worse global risk sentiment. However, the determinants of flows can be considerably different across instruments and across the type of flows considered, net or gross. The sensitivity of certain types of flows, towards push and pull factors, increases during periods of high and low capital flows. Moreover, some variables may not necessarily be significant during normal times, but can be important drivers during such episodes, and vice versa. Indicators like the gap between the U.S. long- and short-term maturity bond yields – not significant during normal times – can be an important driver during high episodes.
Author | : Mr.Hui Tong |
Publisher | : International Monetary Fund |
Total Pages | : 39 |
Release | : 2009-08-01 |
Genre | : Business & Economics |
ISBN | : 1451873115 |
Download The Composition Matters Book in PDF, ePub and Kindle
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
Author | : Richard Portes |
Publisher | : Commonwealth Secretariat |
Total Pages | : 48 |
Release | : 1997 |
Genre | : Business & Economics |
ISBN | : 9780850925029 |
Download Coping with International Capital Flows Book in PDF, ePub and Kindle
Private capital flows to developing countries have increased dramatically. This book identifies key concerns about the sustainability and volatility of these flows, and makes a number of recommendations for national macroeconomics management, including crisis prevention measures. In addition there is an innovative proposal for the orderly workout of sovereign debt
Author | : Mr.Ilan Goldfajn |
Publisher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 1997-07-01 |
Genre | : Business & Economics |
ISBN | : 1451850980 |
Download Capital Flows and the Twin Crises Book in PDF, ePub and Kindle
This paper develops a model that focuses on the interaction of liquidity creation by financial intermediaries with capital flows and exchange rate collapses. The intermediaries’ role of transforming maturities is shown to result in larger movements of capital and a higher probability of crisis. These movements resemble the observed cycle in capital flows: large inflows, crisis and abrupt outflows. The model highlights how adverse productivity and international interest rate shocks may trigger a sudden outflow of capital and an exchange collapse. The initial shock is magnified by the behavior of individual foreign investors linked through their deposits in the intermediaries. The expectation of an eventual exchange rate crisis links investors’ behavior even further.
Author | : Masahiro Kawai |
Publisher | : Edward Elgar Publishing |
Total Pages | : 465 |
Release | : 2010-01-01 |
Genre | : Business & Economics |
ISBN | : 184980687X |
Download Managing Capital Flows Book in PDF, ePub and Kindle
Managing Capital Flows provides analyses that can help policymakers develop a framework for managing capital flows that is consistent with prudent macroeconomic and financial sector stability. While capital inflows can provide emerging market economies with invaluable benefits in pursuing economic development and growth, they can also pose serious policy challenges for macroeconomic management and financial sector supervision. The expert contributors cover a wide range of issues related to managing capital flows and analyze the experience of emerging Asian economies in dealing with surges in capital inflows. They also discuss possible policy measures to manage capital flows while remaining consistent with the goals of macroeconomic and financial sector stability. Building on this analysis, the book presents options for workable national policies and regional policy cooperation, particularly in exchange rate management. Containing chapters that bring in international experiences relevant to Asia and other emerging market economies, this insightful book will appeal to policymakers in governments and financial institutions, as well as public and private finance experts. It will also be of great interest to advanced students and academic researchers in finance.
Author | : Yilmaz Akyüz |
Publisher | : |
Total Pages | : 76 |
Release | : 2000 |
Genre | : Capital movements |
ISBN | : |
Download Capital Flows to Developing Countries and the Reform of the International Financial System Book in PDF, ePub and Kindle