Uphill Capital Flows And The International Monetary System PDF Download
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| Author | : Mr.Balazs Csonto |
| Publisher | : International Monetary Fund |
| Total Pages | : 30 |
| Release | : 2017-07-27 |
| Genre | : Business & Economics |
| ISBN | : 1484313321 |
Download Uphill Capital Flows and the International Monetary System Book in PDF, ePub and Kindle
Uphill capital flows constitute a key transmission channel through which reserve accumulation can distort the stability of the international monetary system. This paper examines and quantifies the importance of this transmission channel by examining how foreign official purchases of U.S. Treasuries influences the U.S. yield curve at different maturities. Our findings suggest that a percentage point increase in foreign official holdings relative to outstanding marketable securities reduces the term premium by 2.0–2.4 basis points at maturities of 2–3 years. These estimates are then used to gauge the role of a global policy in reducing excess reserve accumulation?e.g., a composite global reserve asset or through global liquidity facilities. Findings show that a policy that reduces the demand for Treasuries by $100 billion would increase yields by 1.5–1.8 basis points.
| Author | : Mr.Timothy D. Lane |
| Publisher | : International Monetary Fund |
| Total Pages | : 116 |
| Release | : 1991-04-15 |
| Genre | : Business & Economics |
| ISBN | : 9781557752055 |
Download Determinants and Systemic Consequences of International Capital Flows Book in PDF, ePub and Kindle
The growing integration of capital markets has strengthened incentives for greater international coordination of economic and financial policies. Structural changes in these financial market, however, may have undermined the effectiveness of monetary and fiscal policy and complicated market access by developing countries. These are among the findings of this study of capital flows in the 1970s and the 1980s.
| Author | : Barry Eichengreen |
| Publisher | : Princeton University Press |
| Total Pages | : 314 |
| Release | : 2019-08-06 |
| Genre | : Business & Economics |
| ISBN | : 0691194580 |
Download Globalizing Capital Book in PDF, ePub and Kindle
Essential reading for understanding the international economy—now thoroughly updated Lucid, accessible, and provocative, and now thoroughly updated to cover recent events that have shaken the global economy, Globalizing Capital is an indispensable account of the past 150 years of international monetary and financial history—from the classical gold standard to today's post–Bretton Woods "nonsystem." Bringing the story up to the present, this third edition covers the global financial crisis, the Greek bailout, the Euro crisis, the rise of China as a global monetary power, the renewed controversy over the international role of the U.S. dollar, and the currency war. Concise and nontechnical, and with a proven appeal to general readers, students, and specialists alike, Globalizing Capital is a must-read for anyone who wants to understand where the international economy has been—and where it may be going.
| 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
| Author | : Mr.Alejandro Lopez Mejia |
| Publisher | : International Monetary Fund |
| Total Pages | : 55 |
| Release | : 1999-02-01 |
| Genre | : Business & Economics |
| ISBN | : 1451843518 |
Download Large Capital Flows Book in PDF, ePub and Kindle
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.
| Author | : Atish R. Ghosh |
| Publisher | : MIT Press |
| Total Pages | : 489 |
| Release | : 2018-01-12 |
| Genre | : Political Science |
| ISBN | : 0262343762 |
Download Taming the Tide of Capital Flows Book in PDF, ePub and Kindle
A comprehensive examination of policy measures intended to help emerging markets contend with large and volatile capital flows. While always episodic in nature, capital flows to emerging market economies have been especially volatile since the global financial crisis. After peaking at $680 billion in 2007, flows to emerging markets turned negative at the onset of crisis in 2008, then rebounded only to recede again during the U.S. sovereign debt downgrade in 2011. Since then, flows have continued to swing wildly, leaving emerging market policy makers wondering whether they can put in place policies during the inflow phase that will soften the blow when flows subsequently recede. This book offers the first comprehensive treatment of policy measures intended to help emerging markets contend with large and volatile capital flows. The authors, all IMF experts, explain that, in the spirit of liberalization and deregulation in the 1980s and 1990s, many emerging market governments eliminated capital inflow controls along with outflow controls. By 2012, however, capital inflow controls were again acknowledged as legitimate policy tools. Focusing on the macroeconomic and financial-stability risks associated with capital flows, the authors combine theoretical and empirical analysis to consider the interaction between monetary, exchange rate, macroprudential, and capital control policies to mitigate these risks. They examine the effectiveness of various policy tools, discuss the practical considerations and multilateral implications of their use, and provide concrete policy advice for dealing with capital inflows.
| Author | : International Monetary Fund. Strategy, Policy, & Review Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 49 |
| Release | : 2012-04-11 |
| Genre | : Business & Economics |
| ISBN | : 1498339611 |
Download The Liberalization and Management of Capital Flows - An Institutional View Book in PDF, ePub and Kindle
Capital flows have increased significantly in recent years and are a key aspect of the global monetary system. They offer potential benefits to countries, but their size and volatility can also pose policy challenges. The Fund needs to be in a position to provide clear and consistent advice with respect to capital flows and policies related to them. In 2011, the International Monetary and Financial Committee (IMFC) called for ?further work on a comprehensive, flexible, and balanced approach for the management of capital flows.? This paper proposes an institutional view to underpin this approach, drawing on earlier Fund policy papers, analytical work, and Board discussions on capital flows.
| Author | : Istvan Gyongyossy |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 159 |
| Release | : 2013-06-29 |
| Genre | : Business & Economics |
| ISBN | : 9401719470 |
Download International Money Flows and Currency Crises Book in PDF, ePub and Kindle
The author had already become involved with the subject of this book when President Nixon suspended the convertibility of the dollar on August 15, 1971. This declaration was equivalent to an official admission of the previously evident failure of the inter national monetary system established in Bretton Woods after long and difficult negotiations. Although the real reasons for this failure are much deeper and more complex, the immediate cause was the tremendous outjlow of money from the United States to Europe and Japan. Never before had economic history recorded a currency movement of such magnitude, although during the periods preceding the devaluation of the French franc and the re valuation of the Deutsche Mark (Le. , by the end of 1968 and mostly in 1969), and particularly at the beginning of 1971, the in ternational flow of money grew to such huge proportions as to alm ost traumatize the economic and financial circles of developed capitalist countries. These economic and financial circles correctly foresaw that the ever growing and hardly controllable volume of currency flow could seriously endanger the already precarious balance of the international financial system and perhaps even upset it. This brief analysis, in contrast to many other predictions of cur rency developments, holds true for a longer period as well.
| Author | : Mr.Atish R. Ghosh |
| Publisher | : International Monetary Fund |
| Total Pages | : 256 |
| Release | : 2017-03-30 |
| Genre | : Business & Economics |
| ISBN | : 1475584741 |
Download From Great Depression to Great Recession Book in PDF, ePub and Kindle
The global financial crisis and the ensuing Great Recession raised concerns about adjustment fatigue, deflation, currency wars, and secular stagnation that presented a sense of déjà vu: similar concerns had arisen at the time of the Great Depression and at the end of World War II. As with earlier crises, these concerns prompted calls for greater international policy cooperation—both to achieve a sustainable recovery from the crisis and to prevent future crises. This volume compiles papers from a 2015 symposium of eminent scholars convened by the IMF to discuss how history can inform current debates about the functioning and challenges of the international monetary system. An introductory chapter sets the stage for the other chapters in the volume by giving a broad overview of the performance of the international monetary system over the past century, highlighting the key events and challenges that shaped it. Subsequent sections look at historical antecedents of today’s challenges, describe how the modern international monetary system has been—and continues to be—shaped through international financial diplomacy, provide a present-day perspective, and examine the analytics of international policy coordination.
| 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.
