Capital Account Policies In Chile Macro Financial Considerations Along The Path To Liberalization

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Capital Account Policies in Chile Macro-financial considerations along the path to liberalization

Author : Mr.Yan Carriere-Swallow
Publisher : International Monetary Fund
ISBN 13 : 1484336593
Total Pages : 32 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Capital Account Policies in Chile Macro-financial considerations along the path to liberalization by : Mr.Yan Carriere-Swallow

Download or read book Capital Account Policies in Chile Macro-financial considerations along the path to liberalization written by Mr.Yan Carriere-Swallow and published by International Monetary Fund. This book was released on 2013-05-14 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper recounts Chile’s experience with capital account policies since the 1990s. We present how two external shocks were confronted under very different macroeconomic and capital account frameworks. We show that during the 1997-98 Asian-LTCM-Russia crisis, a closed capital account and relatively rigid exchange rate severely constrained the monetary policy response to the shock, aggravating the fall in domestic demand. During the 2008-09 crisis, a full-fledged inflation targeting framework allowed the authorities to implement a significant countercyclical response. We argue that domestic stability considerations lay behind the policy regime switch toward capital account liberalization from 1999 onwards.

Capital Account Liberalization

Author : Peter Blair Henry
Publisher :
ISBN 13 : 9780979037634
Total Pages : 82 pages
Book Rating : 4.0/5 (376 download)

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Book Synopsis Capital Account Liberalization by : Peter Blair Henry

Download or read book Capital Account Liberalization written by Peter Blair Henry and published by . This book was released on 2006 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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.

Economics of Sovereign Wealth Funds

Author : Mr.Udaibir S. Das
Publisher : International Monetary Fund
ISBN 13 : 1589069277
Total Pages : 330 pages
Book Rating : 4.5/5 (89 download)

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Book Synopsis Economics of Sovereign Wealth Funds by : Mr.Udaibir S. Das

Download or read book Economics of Sovereign Wealth Funds written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2010-12-09 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book covers a wide range of topics of relevance to policymakers in countries that have sovereign wealth funds (SWFs) and those that receive SWF investments. Renowned experts in the field have contributed chapters. The book is organized around four themes: (1) the role and macrofinancial linkages of SWFs, (2) institutional factors, (3) investment approaches and financial markets, and (4) the postcrisis outlook. The book also discusses the challenges facing sovereign wealth funds in the coming years, from an inside perspective on countries, including Canada, Chile, China, Norway, Russia, and New Zealand. Economics of Sovereign Wealth Funds will contribute to a further understanding of the nature, strategies and behavior of SWFs and the environment in which they operate, as their importance is likely to grow in the coming years.

Chile

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498345107
Total Pages : 61 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Chile by : International Monetary Fund. Western Hemisphere Dept.

Download or read book Chile written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2014-07-22 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper on Chile seeks to explain why foreign ownership of locally issued sovereign bonds is so low in Chile and its implications. The low foreign ownership seems to be the result of a combination of macroeconomic, regulatory, and technical factors. The Financial Stability Report discusses the issue, and points to the tax on capital gains, costs for custody of securities and other administrative costs, and the relatively small size of the sovereign bond market as the reasons. Our study also finds that a combination of factors contributed to the low foreign ownership, including a moderate supply of sovereign bonds shadowed by strong local demand, illiquid secondary market, tax and administrative burden, the dominance of inflation-indexed bonds, and inconvenience and potential risks associated with foreign exchange transactions. The small size of the market for nominal bonds, the lack of a liquid secondary market, the previous tax regime and existing administrative burden, and transaction costs in the foreign exchange market seem to be the main reasons.

The Political Economy of Central Banking in Emerging Economies

Author : Mustafa Yağcı
Publisher : Routledge
ISBN 13 : 1000164772
Total Pages : 222 pages
Book Rating : 4.0/5 (1 download)

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Book Synopsis The Political Economy of Central Banking in Emerging Economies by : Mustafa Yağcı

Download or read book The Political Economy of Central Banking in Emerging Economies written by Mustafa Yağcı and published by Routledge. This book was released on 2020-09-03 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the start of the Global Financial Crisis in 2008, research on central banking has gained momentum due to unusual levels of central bank activism and unconventional monetary policy measures in many countries. While these policies drew significant attention to advanced economy central banks, there has been much less academic focus on central banking in emerging economies. This book extends the research on the political economy of central banking by focusing on the emerging economies in Asia, Africa, Latin America, and the European periphery. Central banks are at the heart of economic policymaking, and their decisions have a significant impact on the social and economic well-being of citizens. Adopting an interdisciplinary political economy perspective, the contributions in this book explore the reciprocal relations between politics, economics, and central banks, and how the global and domestic political economy contexts influence central bank practices. The chapters employ diverse theoretical perspectives such as institutional and organizational theory, developmental state resource dependency, and gender studies, drawing on disciplines ranging from politics, international relations, public policy, management, finance, and sociology. This book will appeal to academics and students of central banking, political economy, and emerging economies, as well as professionals and policymakers engaged with central banks, monetary policy, and economic development.

World Economic Outlook, October 2013

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484348834
Total Pages : 657 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis World Economic Outlook, October 2013 by : International Monetary Fund. Research Dept.

Download or read book World Economic Outlook, October 2013 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2013-10-08 with total page 657 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global growth is in low gear, and the drivers of activity are changing. These dynamics raise new policy challenges. Advanced economies are growing again but must continue financial sector repair, pursue fiscal consolidation, and spur job growth. Emerging market economies face the dual challenges of slowing growth and tighter global financial conditions. This issue of the World Economic Outlook examines the potential spillovers from these transitions and the appropriate policy responses. Chapter 3 explores how output comovements are influenced by policy and financial shocks, growth surprises, and other linkages. Chapter 4 assesses why certain emerging market economies were able to avoid the classical boom-and-bust cycle in the face of volatile capital flows during the global financial crisis.

The Curious Case of the Yen as a Safe Haven Currency

Author : Mr.Dennis P. J. Botman
Publisher : International Monetary Fund
ISBN 13 : 1475513429
Total Pages : 21 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis The Curious Case of the Yen as a Safe Haven Currency by : Mr.Dennis P. J. Botman

Download or read book The Curious Case of the Yen as a Safe Haven Currency written by Mr.Dennis P. J. Botman and published by International Monetary Fund. This book was released on 2013-11-06 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: During risk-off episodes, the yen is a safe haven currency and on average appreciates against the U.S. dollar. We investigate the proximate causes of yen risk-off appreciations. We find that neither capital inflows nor expectations of the future monetary policy stance can explain the yen’s safe haven behavior. In contrast, we find evidence that changes in market participants’ risk perceptions trigger derivatives trading, which in turn lead to changes in the spot exchange rate without capital flows. Specifically, we find that risk-off episodes coincide with forward hedging and reduced net short positions or a buildup of net long positions in yen. These empirical findings suggest that offshore and complex financial transactions should be part of spillover analyses and that the effectiveness of capital flow management measures or monetary policy coordination to address excessive exchange rate volatility might be limited in certain cases.

IMF Research Bulletin, September 2013

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
ISBN 13 : 1475558538
Total Pages : 16 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis IMF Research Bulletin, September 2013 by : International Monetary Fund. Research Dept.

Download or read book IMF Research Bulletin, September 2013 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2013-09-16 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Research Summaries in the September 2013 IMF Research Bulletin focus on “External Conditions and Debt Sustainability in Latin America” (Gustavo Adler and Sebastian Sosa) and “Monetary Policy Cyclicality in Emerging Markets” (Donal McGettigan, Kenji Moriyama, and Chad Steinberg). In the Q&A, Itai Aigur and Sunil Sharma discuss “Seven Questions on Macroprudential Policy Frameworks.” The Research Bulletin also includes an updated listing of recent IMF Working Papers, Staff Discussion Notes, and Recommended Readings from the IMF Bookstore, as well as information on a forthcoming conference. The IMF Economic Review’s new Impact Factor is also highlighted.

Capital Account Liberalization

Author : Mr.Giovanni Dell'Ariccia
Publisher : International Monetary Fund
ISBN 13 : 9781557757777
Total Pages : 74 pages
Book Rating : 4.7/5 (577 download)

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Book Synopsis Capital Account Liberalization by : Mr.Giovanni Dell'Ariccia

Download or read book Capital Account Liberalization written by Mr.Giovanni Dell'Ariccia and published by International Monetary Fund. This book was released on 1998-09-30 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Managing Elevated Risk

Author : Iwan J. Azis
Publisher : Springer
ISBN 13 : 9812872841
Total Pages : 129 pages
Book Rating : 4.8/5 (128 download)

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Book Synopsis Managing Elevated Risk by : Iwan J. Azis

Download or read book Managing Elevated Risk written by Iwan J. Azis and published by Springer. This book was released on 2014-12-11 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy—An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book.

Managing Capital Flows

Author : Masahiro Kawai
Publisher : Edward Elgar Publishing
ISBN 13 : 184980687X
Total Pages : 465 pages
Book Rating : 4.8/5 (498 download)

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Book Synopsis Managing Capital Flows by : Masahiro Kawai

Download or read book Managing Capital Flows written by Masahiro Kawai and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Capital Account Liberalization and Inequality

Author : Davide Furceri
Publisher : International Monetary Fund
ISBN 13 : 1513531409
Total Pages : 26 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Capital Account Liberalization and Inequality by : Davide Furceri

Download or read book Capital Account Liberalization and Inequality written by Davide Furceri and published by International Monetary Fund. This book was released on 2015-11-24 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Capital Flows - Review of Experience with the Institutional View

Author : International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498345050
Total Pages : 61 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Capital Flows - Review of Experience with the Institutional View by : International Monetary Fund. Legal Dept.

Download or read book Capital Flows - Review of Experience with the Institutional View written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2016-07-11 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital flows are an important aspect of the international monetary system. They provide significant benefits, both direct and indirect. At the same time, they also carry risks, and a key challenge for countries is how to harness the benefits while managing the risks. The institutional view on the liberalization and management of capital flows provides the Fund with a basis for consistent advice on policies related to capital flows. This paper reviews countries’ experiences with handling capital flows in the period since the adoption of the IMF’s institutional view in 2012. Based on the experience, it identifies a few areas in which the view would benefit from further clarification or elaboration.

Global Waves of Debt

Author : M. Ayhan Kose
Publisher : World Bank Publications
ISBN 13 : 1464815453
Total Pages : 403 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Global Waves of Debt by : M. Ayhan Kose

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Financial Crises Explanations, Types, and Implications

Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1475561008
Total Pages : 66 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Financial Crises Explanations, Types, and Implications by : Mr.Stijn Claessens

Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

Opening trade in financial services-the Chile and Singapore examples

Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic and International Monetary Policy, Trade, and Technology
Publisher :
ISBN 13 :
Total Pages : 224 pages
Book Rating : 4.:/5 (327 download)

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Book Synopsis Opening trade in financial services-the Chile and Singapore examples by : United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic and International Monetary Policy, Trade, and Technology

Download or read book Opening trade in financial services-the Chile and Singapore examples written by United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic and International Monetary Policy, Trade, and Technology and published by . This book was released on 2003 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Emerging Capital Markets and Globalization

Author : Augusto de la Torre
Publisher : World Bank Publications
ISBN 13 : 0821365444
Total Pages : 232 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Emerging Capital Markets and Globalization by : Augusto de la Torre

Download or read book Emerging Capital Markets and Globalization written by Augusto de la Torre and published by World Bank Publications. This book was released on 2006-10-20 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.