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Capital Controls And The Real Exchange Rate
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Book Synopsis Capital Controls, Exchange Rates, and Monetary Policy in the World Economy by : Sebastian Edwards
Download or read book Capital Controls, Exchange Rates, and Monetary Policy in the World Economy written by Sebastian Edwards and published by Cambridge University Press. This book was released on 1997-06-13 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays collected in this volume discuss the impact of increased capital mobility on macroeconomic performance.
Book Synopsis Capital Controls and the Real Exchange Rate by : Sweder van Wijnbergen
Download or read book Capital Controls and the Real Exchange Rate written by Sweder van Wijnbergen and published by . This book was released on 1989 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using an intertemporal, two-country general equilibrium model, I demonstrate that international asymmetries in expenditure patterns determine the real exchange rate effects of capital controls. Capital import taxes lower world interest rates, but raise home interest rates. These changes in interest rates bring about a change in the composition of world expenditure, with a shift of home expenditure from the present ('today') to the future ('tomorrow'), and a shift of foreign aggregate expenditure from tomorrow to today. If the pattern of expenditure across commodities is the same at home and abroad, the change in the composition of world expenditure has no effects on the (excess) demand for any particular commodity. Therefore, with identical expenditure patterns at home and abroad, the imposition of capital controls has no effect on the real exchange rate. However, when consumers have a preference for domestically produced goods, the shift in composition of world expenditure caused by interest rate changes implies a decline in demand today for home goods. In that case, capital controls lower the real exchange rate. Of course, in period two the reverse happens. This result is mitigated when the country imposing capital controls is a large debtor.
Book Synopsis Real Exchange Rate Targeting Under Capital Controls by : Mr.Peter Montiel
Download or read book Real Exchange Rate Targeting Under Capital Controls written by Mr.Peter Montiel and published by International Monetary Fund. This book was released on 1991-07-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the issue of whether the money supply can serve as a nominal anchor for the domestic price level under real exchange rate targeting. When capital controls are perfect so that there is complete separation between official and unofficial markets for foreign exchange, the domestic inflation rate can be stabilized, but only at the expense of a widening gap between official and parallel market exchange rates. When cross - transactions between the two markets are permitted, the steady state of the model is identical to that of a model without capital controls and, hence, the money supply cannot serve as a nominal anchor for the price level in the long run. If capital controls are nevertheless maintained temporarily, and are known to be temporary, targeting the money supply fails to stabilize the rate of inflation even in the short run.
Book Synopsis Exchange Rates, Capital Flows, and Monetary Policy in a Changing World Economy by : William C. Gruben
Download or read book Exchange Rates, Capital Flows, and Monetary Policy in a Changing World Economy written by William C. Gruben and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dramatic growth of international capital flow has provided unprecedented opportunities and risks in emerging markets. This book is the result of a conference exploring this phenomenon, sponsored by the Federal Reserve Bank of Dallas. The issues explored include direct versus portfolio investment; exchange rates and economic growth; and optimal exchange rate policy for stabilizing inflation in developing countries. It concludes with a panel discussion on central bank coordination in the midst of exchange rate instability.
Book Synopsis Capital Flows, Real Exchange Rates, and Capital Controls by : Sebastian Edwards
Download or read book Capital Flows, Real Exchange Rates, and Capital Controls written by Sebastian Edwards and published by . This book was released on 1998 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper deals with some of the most important aspects of Latin America's experience with capital flows during the last twenty-five years. The paper begins with a historical analysis. I then deal with the sequencing of reform and discuss issues related to the relationship between capital flows, real exchange rates, and international competitiveness. I next concentrate on the role of capital controls as a device for isolating emerging economies from the volatility of international capital markets. I begin by reviewing the policy issues and the current debate on the subject. I then present an empirical analysis of Chile's recent experiences with capital controls and make some comparisons to the recent experiences of Columbia. The analysis of the Chilean experience is particularly important since its practice of imposing reserves requirements on capital inflows has been praised by a number of analysts, including senior staff of the multilateral institutions, as an effective and efficient way of reducing the vulnerability associated with capital flows volatility. The results obtained suggest that capital controls in Chile have had mixed results: while they have allowed the Central Bank to have a greater degree of control over short term interest rates, they have failed in avoiding real exchange rate appreciation. The paper ends with some reflections, based on recent Latin American historical episodes, on the role of banks in intermediating capital inflows and on financial crises.
Book Synopsis Targeting the Real Exchange Rate by : Mr.Guillermo Calvo
Download or read book Targeting the Real Exchange Rate written by Mr.Guillermo Calvo and published by International Monetary Fund. This book was released on 1994-02-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a theoretical and empirical analysis of policies aimed at setting a more depreciated level of the real exchange rate. An intertemporal optimizing model suggests that, in the absence of changes in fiscal policy, a more depreciated level of the real exchange can only be attained temporarily. This can be achieved by means of higher inflation and/or higher real interest rates, depending on the degree of capital mobility. Evidence for Brazil, Chile, and Colombia supports the model’s prediction that undervalued real exchange rates are associated with higher inflation.
Book Synopsis Precaution Versus Mercantilism by : Woo Jin Choi
Download or read book Precaution Versus Mercantilism written by Woo Jin Choi and published by . This book was released on 2017 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: We document a new international stylized fact describing the relationship between real exchange rates and external asset holdings. Economists have long argued that the real exchange rate is associated with the net international investment position, appreciating as external wealth increases. This mechanism has been seen as central for international payments equilibrium and relative price adjustments. However, we argue that the effect of external assets held by the public sector -- reserve accumulation -- on real exchange rates may be quite different from that of privately held external assets, and that capital controls are a critical factor behind this difference. For 1975-2007, controlling for GDP per capita and the terms of trade, we find that a one percentage point increase in external assets relative to GDP (net of reserves) is related to an 0.24 percent real exchange rate appreciation. On the contrary, a one percentage point increase in reserve accumulation relative to GDP has virtually no effect on the real exchange rate in financially open countries (low capital controls), and is related to a 1.65 percent real exchange rate depreciation in financially closed countries (high capital controls). Results are stronger in developing countries and in more recent periods. Gross rather than net positions matter and we present a new theoretical model to account for the stylized fact. The framework encompasses so-called precautionary and mercantilist motives for reserve accumulation, and also explains how the optimal capital account policy -- the mix of reserve accumulation and capital controls -- is determined. Further empirical support arises from evidence that reserve accumulation is associated with a trade surplus, along with higher GDP and TFP growth in countries with high capital controls, findings that are consistent with the mechanisms of our model.
Book Synopsis The Effects of Capital Controls on Exchange Rate Volatility and Output by : Michael Frenkel
Download or read book The Effects of Capital Controls on Exchange Rate Volatility and Output written by Michael Frenkel and published by . This book was released on 2001 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Real Exchange Rate, Saving and Investment by : Roy L. McLean
Download or read book The Real Exchange Rate, Saving and Investment written by Roy L. McLean and published by . This book was released on 1994 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital Controls written by Ms.Inci Ötker and published by International Monetary Fund. This book was released on 2000-05-17 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines country experiences with the use and liberalization of capital controls to develop a deeper understanding of the role of capital controls in coping with volatile capital flows, as well as the issues surrounding their liberalization. Detailed analyses of country cases aim to shed light on the motivations to limit capital flows; the role the controls may have played in coping with particular situations, including in financial crises and in limiting short-term inflows; the nature and design of the controls; and their effectivenes and potential costs. The paper also examines the link between prudential policies and capital controls and illstrates the ways in which better prudential practices and accelerated financial reforms could address the risks in cross-border capital transactions.
Download or read book Capital Controls written by Forrest Capie and published by . This book was released on 2002 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Free capital movements played an important part in the economic integration and globalisation of the nineteenth century. This work analyses historical experience with capital controls, in Britain and elsewhere, and reviews the theory. It concludes that such controls are damaging and that there is no case for reviving them.
Book Synopsis A Survey of Academic Literatureon Controls Over International Capital Transactions by : Mr.Michael P. Dooley
Download or read book A Survey of Academic Literatureon Controls Over International Capital Transactions written by Mr.Michael P. Dooley and published by International Monetary Fund. This book was released on 1995-11-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Book Synopsis Capital Mobility by : Leonardo Leiderman
Download or read book Capital Mobility written by Leonardo Leiderman and published by Cambridge University Press. This book was released on 1994-07-14 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume examines capital mobility in both industrialised and developing countries.
Book Synopsis Capital Controls In Emerging Economies by : Christine P Ries
Download or read book Capital Controls In Emerging Economies written by Christine P Ries and published by Routledge. This book was released on 2018-02-23 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at situations where a dramatic transformation of the political environment made existing institutions obsolete. It explores the use of capital controls in the reforming economies of the formerly communist countries.
Book Synopsis The Effects of Capital Controls on Exchange Rate Volatility and Output by : Michael Frenkel
Download or read book The Effects of Capital Controls on Exchange Rate Volatility and Output written by Michael Frenkel and published by INTERNATIONAL MONETARY FUND. This book was released on 2001-11-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper extends the Dornbusch model of overshooting exchange rates to discuss both exchange rate and output effects of capital controls that involve additional costs for international asset transactions. We show that, on the one hand, such capital controls have the merit of reducing the volatility of exchange rates following a monetary shock. On the other hand, the implementation increases exchange rate volatility in the short run and induces costs for the real sector in the form of lower equilibrium output levels.
Book Synopsis Three Lessons for Financial Development in Latin America by : Andres Lederman
Download or read book Three Lessons for Financial Development in Latin America written by Andres Lederman and published by . This book was released on 1998 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Terms of Trade Disturbances, Real Exchange Rates, and Welfare by : International Monetary Fund
Download or read book Terms of Trade Disturbances, Real Exchange Rates, and Welfare written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-03-14 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many arguments that have been advanced in favor of maintaining capital controls within the EC have not paid sufficient attention to the welfare consequences of this type of market intervention. Our paper provides a simple, optimizing framework in which the welfare consequences of capital controls can be assessed. Two main issues are considered. First, how do capital controls affect the adjustment of macroeconomic variables to real disturbances? Second, what is the nature of second best arguments for maintaining capital controls given that certain distortions will remain after the European single market is in place in 1992?
