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Author : Niels Thygesen
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (133 download)
Download or read book Capital Controls, Financial Integration and the EMS written by Niels Thygesen and published by . This book was released on 1986 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ulrich Machold
Publisher : GRIN Verlag
ISBN 13 : 3638161498
Total Pages : 21 pages
Book Rating : 4.6/5 (381 download)
Download or read book Capital Controls, EMU and the Crisis of the European Monetary System written by Ulrich Machold and published by GRIN Verlag. This book was released on 2003-01-04 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2002 in the subject Economics - Monetary theory and policy, grade: 1.0 (A), Technical University of Berlin (European Center), course: European Monetary Integration, language: English, abstract: For European monetary affairs, 1992 was a watershed: In January, the European Monetary System (EMS) celebrated five years of stability; by November, it was all but falling apart. Two of its members had been driven from the system, two others had experienced steep and involuntary devaluations. The EMS was undergoing the worst crisis of its existence. When analysing these events, they inevitably lead to the issue of financial liberalisation. If the argument that the lack of control over international capital flows is at the heart of such crises is true, their costs must be weighed against the benefits of the liberalisation process. But can the use of capital controls be in any way compatible with the process of European financial integration? Does the idea not go against the entire philosophy embodied in the project of economic and monetary union (EMU)? Some authors argue that not only can capital controls be made compatible with the integration process but that they are in fact the only option available to safeguard any pegged exchange rate system against the excesses of occasionally irrational and overwhelmingly powerful financial markets. The resulting question, though merely speculative in retrospect, is thus two-fold: Could capital controls have helped to prevent the 1992-crisis of the EMS and would it therefore have been beneficial to allow for this instrument afterwards, instead of widening the fluctuation bands to 30 per cent? And, resultingly, could capital controls exist within a fixed exchange rate system like the EMS then and the EMSII in the future? I shall, as preliminaries, first briefly summarise the main arguments of the discussion on the desirability of capital controls. Subsequently, I shall discuss, whether capital controls can actually achieve what they were designed for. In the main section, I shall analyse what causes for the 1992-crisis seem probable, why the post-1992 re-constitution of the system took the form it actually did and whether capital controls could have been relevant in this context or will do so in the future.
Author : Daniel Gros
Publisher :
ISBN 13 :
Total Pages : 84 pages
Book Rating : 4.F/5 ( download)
Download or read book The EMS written by Daniel Gros and published by . This book was released on 1988 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Daniel Detzer
Publisher : GRIN Verlag
ISBN 13 : 3640660358
Total Pages : 16 pages
Book Rating : 4.6/5 (46 download)
Download or read book Are capital controls a useful instrument of economic policy? written by Daniel Detzer and published by GRIN Verlag. This book was released on 2010-07-13 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2010 in the subject Economics - Monetary theory and policy, grade: 1,3, Berlin School of Economics and Law, course: International Trade and Monetary Economics, language: English, abstract: “Loose funds may sweep round the world disorganizing all steady business. Nothing is more certain than that the movement of capital funds must be regulated” Keynes, J.M. Already Keynes warned against a free movement of capital. Those warnings were taken seriously by the international community and the IMF allowed in its articles the use of capital controls. The attitude towards those controls changed remarkably during the 1980`s when a general trend towards deregulation occurred. This trend peaked in an attempt to include the purpose of liberalizing capital movements in the Articles of Agreements of the IMF. Coinciding with the Asian Crisis, parts of the academic profession heavily opposed this idea and eventually, some of the fund`s representatives revised their general opposition against capital controls. Nonetheless, in big parts of the academic profession, capital controls carry a negative smack and the ultimate goal of free capital flows is promoted. With the financial crisis, however, capital controls came into vogue again. Recently, Brazil introduced a tax on foreign portfolio investment. Also at the G20 level, ways on how to regulate international capital flows are discussed. Whether this should be seen as a desirable development or not, boils down to the question if capital controls are a useful instrument of economic policy? In general capital controls are any kind of policy that limits or redirects capital account transactions. So, the above mentioned question can be answered by looking at the situation of a fully liberalized capital account with its associated cost and benefits and see if state intervention in form of capital controls would be able to improve the situation. This discussion shall first rest on theoretical considerations and outline possible benefits of free capital flows. Thereafter, an important assumption, namely the Efficient Market Theorem, which allows for the prediction of those benefits, will be discussed. Subsequently, by dropping the EMT and introducing Keynesian uncertainty an alternative scenario is drawn and the effect of capital controls within this framework is examined. After this, some of the empirical research regarding the benefits of free capital flows will be examined and some of the areas where capital controls can play a beneficial role are introduced to the reader. Finally, the insights gained in the course of this paper will be summarized and an answer to the stated question will be given.
Author : Graciela Kaminsky
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (129 download)
Download or read book Short- and Long-Run Integration written by Graciela Kaminsky and published by . This book was released on 2004 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do controls on capital flows persistently isolate domestic markets from international markets? Or is the insulation they provide just ephemeral?Kaminsky and Schmukler study whether capital controls affect the link between domestic and foreign stock market prices and interest rates. To examine the characteristics of international market integration and the effects of capital controls in the short and long run, they apply band-pass filter techniques to data from six emerging economies during the 1990s.They find that markets seem to be linked more at longer horizons. Equity prices seem to be more connected internationally than interest rates.They also find little evidence that controls effectively segment domestic markets from foreign markets. And when they do, the effects seem to be short-lived.Moreover, the effects of controls on outflows do not seem to differ from those of controls on inflows. For example, controls on outflows in Venezuela during the 1994 crisis, and unremunerated reserve requirements in Chile and Colombia during a capital-inflow episode, seem to have shielded domestic markets at the most at very high frequencies.The degree of financial sophistication does not seem to affect Kaminsky and Schmukler's conclusions on the insulation provided by capital controls. True, more developed financial markets, such as those in Brazil, are more closely linked to international markets than those in Colombia and Venezuela, which are far more illiquid. But capital controls do not seem to provide an extra cushion against international spillovers even in less developed markets.This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to understand the functioning of financial markets and the benefits of financial integration. The study was funded by the Bank's Research Support Budget under the research project quot;Financial Development and Contagion.quot; The authors may be contacted at [email protected] or [email protected].
Author : Alberto Giovannini
Publisher :
ISBN 13 :
Total Pages : 348 pages
Book Rating : 4.:/5 (797 download)
Download or read book European Financial Integration written by Alberto Giovannini and published by . This book was released on 1991 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Francesco Giavazzi
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.X/5 (2 download)
Download or read book The 'new' EMS written by Francesco Giavazzi and published by . This book was released on 1990 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Interpreta los recientes desarrollos del SME, su evolucion desde un regimen de paridades ajustables, donde los controles de capital actuaban como apoyo a las monedas mas debiles, a otro en el que se ha procedido a una liberalizacion financiera. Analiza los efectos de un regimen de tipo de cambio fijo y libre movimiento de capitales sobre la estabilidad del sistema, haciendo referencia particular a las experiencias de Italia y España. (igm).
Author : Mr.R. G Gelos
Publisher : International Monetary Fund
ISBN 13 : 1513522906
Total Pages : 44 pages
Book Rating : 4.5/5 (135 download)
Download or read book Capital Flows at Risk: Taming the Ebbs and Flows written by Mr.R. G Gelos and published by International Monetary Fund. This book was released on 2019-12-20 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new framework to answer critical policy questions: What policies and policy frameworks are most effective in dampening sharp capital flow movements in response to global shocks? What are the near- versus medium-term trade-offs of different policies? We tackle these questions using a quantile regression framework to predict the entire future probability distribution of capital flows to emerging markets, based on current domestic structural characteristics, policies, and global financial conditions. This new approach allows policymakers to quantify capital flows risks and evaluate policy tools to mitigate them, thus building the foundation of a risk management framework for capital flows.
Author : D.E. Fair
Publisher : Springer Science & Business Media
ISBN 13 : 9400936516
Total Pages : 394 pages
Book Rating : 4.4/5 (9 download)
Download or read book International Monetary and Financial Integration — The European Dimension written by D.E. Fair and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers collected in this volume are those presented at the thirteenth Colloquium arranged by the Societe Universitaire Europeenne de Recherches Financieres (SUERF), which took place in Luxembourg in October 1986. The Society issupported byalargenumberofcentralbanksandcommer cial banks, byother financial and business institutions, by treasury officials and by academics and others interested in monetary and financial prob lems. Since its establishment in 1963 it has developed as a forum for the exchange of information, research results and ideas, valued by academics and practitioners in these fields, including central bank officials and civil servants responsible for formulating and applying monetary and financial policies, national and international. A major 'activity of SUERF is to organize and conduct Colloquia on subjects of topical interest to its mem bers. The titles, places and dates of previous Colloquia for which volumes of the collected papers were published are noted on the last page of this volume. Volumes were not produced for Colloquia held at Tarragona, Spain in October 1970 under the title 'Monetary Policy and New Develop ments inBanking'andatStrasbourg, France inJanuary 1972underthe title 'Aspects ofEuropean Monetary Union'. The previous SUERF Colloquium, at Cambridge in March 1985, had as its subject 'Shifting Frontiers in Financial Markets'
Author : Age Bakker
Publisher : International Monetary Fund
ISBN 13 : 1589061179
Total Pages : 72 pages
Book Rating : 4.5/5 (89 download)
Download or read book Advanced Country Experiences with Capital Account Liberalization written by Age Bakker and published by International Monetary Fund. This book was released on 2002-09-26 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the industrial countries established current account convertibility in the late1950s, they began to phase out their capital controls. Their efforts were slow and tentative at first, but built up considerable momentum by the 1980s as market-oriented economic policies gained popularity. This paper describes how national policymakers’ views of capital controls shifted over time, and how these controls have been closely related to regulation in other policy areas, such as banking and financial markets. As developing countries seek to liberalize their capital accounts to obtain the benefits of increased integration with the global economy, what lessons can be drawn from industrial countries’ diverse experiences with capital controls, and how can a country’s liberalization measures be sequenced to minimize disturbances to its exchange rate and monetary policies?
Author : Paul J.J. Welfens
Publisher : Springer Science & Business Media
ISBN 13 : 3642975402
Total Pages : 374 pages
Book Rating : 4.6/5 (429 download)
Download or read book European Monetary Integration written by Paul J.J. Welfens and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: EC monetary integration was reinforced in the 1980s when macroeconomic convergence and a dominant role of the German Bundesbank created the basis for relatively stable exchange rates and increasing EC trade volumes. Reduced capital controls and rising capital mobility as well as German unification caused shifts and shocks which undermined EMS stability in a critical period - the transition to EMU in accord with the Maastricht Treaty which called for further increasing monetary integration. The analysis focuses on these issues, the EMS crisis of 1992/93, the topic of optimum currency areas and the problem of fiscal policies/regional stabilization in Europe, the US and Canada. This book gives an assessment of the EMS developments and shows how financial market liberalization as well as the EC 1992 project affect the process of economic and monetary union.
Author : Age F.P. Bakker
Publisher : Springer Science & Business Media
ISBN 13 : 940110123X
Total Pages : 350 pages
Book Rating : 4.4/5 (11 download)
Download or read book The Liberalization of Capital Movements in Europe written by Age F.P. Bakker and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: The member states are facing the choice between either reaping the benefits of increasing integration in a certain area - in this case the capital markets - attended by a significant reduction in national powers of autonomous decision-making and independence, or retaining this national independence enabling them to pursue their own policy objectives with the aid of instruments selected at their discretion. To this question, there is no generally valid answer. The solution is determined by the weight assigned to the benefits, on the one hand, and that assigned to the reduction in national sovereignty, on the other. This, however, is a subjective matter, which is assessed differently in the various countries. OnnoRuding, 1969 1. 1 CAPITAL LffiERALIZATION AND MONETARY UNIFICATION In the 1980s Europe made a leap forward towards the liberalization of capital movements. EEC directives were accepted by all member states obliging them to abolish all remaining exchange controls. This common objective of freedom of capital movements has been consolidated in the Treaty on European Union. Nowadays virtually all restrictions have been lifted. This stands in striking contrast to the state of affairs only a decade ago, when many countries still operated a tight regime. Although the Treaty of Rome provided for the freedom of capital movements, this objective was circumscribed by the clause that such liberalization should only be carried through to the extent necessary to ensure the proper functioning of the Common Market.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451921047
Total Pages : 46 pages
Book Rating : 4.4/5 (519 download)
Download or read book Economic and Monetary Integration and the Aggregate Demand for Money in the EMS written by International Monetary Fund and published by International Monetary Fund. This book was released on 1990-03-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study shows that the aggregate demand for M1 in the group of countries participating in the Exchange Rate Mechanism (ERM) of the European Monetary System can be expressed as a stable function of ERM-wide income, inflation, interest rates, and the exchange rate of the European Currency Unit (ECU) vis-à-vis the U.S. dollar. A notable feature of the model is the rapid elimination of monetary disequilibria, in contrast with most single-country estimates which tend to find implausibly slow adjustment. These results are suggestive: if robust, they would indicate that, even at the present stage of economic and monetary integration, a European central bank could, in principle, implement monetary control more effectively than the individual national central banks.
Author : Dongsoo Kang
Publisher : Edward Elgar Publishing
ISBN 13 : 1785369571
Total Pages : 329 pages
Book Rating : 4.7/5 (853 download)
Download or read book Macroprudential Regulation of International Finance written by Dongsoo Kang and published by Edward Elgar Publishing. This book was released on 2016-09-30 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent events, such as capital flow reversals and banking sector crises, have shaken faith in the widely held belief in the benefits of greater financial integration and financial deepening, which are typical in advanced economies. This book shows that emerging economies have often weathered the storm best despite the supposed burden of ‘weak institutions’. It demonstrates that a better policy framework requires reliable indicators of vulnerability to financial instability, as well as improved policy tools and automatic stabilizers that anticipate and limit the vulnerabilities to financial crises.
Author : Sylvester C. W. Eijffinger
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 528 pages
Book Rating : 4.:/5 (318 download)
Download or read book International Financial Integration written by Sylvester C. W. Eijffinger and published by Edward Elgar Publishing. This book was released on 2003 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: The degree of international financial integration achieved by capital flows remains a matter of debate. Furthermore, it evolves over time as markets become more and less integrated. Policymakers want to have a precise knowledge of the extent and direction of international capital flows because such flows influence the incentives for tax evasion, international redistribution and the vulnerability of the economy to external shocks. These volumes bring together a comprehensive selection of classic and contemporary readings on international financial integration. First, there is a review of the literature on measuring cross-border capital mobility followed by formal tests of the degree of international financial integration. Second, there is an examination of what factors actually determine the extent of cross-border capital mobility, and hence international financial integration. This authoritative collection will be invaluable for both students and specialists.
Author : Joerg Mayer
Publisher :
ISBN 13 :
Total Pages : 63 pages
Book Rating : 4.:/5 (933 download)
Download or read book Capital Controls in the EMS written by Joerg Mayer and published by . This book was released on 1989 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Vittorio Grilli
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.3/5 ( download)
Download or read book Financial Integration, Liquidity and Exchange Rates written by Vittorio Grilli and published by . This book was released on 1989 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a two-country extension of Lucas' (1988) work on the effects of cash-in-advance constraints in asset markets on the pricing of financial assets. The model is one where there exists some degree of separation between the goods markets and the asset markets and money is used for transactions in both markets. The main results of the paper are the following. First, the equilibrium level of the exchange rate depends on the share of money used for asset transactions: a greater share will correspond to a more appreciated exchange rate. Second, under uncertainty, liquidity effects deriving from stochastic shocks to bond creation lead to an "excess" volatility of nominal and real exchange rates even when the "fundamental" value of the exchange rate is constant. Third, capital controls in the form of taxes on foreign asset acquisitions tend to appreciate the exchange rate. Fourth, the maturity structure of the public debt affects the equilibrium exchange rate. In particular, a move towards a longer maturity structure will tend to depreciate the exchange rate
