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Development In An Era Of Capital Control
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Book Synopsis Capital Flight and Capital Controls in Developing Countries by : Gerald A. Epstein
Download or read book Capital Flight and Capital Controls in Developing Countries written by Gerald A. Epstein and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital flight - the unrecorded export of capital from developing countries - often represents a significant cost for developing countries. It also poses a puzzle for standard economic theory, which would predict that poorer countries be importers of capital due to its scarcity. This situation is often reversed, however, with capital fleeing poorer countries for wealthier, capital-abundant locales. Using a common methodology for a set of case studies on the size, causes and consequences of capital flight in developing countries, the contributors address the extent of capital flight, its effects, and what can be done to reverse it. Case studies of Brazil, China, Chile, South Africa, Thailand, Turkey and the Middle East provide rich descriptions of the capital flight phenomena in a variety of contexts. The volume includes a detailed description of capital flight estimation methods, a chapter surveying the impact of financial liberalization, and several chapters on controls designed to solve the capital flight problem. The first book devoted to the careful calculation of capital flight and its historical and policy context, this volume will be of great interest to students and scholars in the areas of international finance and economic development.
Book Synopsis Development in an Era of Capital Control by : Ciara Hackett
Download or read book Development in an Era of Capital Control written by Ciara Hackett and published by Springer. This book was released on 2017-05-26 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: Development in an Era of Capital Control investigates Corporate Social Responsibility (CSR), a 21st century buzz word. Centred around the responsibility of business to give back to society, this idea is a departure from the traditional view that the responsibility of business is to make a profit. Instead, it supposes that business, society and government can unite to enhance the quality of life in the community in which the business operates. This book works from the premise that whereas CSR could assist in developing communities, the quality and value of this contribution is constrained by pre-existing inequalities in the global system, which themselves can be traced to states’ histories and furthered by globalisation. Ciara Hackett shows that while the concept of CSR was designed for an environment where all states are equal, this does not ring true in the real world and consequently the potential for CSR to contribute to development is restricted, most profoundly in those states that would benefit the most.
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.
Book Synopsis Capital Account Regimes and the Developing Countries by : Gerald K. Helleiner
Download or read book Capital Account Regimes and the Developing Countries written by Gerald K. Helleiner and published by Springer. This book was released on 2016-07-27 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative assessment of the debate over the role of volatile private capital flows and their impact on developing countries. The book outlines the long history of concern about these issues, going back to preparations for the Bretton Woods agreement. It assesses their acceleration with the growth of international capital and looks at key case studies from Latin America, Asia and Africa to assess the possibilities and problems for national and international policy responses.
Book Synopsis Capital Flow Deflection by : Paolo Giordani
Download or read book Capital Flow Deflection written by Paolo Giordani and published by International Monetary Fund. This book was released on 2014-08-08 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the coordination problem among borrowing countries imposing controls on capital infl ows. In a simple model of capital flows and controls, we show that inflow restrictions distort international capital flows to other countries and that, in turn, such capital flow deflection may lead to a policy response. We then test the theory using data on inflow restrictions and gross capital inflows for a large sample of developing countries between 1995 and 2009. Our estimation yields strong evidence that capital controls deflect capital flows to other borrowing countries with similar economic characteristics. Notwithstanding these strong cross-border spillover effects, we do not find evidence of a policy response.
Book Synopsis Taming Capital Flows by : J. Stiglitz
Download or read book Taming Capital Flows written by J. Stiglitz and published by Springer. This book was released on 2015-05-05 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains country experiences explained by policy makers and studies by leading experts on causes and consequences of capital flows as well as policies to control these flows. It addresses portfolio flow issues central to open economies, especially emerging markets.
Book Synopsis Capital Control Measures by : Andrés Fernández
Download or read book Capital Control Measures written by Andrés Fernández and published by International Monetary Fund. This book was released on 2015-04-22 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a new dataset of capital control restrictions on both inflows and outflows of 10 categories of assets for 100 countries over the period 1995 to 2013. Building on the data in Schindler (2009) and other datasets based on the analysis of the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER), this dataset includes additional asset categories, more countries, and a longer time period. The paper discusses in detail the construction of the dataset and characterizes the data with respect to the prevalence and correlation of controls across asset categories and between controls on inflows and controls on outflows, the aggregation of the separate categories into broader indicators, and the comparison of this dataset with other indicators of capital controls.
Book Synopsis Liberalising Capital Flows in Developing Countries by : Bernhard Fischer
Download or read book Liberalising Capital Flows in Developing Countries written by Bernhard Fischer and published by OECD Publishing. This book was released on 1993 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Fragility and Economic Performance in Developing Economies by : Mr.Marco Rossi
Download or read book Financial Fragility and Economic Performance in Developing Economies written by Mr.Marco Rossi and published by International Monetary Fund. This book was released on 1999-05-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Little empirical investigation exists of the links among capital account liberalization, prudential regulation and supervision, financial crises, and economic development, mainly because of the lack of comparable measures to describe regulatory practices for different countries. This paper examines empirically, albeit in a preliminary manner, these links using new measures of capital controls, prudential regulation, supervision, and depositors’ safety for a sample of 15 developing economies over the period 1990–97. Results confirm the importance of the degree of capital account convertibility and the regulatory and supervisory framework in affecting financial fragility and economic performance.
Book Synopsis Capital Control, Financial Regulation, and Industrial Policy in South Korea and Brazil by : Jessica Gordon Nembhard
Download or read book Capital Control, Financial Regulation, and Industrial Policy in South Korea and Brazil written by Jessica Gordon Nembhard and published by Praeger. This book was released on 1996-01-19 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author examines the theory and practice of government interventions in the financial sector of two newly industrializing countries, Brazil and South Korea. Findings from this study help to explain the widespread use of such interventions despite the generally negative predictions (of inefficiencies and general failure) which derive from more prominent and traditional theories. This work contributes a political-economic exploration of how, when, and what kinds of financial regulations can be successful. Historical and institutional analysis of the use of capital controls, credit controls, and economic planning in Brazil and the Republic of Korea illuminate the ways in which strategic use of specific financial controls facilitate these countries's efforts to industrialize rapidly, and solve the problems of capital creation, productivity, preservation, and disciplined management.
Book Synopsis What’s In a Name? That Which We Call Capital Controls by : Mr.Atish R. Ghosh
Download or read book What’s In a Name? That Which We Call Capital Controls written by Mr.Atish R. Ghosh and published by International Monetary Fund. This book was released on 2016-02-12 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates why controls on capital inflows have a bad name, and evoke such visceral opposition, by tracing how capital controls have been used and perceived, since the late nineteenth century. While advanced countries often employed capital controls to tame speculative inflows during the last century, we conjecture that several factors undermined their subsequent use as prudential tools. First, it appears that inflow controls became inextricably linked with outflow controls. The latter have typically been more pervasive, more stringent, and more linked to autocratic regimes, failed macroeconomic policies, and financial crisis—inflow controls are thus damned by this “guilt by association.” Second, capital account restrictions often tend to be associated with current account restrictions. As countries aspired to achieve greater trade integration, capital controls came to be viewed as incompatible with free trade. Third, as policy activism of the 1970s gave way to the free market ideology of the 1980s and 1990s, the use of capital controls, even on inflows and for prudential purposes, fell into disrepute.
Book Synopsis Capital Control and Latin America Growth. The Experience of 90's Decade by : Leonardo Cruz Basso
Download or read book Capital Control and Latin America Growth. The Experience of 90's Decade written by Leonardo Cruz Basso and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The object of the present work was the study of the macroeconomics behavior in the decade of 90, of the economies of Brazil, Argentina, Chile, Colombia and Mexico concerning the process of a larger liberalization of the controls of capitals. Due to several disastrous unfoldings that happened in the referred economies in the decade of 80, several currents of economic thought have been fighting a profitable intellectual debate concerning the cause-effect relationships arising out of the adoption (or not) of capital controls in times of crisis. The difference among them is that Mexico and Argentina opted for a total liberation of the flow of capitals, while Brazil, Chile and Colombia adopted controls when necessary. For the analyzed economies, the results show that the countries can obtain growth of the respective gross domestic products so much in the presence of control of capitals as in the absence of controls. Some economists argue that controls are harmful because in the absence of them the economies could recover and grow at higher rates, but we are pleased to see Latin-American countries grow at least, even with some capital controls. The structure of the argument is sustained by the facts that occurred in the Asian crisis of 1998, when it was evidenced that Malaysia, a country that opted for adopting capital controls succeeded in bringing the economy back to the path of growth. This work would be incomplete without a comment on James Tobin's proposal, denominated Tobin Tax, present by the prominent economist in 1972, whose basic premise is based in the statement that the short run capital flows are responsible for the high volatility of the exchange rates, and that the imposition of uniform tribute applied over all operations of the exchange markets would allow the decrease of speed of circulation of the problematic short run capital flows. The adoption of such a fiscal instrument could work as a complementary mechanism or even a substitute in relation to the traditional systems of capital controls. The present study suggests more deepened analyses to validate the conclusions obtained regarding this polemic theme.
Book Synopsis Global Capital Markets by : Maurice Obstfeld
Download or read book Global Capital Markets written by Maurice Obstfeld and published by Cambridge University Press. This book was released on 2004 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an economic survey of international capital mobility from the late nineteenth century to the present.
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.
Book Synopsis Capital Market Liberalization and Development by : Joseph E. Stiglitz
Download or read book Capital Market Liberalization and Development written by Joseph E. Stiglitz and published by Oxford University Press, USA. This book was released on 2008-05 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital market liberalization has been a key part of the ongoing debate on globalization. Bringing together leading researchers and practitioners in the field, this book provides a unique analysis of both the risks associated with capital market liberalization and the alternative policy options available to enhance macroeconomic management.
Book Synopsis Are Capital Controls Effective? The Case of the Republic of Korea by : Soyoung Kim
Download or read book Are Capital Controls Effective? The Case of the Republic of Korea written by Soyoung Kim and published by . This book was released on 2013 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital controls have recently attracted interest as capital surges in emerging market economies threaten to bring about economic instability and heighten difficulties in implementing macroeconomic policies. While an option that can be taken to deal with huge capital inflows involves the use of capital controls, there is no consensus on their effectiveness. Against this background, our paper aims to investigate the effectiveness of capital controls in the Republic of Korea. This paper first reviews the history of capital account policy, which can be divided into five stages: (i) gradual liberalization during the 1980s and early 1990s, (ii) acceleration of liberalization during the early and mid-1990s, (iii) the big-bang approach to liberalization during the Asian financial crisis, (iv) liberalization for facilitation of capital market development beginning the late 1990s, and (v) the conservative approach during the global financial crisis. To quantify the trends, this paper constructs measures of capital account control/liberalization based on the official record of government policies. In the second part, it discusses the effects of capital account control/liberalization in four ways. First, the behavior of key macro variables in the Republic of Korea is reviewed by comparing the periods before and after serious capital account liberalization. Second, the effects of shocks to the capital account control/liberalization indexes on capital flows are examined using a VAR model. Third, the effects of the United States (US) monetary policy shocks on capital flows and the interest rate of the Republic of Korea are examined for the period of capital controls and the period of capital account liberalization. Fourth, a simple event study is conducted of recent capital control measures. The empirical results based on VAR models show that shocks to capital account controls do not have significant effects on capital flows in most cases. However, capital flows, the current account, and the exchange rate were far more volatile in the period of a liberalized capital account. It is also interesting that during the latter period, the Republic of Korea did not gain monetary autonomy despite adopting a freely floating exchange rate. This result may be related to volatile capital flows under a liberalized capital account. Finally, the results of the event study tend to support the effectiveness of capital controls in altering the composition of capital flows.
Book Synopsis When Things Don't Fall Apart by : Ilene Grabel
Download or read book When Things Don't Fall Apart written by Ilene Grabel and published by MIT Press. This book was released on 2019-08-06 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: An account of the significant though gradual, uneven, disconnected, ad hoc, and pragmatic innovations in global financial governance and developmental finance induced by the global financial crisis. In When Things Don't Fall Apart, Ilene Grabel challenges the dominant view that the global financial crisis had little effect on global financial governance and developmental finance. Most observers discount all but grand, systemic ruptures in institutions and policy. Grabel argues instead that the global crisis induced inconsistent and ad hoc discontinuities in global financial governance and developmental finance that are now having profound effects on emerging market and developing economies. Grabel's chief normative claim is that the resulting incoherence in global financial governance is productive rather than debilitating. In the age of productive incoherence, a more complex, dense, fragmented, and pluripolar form of global financial governance is expanding possibilities for policy and institutional experimentation, policy space for economic and human development, financial stability and resilience, and financial inclusion. Grabel draws on key theoretical commitments of Albert Hirschman to cement the case for the productivity of incoherence. Inspired by Hirschman, Grabel demonstrates that meaningful change often emerges from disconnected, erratic, experimental, and inconsistent adjustments in institutions and policies as actors pragmatically manage in an evolving world. Grabel substantiates her claims with empirically rich case studies that explore the effects of recent crises on networks of financial governance (such as the G-20); transformations within the IMF; institutional innovations in liquidity support and project finance from the national to the transregional levels; and the “rebranding” of capital controls. Grabel concludes with a careful examination of the opportunities and risks associated with the evolutionary transformations underway.
