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Author : Michael Patrick Dooley
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (318 download)
Download or read book Financial Repression and Capital Mobility written by Michael Patrick Dooley and published by . This book was released on 1997 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael P. DOOLEY
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (119 download)
Download or read book FINANCIAL REPRESSION AND CAPITAL MOBILILTY: WHY CAPITAL FLOWS AND COVERED INTEREST RATE DIFFERENTIALS FAIL TO MEASURE CAPITAL MARKET INTEGRATION written by Michael P. DOOLEY and published by . This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Leonardo Bartolini
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (318 download)
Download or read book Capital Account Liberalization as a Signal written by Leonardo Bartolini and published by . This book was released on 1996 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a model in which a government's current capital controls policy signals future policies. Controls on capital outflows evolve in response to news on technology, contingent on government attitudes towards taxation of capital. When there is uncertainly over government typos, a policy of liberal capital outflows sends a positive signal that may trigger a capital outflow. This prediction is consistent with the experience of several countries that have recently liberalized their capital account.
Author : Felix Eschenbach
Publisher : Rozenberg Publishers
ISBN 13 : 9051708076
Total Pages : 215 pages
Book Rating : 4.0/5 (517 download)
Download or read book The Impact of Banks and Assets Markets on Economic Growth and Fiscal Stability written by Felix Eschenbach and published by Rozenberg Publishers. This book was released on 2004 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Vittorio Grilli
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (318 download)
Download or read book Economic Effects and Structural Determinants of Capital Controls written by Mr.Vittorio Grilli and published by International Monetary Fund. This book was released on 1995-03 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies determinants and effects of capital controls using a panel of 61 developed and developing countries. The results suggest that capital account restrictions are more likely to be in place in countries with low income, a large share of government, and where the central bank is not independent. Other determinants of controls include the exchange rate regime, current account imbalances and the degree of openness of the economy. We also find that capital controls and other foreign exchange restrictions are associated with higher inflation and lower real interest rates. We do not find any robust correlation between our measures of controls and the rate of growth, although there is evidence that countries with large black market premia grow more slowly.
Author : Michael P. Dooley
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (318 download)
Download or read book A Survey of Academic Literature on Controls Over International Capital Transactions written by Michael P. Dooley and published by . This book was released on 1995 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews recent theoretical and empirical work on controls over international capital movements. Theoretical contributions reviewed focus on 'second best' arguments for capital market restrictions as well as arguments based on multiple equilibria. The empirical literature suggests that controls have been 'effective' in the narrow sense of influencing yield differentials. But there is little evidence that controls have helped governments meet policy objectives, with the exception of reduction in the governments' debt service costs, and no evidence that controls have enhanced economic welfare in a manner suggested by theory.
Author : Ms.Carmen Reinhart
Publisher : International Monetary Fund
ISBN 13 : 1498338380
Total Pages : 47 pages
Book Rating : 4.4/5 (983 download)
Download or read book The Liquidation of Government Debt written by Ms.Carmen Reinhart and published by International Monetary Fund. This book was released on 2015-01-21 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.
Author : Antonio Antunes
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Effect of Financial Repression & Enforcement on Entrepreneurship and Economic Development written by Antonio Antunes and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the effect of financial repression and contract enforcement on entrepreneurship and economic development. We construct and solve a general equilibrium model with heterogeneous agents, occupational choice and two financial frictions: intermediation costs and financial contract enforcement. Occupational choice and firm size are determined endogenously, and depend on agent type (wealth and ability) and the credit market frictions. The model shows that differences across countries in intermediation costs and enforcement generate differences in occupational choice, firm size, credit, output and inequality. Counterfactual experiments are performed for Latin American, European, transition and high growth Asian countries. We use empirical estimates of each country's financial frictions, and United States values for all other parameters. The results allow us to isolate the quantitative effect of these financial frictions in explaining the performance gap between each country and the United States. The results depend critically on whether a general equilibrium factor price effect is operative, which in turn depends on whether financial markets are open or closed. This yields a positive policy prescription: If the goal is to maximize steady-state efficiency, financial reforms should be accompanied by measures to increase financial capital mobility.
Author : Joshua Aizenman
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)
Download or read book On the Hidden Links Between Financial and Trade Opening written by Joshua Aizenman and published by . This book was released on 2003 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the association between commercial and financial openness of developing countries. The data suggest that, controlling for GDP/Capita changes and allowing for country specific effects, increase in a developing country's (exports + imports)/GDP is associated with a highly significant increase in financial openness [measured by (gross private capital inflows + gross private outflows)/GDP]. I outline a model accounting for some of the endogenous linkages between financial and trade openness. I show that developing countries, characterized by high costs of tax collection and enforcement, opt to use financial repression as an implicit tax on savings. The resultant financial repression provides the impetus for capital flight. A frequent mechanism facilitating illicit capital movements is to over invoice imports and under invoice exports with the scale of these activities being proportional to the commercial openness of the economy. This linkage is subject to costly control by the fiscal authorities, where curtailing illicit capital flows requires spending resources on monitoring and enforcement of existing capital controls. The effectiveness of capital controls would increase with the resources spent on monitoring and enforcement per one dollar of international trade. Under these circumstances, greater commercial openness increases the effective cost of enforcing financial repression, thereby reducing the usefulness of financial repression as an implicit tax. This in turn implies that financial reforms tend to be the by-product of greater trade integration.
Author : Donald R. Lessard
Publisher :
ISBN 13 :
Total Pages : 94 pages
Book Rating : 4.F/5 ( download)
Download or read book Capital Flight written by Donald R. Lessard and published by . This book was released on 1987 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Etibar Jafarov
Publisher : International Monetary Fund
ISBN 13 : 151351248X
Total Pages : 66 pages
Book Rating : 4.5/5 (135 download)
Download or read book Financial Repression is Knocking at the Door, Again written by Mr.Etibar Jafarov and published by International Monetary Fund. This book was released on 2019-09-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial repression (legal restrictions on interest rates, credit allocation, capital movements, and other financial operations) was widely used in the past but was largely abandoned in the liberalization wave of the 1990s, as widespread support for interventionist policies gave way to a renewed conception of government as an impartial referee. Financial repression has come back on the agenda with the surge in public debt in the wake of the Global Financial Crisis, and some countries have reintroduced administrative ceilings on interest rates. By distorting market incentives and signals, financial repression induces losses from inefficiency and rent-seeking that are not easily quantified. This study attempts to assess some of these losses by estimating the impact of financial repression on growth using an updated index of interest rate controls covering 90 countries over 45 years. The results suggest that financial repression poses a significant drag on growth, which could amount to 0.4-0.7 percentage points.
Author : Ronald I. McKinnon
Publisher : Brookings Institution Press
ISBN 13 : 9780815718499
Total Pages : 204 pages
Book Rating : 4.7/5 (184 download)
Download or read book Money and Capital in Economic Development written by Ronald I. McKinnon and published by Brookings Institution Press. This book was released on 2010-12-01 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This books presents a theory of economic development very different from the "stages of growth" hypothesis or strategies emphasizing foreign aid, trade, or regional association. Leaving these aside, the author breaks new ground by focusing on the use of domestic capital markets to stimulate economic performance. He suggests a "bootstrap" approach in which successful development would depend largely on policy choices made by national authorities in the developing countries themselves. Central to his theory is the freeing of domestic financial markets to allow interest rates to reflect the true scarcity of capital in a developing economy. His analysis leads to a critique of prevailing monetary theory and to a new view of the relation between money and physical capital—a view with policy implications for governments striving to overcome the vicious circle of inflation and stagnation. Examining the performance of South Korea, Taiwan, Brazil, and other countries, the author suggests that their success or failure has depended primarily on steps taken in the monetary sector. He concludes that monetary reform should take precedence over other development measures, such as tariff and tax reform or the encouragement of foreign capital investment. In addition to challenging much of the conventional wisdom of development, the author's revision of accepted monetary theory may be relevant for mature economies that face monetary problems.
Author : Nadeem Ul Haque
Publisher :
ISBN 13 :
Total Pages : 12 pages
Book Rating : 4.:/5 (318 download)
Download or read book Capital Mobility in Developing Countries written by Nadeem Ul Haque and published by . This book was released on 1990 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The degree of capital mobility in developing economies is seldom estimated, even though it is widely recognized to be an important element in determining the effects of stabilization policies. Instead, an economy is assumed to be open or closed mainly on grounds of analytical convenience. This paper develops a simple approach to modelling and measuring the degree of financial openness which is applicable to developing economies. Empirical estimation using data from a large number of developing countries suggests that the effective degree of capital mobility in such economies may be higher than is commonly assumed.
Author : Edward Stone Shaw
Publisher : New York : Oxford University Press
ISBN 13 :
Total Pages : 280 pages
Book Rating : 4.F/5 ( download)
Download or read book Financial Deepening in Economic Development written by Edward Stone Shaw and published by New York : Oxford University Press. This book was released on 1973 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monograph on the role of financial deepening in economic development, or the accumulation of financial assets at a pace faster than accumulation of nonfinancial wealth, through focus on the liberalization of financial markets - discusses classical economic theories regarding capital formation, advocates coordination of financial policy and fiscal policy reforms to deepen finance, and examines effects on the foreign exchange market, trade, capital flows, etc. References.
Author : Kenneth M. Kletzer
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Liberalizing Capital Flows in India written by Kenneth M. Kletzer and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital account liberalization in financially repressed economies often leads to a period of rapid capital inflows followed by financial crisis. This paper considers the vulnerability of the Indian economy to financial crises with international financial integration and the policy agenda for further liberalization of capital flows. The legacy of financial repression on fiscal and financial policies poses the primary challenge to stable integration of the domestic financial markets of India with international capital markets. Brief overviews of the theory and experience of liberalization elsewhere and of the recent liberalization by India frame the discussion of the risks of liberalization and sequencing of policy reforms.
Author : Peter J. Montiel
Publisher : Cambridge University Press
ISBN 13 : 0521780608
Total Pages : 457 pages
Book Rating : 4.5/5 (217 download)
Download or read book Macroeconomics in Emerging Markets written by Peter J. Montiel and published by Cambridge University Press. This book was released on 2003-04-10 with total page 457 pages. Available in PDF, EPUB and Kindle. Book excerpt: Table of contents
Author : Charles Wyplosz
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (318 download)
Download or read book Exchange Rate Regimes written by Charles Wyplosz and published by . This book was released on 2000 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
