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Liberalization Of The Foreign Exchange Market In Kenya And The Short Term Capital Flows Problem
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Book Synopsis Liberalization of the Foreign Exchange Market in Kenya and the Short-term Capital Flows Problem by : Njuguna Ndung'u
Download or read book Liberalization of the Foreign Exchange Market in Kenya and the Short-term Capital Flows Problem written by Njuguna Ndung'u and published by . This book was released on 2001 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 1998-11-12 with total page 246 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 The Exchange Rate and the Interest Rate Differential in Kenya by : Njuguna Ndung'u
Download or read book The Exchange Rate and the Interest Rate Differential in Kenya written by Njuguna Ndung'u and published by . This book was released on 2000 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper analyses the relationship between real exchange rate movements and the real interest rate differential. Its main objective in doing this is to argue the case for non-intervention in the foreign exchange market to sterilize short-term capital flows."--P. 21.
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.
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 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.
Book Synopsis Managing Volatile Capital Flows: Experiences and Lessons for Sub-Saharan African Frontier Markets by : Cheikh A. Gueye
Download or read book Managing Volatile Capital Flows: Experiences and Lessons for Sub-Saharan African Frontier Markets written by Cheikh A. Gueye and published by International Monetary Fund. This book was released on 2014-03-26 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the past three years the frontier markets of sub-Saharan Africa have received growing amounts of portfolio capital flows, with heightened interest from foreign investors. Compared with foreign direct investment, portfolio capital flows tend to be more volatile, and thus pose challenges for sub-Saharan African frontier markets. This study examines the evolution of capital flows since 2010 and discusses the policies these countries have designed to reduce risks from the inherent volatility of these flows.
Book Synopsis Liquidity Management under Fixed Exchange Rate with Open Capital Account by : Mariam El Hamiani Khatat
Download or read book Liquidity Management under Fixed Exchange Rate with Open Capital Account written by Mariam El Hamiani Khatat and published by International Monetary Fund. This book was released on 2019-03-18 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived from the price-specie flow mechanism of David Hume. The framework highlights that the risk of short-term money market rates un-anchoring from the uncovered interest rate parity due to money and foreign exchange market frictions could jeopardize financial stability and market development. The paper then discusses operational solutions that stabilize money market rates close to the level implied by the Uncovered Interest Rate Parity (UIP). Liquidity management under fixed exchange rate with an open capital account presents specific challenges due to: (1) the larger liquidity shocks induced by foreign reserve swings that challenge the development of money markets; and (2) more complicated liquidity forecasts. The theoretical framework is empirically tested based on the estimate of “offset” coefficients for Denmark and Hong Kong SAR.
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.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1451821034 Total Pages :125 pages Book Rating :4.4/5 (518 download)
Book Synopsis Kenya by : International Monetary Fund
Download or read book Kenya written by International Monetary Fund and published by International Monetary Fund. This book was released on 1995-12-15 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews economic developments in Kenya during 1990–95. Real GDP growth decelerated from 4.3 percent in 1990 to close to zero in 1992/93. Inflation accelerated from 12 percent in the 12-month period ended December 1989 to 34 percent in March 1993. The central government’s budget deficit increased from 6.7 percent in 1989/90 to 11.4 percent of GDP in 1992/93. Broad money growth (M2) accelerated from 21 percent in the 12-month period ended December 1991 to 36 percent in March 1993.
Book Synopsis Foreign Currency Bank Funding and Global Factors by : Signe Krogstrup
Download or read book Foreign Currency Bank Funding and Global Factors written by Signe Krogstrup and published by International Monetary Fund. This book was released on 2018-05-09 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The literature on the drivers of capital flows stresses the prominent role of global financial factors. Recent empirical work, however, highlights how this role varies across countries and time, and this heterogeneity is not well understood. We revisit this question by focusing on financial intermediaries’ funding flows in different currencies. A concise portfolio model shows that the sign and magnitude of the response of foreign currency funding flows to global risk factors depend on the financial intermediary’s pre-existing currency exposure. An analysis of a rich dataset of European banks’ aggregate balance sheets lends support to the model predictions, especially in countries outside the euro area.
Book Synopsis Negative Alchemy? by : Shang-Jin Wei
Download or read book Negative Alchemy? written by Shang-Jin Wei and published by . This book was released on 2001 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Crony capitalism and self-fulfilling expectations by international creditors are often suggested as two rival explanations for currency crisis. This paper examines a possible linkage between the two that has not been explored much in the literature: corruption may affect a country's composition of capital inflows in a way that makes it more likely to experience a currency crisis that is triggered/aided by a sudden reversal of international capital flows. We find robust evidence that poor public governance is associated with a higher loan-to-FDI ratio. Such a composition of capital flows has been identified as being associated with a higher incidence of a currency crisis. We also find some weaker evidence that poor public governance is associated with a country's inability to borrow internationally in its own currency. The latter is also associated with a higher incidence of a currency crisis. To sum up, even though crony capitalism does not forecast the timing of a crisis, it can nevertheless increase its likelihood. This paper illustrates a particular channel through which this can happen.
Book Synopsis International Capital Flows by : Martin Feldstein
Download or read book International Capital Flows written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-12-01 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1484366808 Total Pages :105 pages Book Rating :4.4/5 (843 download)
Book Synopsis Annual Report on Exchange Arrangements and Exchange Restrictions 2013 by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Annual Report on Exchange Arrangements and Exchange Restrictions 2013 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2013-12-15 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the 64th issue of the AREAER. It provides a description of the foreign exchange arrangements, exchange and trade systems, and capital controls of all IMF member countries. It also provides information on the operation of foreign exchange markets and controls on international trade. It describes controls on capital transactions and measures implemented in the financial sector, including prudential measures. In addition, it reports on exchange measures imposed by member countries for security reasons. A single table provides a snapshot of the exchange and trade systems of all IMF member countries. The Overview describes in detail how the general trend toward foreign exchange liberalization continued during 2012, alongside a strengthening of the financial sector regulatory framework. The AREAER is available in several formats. The Overview in print and online, and the detailed information for each of the 191 member countries and territories is included on a CD that accompanies the printed Overview and in an online database, AREAER Online. In addition to the information on the exchange and trade system of IMF member countries in 2012, AREAER Online contains historical data published in previous issues of the AREAER. It is searchable by year, country, and category of measure and allows cross country comparisons for time series.
Download or read book Kenya written by Charles Hornsby and published by Bloomsbury Publishing. This book was released on 2013-03-01 with total page 1102 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since independence from Great Britain in 1963, Kenya has survived five decades as a functioning nation-state, holding regular elections; its borders and political system intact and avoiding open war with its neighbours and military rule internally. It has been a favoured site for Western aid, trade, investment and tourism and has remained a close security partner for Western governments. However, Kenya's successive governments have failed to achieve adequate living conditions for most of its citizens; violence, corruption and tribalism have been ever-present, and its politics have failed to transcend its history. The decisions of the early years of independence and the acts of its leaders in the decades since have changed the country's path in unpredictable ways, but key themes of conflicts remain: over land, money, power, economic policy, national autonomy and the distribution of resources between classes and communities.While the country's political institutions have remained stable, the nation has changed, its population increasing nearly five-fold in five decades. But the economic and political elite's struggle for state resources and the exploitation of ethnicity for political purposes still threaten the country's existence. Today, Kenyans are arguing over many of the issues that divided them 50 years ago. The new constitution promulgated in 2010 provides an opportunity for national renewal, but it must confront a heavy legacy of history. This book reveals that history.
Book Synopsis Financial Liberalization and Financial Fragility by : Asli Demirgüç-Kunt
Download or read book Financial Liberalization and Financial Fragility written by Asli Demirgüç-Kunt and published by World Bank Publications. This book was released on 1998-06-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of 53 countries during 1980-95 finds that financial liberalization increases the probability of a banking crisis, but less so where the institutional environment is strong. In particular, respect for the rule of law, a low level of corruption, and good contract enforcement are relevant institutional characteristics. the data also show that, after liberalization, financially repressed countries tend to have improved financial development even if they experience a banking crisis. This is not true for financially restrained countries. This paper’s results support a cautious approach to financial liberalization where institutions are weak, even if macroeconomic stabilization has been achieved.
Book Synopsis Private Capital Flows to Developing Countries by :
Download or read book Private Capital Flows to Developing Countries written by and published by World Bank Publications. This book was released on 1997 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the process of international financial integration and the structural forces driving private capital to developing countries. Against this background, it details the potential benefits of integration and the implications of fast-moving global capital flows for emerging economics. Examining the experience of countries that have attracted substantial private capital flows, the book provides invaluable guidance as to what works and what doesn't during the transition to financial integration. It will be of compelling interest to policymakers and also to international investors and bankers, financial analysts, and researchers.
