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Author : Thuy Dao
Publisher :
ISBN 13 : 9780863968143
Total Pages : 30 pages
Book Rating : 4.9/5 (681 download)
Download or read book Capital Flows and Economic Growth in a Small Open Economy written by Thuy Dao and published by . This book was released on 1999 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Damiano Sandri
Publisher : International Monetary Fund
ISBN 13 : 1451962800
Total Pages : 28 pages
Book Rating : 4.4/5 (519 download)
Download or read book Growth and Capital Flows with Risky Entrepreneurship written by Mr.Damiano Sandri and published by International Monetary Fund. This book was released on 2010-02-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that the behavior of entrepreneurs facing incomplete financial markets and risky investment can explain why growth accelerations in developing countries tend to be associated with current account improvements. The uninsurable risk of losing invested capital forces entrepreneurs to rely on self-financing, so that when business opportunities open up entrepreneurs increase saving to finance the investment that produces growth. The key insight is that saving has to rise more than investment to allow also for the accumulation of precautionary assets. Plausibly calibrated simulations show that this net saving increase can sustain large and persistent net capital outflows.
Author : Mr.Thierry Tressel
Publisher : International Monetary Fund
ISBN 13 : 145520935X
Total Pages : 46 pages
Book Rating : 4.4/5 (552 download)
Download or read book International Capital Flows and Development written by Mr.Thierry Tressel and published by International Monetary Fund. This book was released on 2010-10-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does capital flow from rich to poor countries? We revisit the Lucas paradox and explore the role of capital account restrictions in shaping capital flows at various stages of economic development. We find that, when accounting for the degree of capital account openness, the prediction of the neoclassical theory is confirmed: less developed countries tend to experience net capital inflows and more developed countries tend to experience net capital outflows, conditional of various countries’ characteristics. The findings are driven by foreign direct investment, portfolio equity investment, and to some extent by loans to the private sector.
Author : Carlos A. Vegh
Publisher : MIT Press
ISBN 13 : 0262316900
Total Pages : 911 pages
Book Rating : 4.2/5 (623 download)
Download or read book Open Economy Macroeconomics in Developing Countries written by Carlos A. Vegh and published by MIT Press. This book was released on 2013-08-30 with total page 911 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive and rigorous text that shows how a basic open economy model can be extended to answer important macroeconomic questions that arise in emerging markets. This rigorous and comprehensive textbook develops a basic small open economy model and shows how it can be extended to answer many important macroeconomic questions that arise in emerging markets and developing economies, particularly those regarding monetary, fiscal, and exchange rate issues. Eschewing the complex calibrated models on which the field of international finance increasingly relies, the book teaches the reader how to think in terms of simple models and grasp the fundamentals of open economy macroeconomics. After analyzing the standard intertemporal small open economy model, the book introduces frictions such as imperfect capital markets, intertemporal distortions, and nontradable goods, into the basic model in order to shed light on the economy's response to different shocks. The book then introduces money into the model to analyze the real effects of monetary and exchange rate policy. It then applies these theoretical tools to a variety of important macroeconomic issues relevant to developing countries (and, in a world of continuing financial crisis, to industrial countries as well), including the use of a nominal interest rate as a main policy instrument, the relative merits of flexible and predetermined exchange rate regimes, and the targeting of “real anchors.” Finally, the book analyzes in detail specific topics such as inflation stabilization, “dollarization,” balance of payments crises, and, inspired by recent events, financial crises. Each chapter includes boxes with relevant empirical evidence and ends with exercises. The book is suitable for use in graduate courses in development economics, international finance, and macroeconomics.
Author : César Calderón
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4./5 ( download)
Download or read book Does Openness Imply Greater Exposure? written by César Calderón and published by World Bank Publications. This book was released on 2005 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: External exposure can be measured by the sensitivity of first and second moments of economic growth to openness and foreign shocks. This paper provides an empirical evaluation of external exposure using panel data methods for a worldwide sample of countries. Controlling for domestic conditions, the paper examines the growth and volatility effects of outcome measures of trade and financial integration, as well as four types of foreign shocks: terms of trade changes, trading partners' growth rates, international real interest rate changes, and net regional capital inflows. The paper analyzes the possibility of nonlinearities by allowing the growth and volatility effects of openness to vary with the general level of economic development and by letting the effects of foreign shocks depend on the degree of trade and financial integration. The findings point toward strong non-monotonic effects of openness and external shocks on growth and volatility. Moreover, all in all, the results contradict the view that international integration increases external vulnerability by hurting growth and increasing volatility or by amplifying the adverse effect of external shocks.
Author : Anirban Sengupta
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book International Capital Flows and Structural Change in a Developing Open Economy written by Anirban Sengupta and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies, how allowing foreign capital flows in a developing economy will impact the inter-sector dynamics in terms of allocation of factors of production, relative output and real exchange rate. This paper introduces foreign capital flows to the theory of structural change and unbalanced economic growth (which is predominantly a closed economy framework).The theory of structural change and unbalanced economic growth takes a contrarian view to the standard growth theoretical models based on “Kaldor Facts”. This theory states that as an economy grows and accumulates capital, the sector that has more income elastic consumption and greater capital intensity grows faster than the sector which has a lower income elastic consumption and lower capital intensity. This asymmetric growth leads to unbalanced economic growth and change in relative price among the sectors. Such divergence in sector-wise growth rates is in contrary to the traditional growth theory (which is based on “Kaldor Facts”).This paper has proposed a developing open economy model having two sectors namely traded sector and non-traded sector. The traded sector has higher income elastic consumption along with higher capital intensity & productivity growth as compared to the non-traded sector. The economy has demand side imbalances in form of non-homothetic preferences. The supply side imbalances is in the form of different capital intensity along with different growth rate of productivity across sectors. We have derived the path of aggregate capital stock per unit of labor, sector-wise allocation of factors of production (capital and labor) and relative price path of non-traded to traded sector goods. The results indicate that as an economy grows and accumulates capital, the factors of production start moving out from non-traded sector to traded sector. As a result, the traded sector starts to grow faster than that of non-traded sector. Also the relative price of non-traded sector to the traded sector goods rises (real exchange rate appreciates) with capital accumulation in the economy thereby creating additional pressure on inflation. This inflationary pressure adversely affects competitiveness of domestic firms in international markets and make domestic investment less attractive. Our findings can be linked with the workings of Kalecki (1955) i.e. “The problem of financing economic development” where it states that as an economy grows the subsistence sector shrinks as compared to the income elastic sector. This causes the aggregate price levels to increase.This paper not only extends the theory of structural change and unbalanced economic growth to open economy framework but also introduces non-homothetic preferences to traditional open economy literature which is based on Dependent Economy Framework which predominantly assumes homothetic preferences.
Author : Jagdish Handa
Publisher : World Scientific
ISBN 13 : 9814462128
Total Pages : 284 pages
Book Rating : 4.8/5 (144 download)
Download or read book Studies In East Asian Economies: Capital Flows, Exchange Rates And Monetary Policy written by Jagdish Handa and published by World Scientific. This book was released on 2011-07-29 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book includes three economic/econometric studies on four East Asian countries (Indonesia, Malaysia, Philippines and Thailand) and two studies on China. The four East Asian economies, designated at one time as ‘economic tigers’, provide important and interesting case studies on periods of very rapid growth with heavy capital inflows, followed by financial and economic crises. The three studies on these countries examine the impact of heavy capital inflows on growth, real exchange rates and the conduct of domestic monetary policy during the period 1970-96, which immediately preceded their financial crises of 1997-98. At a more general level, they shed light on the contributions that capital inflows make to small open economies and how these inflows impact on their exchange rates and monetary policies.The two studies on China examine the adequacy of capital flows to it and its monetary policies. In recent years, while China has been among the biggest recipients of capital inflows, our study on it finds that these inflows are still considerably short of the amounts that perfect capital flows would imply. Regarding China's pursuit of monetary policy, our study is the first one to question whether interest rates or monetary aggregates are appropriate instruments for the control of the economy. Our finding is that its large informal sector and black money holdings make the use of monetary aggregates the more appropriate policy instrument. This finding contrasts with the usual one for financially developed economies that interest rate targeting and a Taylor rule provide the applicable monetary policy framework.
Author : Arie Arnon
Publisher : Springer Science & Business Media
ISBN 13 : 9781402071621
Total Pages : 364 pages
Book Rating : 4.0/5 (716 download)
Download or read book The Open Economy Macromodel: Past, Present and Future written by Arie Arnon and published by Springer Science & Business Media. This book was released on 2002-09-30 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Open Economy Macromodel: Past, Present And Future has two main objectives. The first is to assess the state of play of the Open Economy Macromodel by bringing together those who developed it with those who apply it today. The second is to assess possible directions for its future development. The volume is divided into three parts. Part one focuses on the models, men, and institutions involved in the development of the international macroeconomic model. In this section, the contributors examine the two monetary approaches to the balance of payments, as well as the relationship between long-term fluctuations in real exchange rates and inflation. Part two deals with the present state of the models by looking at Robert Mundell's theory of optimum currency areas (OCAs) and its relationship with key currencies. The chapters in this section also consider the impact of exchange rate variability on labor markets, as well as the interactions between theoretical developments and real-world behavior in the open economy macromodel. The third and last part of this volume provides a perspective on the future by looking at alternate models and institutional perspectives. Several contributors examine the relationship between asset prices, the real exchange rate, and unemployment in a small economy via what they call "a medium-run structuralist perspective". The future of institutional structures necessary to conduct international economic policy is the subject of the last chapters in part three of the volume.
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 : Richard H. Clarida
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)
Download or read book International Capital Mobility, Public Investment and Economic Growth written by Richard H. Clarida and published by . This book was released on 1993 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a neoclassical model of international capital flows, public investment, and economic growth. Because public capital is non-traded and is imperfectly substitutable for private capital, the open economy converges only gradually to the Solow steady-state notwithstanding the fact that international capital mobility is perfect. Along the convergence path, the economy initially runs a current account deficit that reflects a consumption boom and a surge in public spending. Over time, the rate of public investment declines as does the rate of growth in the standard measure of multifactor productivity in the private sector, the Solow residual.
Author : Stephen J. Turnovsky
Publisher : Cambridge University Press
ISBN 13 : 0521764750
Total Pages : 255 pages
Book Rating : 4.5/5 (217 download)
Download or read book Capital Accumulation and Economic Growth in a Small Open Economy written by Stephen J. Turnovsky and published by Cambridge University Press. This book was released on 2009-08-20 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: An investigation of the process of economic growth in a small open economy by one of the world's leading economists.
Author : J. Stiglitz
Publisher : Springer
ISBN 13 : 113742768X
Total Pages : 215 pages
Book Rating : 4.1/5 (374 download)
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.
Author : Michael Parkin
Publisher : Manchester University Press
ISBN 13 : 9780719007125
Total Pages : 316 pages
Book Rating : 4.0/5 (71 download)
Download or read book Inflation in Open Economies written by Michael Parkin and published by Manchester University Press. This book was released on 1978 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Barry J. Eichengreen
Publisher : MIT Press (MA)
ISBN 13 : 9780262050678
Total Pages : 377 pages
Book Rating : 4.0/5 (56 download)
Download or read book Capital Flows and Crises written by Barry J. Eichengreen and published by MIT Press (MA). This book was released on 2003-01 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the connections between capital flows and financial crises as well as between capital flows and economic growth.
Author : Penelope Anne Hawkins
Publisher :
ISBN 13 :
Total Pages : 296 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Open Economy and Its Financial Constraints written by Penelope Anne Hawkins and published by . This book was released on 2003 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Open Economy and its Financial Constraints explores the role of money and finance in an open economy. The existence of money and global financial flows compound the likelihood of financial constraints, in particular, financial vulnerability, financial exclusion and financial fragility, and create the possibility of unemployment. Penelope Hawkins focuses on financial openness and contends that while vulnerable economies can benefit from long-term international capital, greater financial exposure makes them increasingly susceptible to the crises associated with financial withdrawals. The author explores in detail the experiences of South Africa, Brazil and Thailand and finds that the consequences of financial liberalisation remain uncertain. She examines the rationale behind the distribution of credit within and between countries, and goes on to construct a financial vulnerability index as an empirical mechanism to rank nations according to their vulnerability to the withdrawal of international financial flows. This book offers an innovative conceptual approach to constraints in economic theory which will appeal to students and scholars of financial economics, particularly those who embrace non-orthodox monetary theory. It will also prove an enlightening read for development economists who can draw important lessons from the book's examination of the consequences of financial liberalisation.
Author : 吳柏萱
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (115 download)
Download or read book Capital Flows and Macroprudential Policy in a Small Open Economy written by 吳柏萱 and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Paul D McNelis
Publisher :
ISBN 13 :
Total Pages : 94 pages
Book Rating : 4.:/5 (318 download)
Download or read book Capital Flows, Interest Rates and the Real Exchange Rate in a Small Semi-open Economy written by Paul D McNelis and published by . This book was released on 1988 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
