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Capital Flows And Long Term Equilibrium Real Exchange Rates In Chile
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Book Synopsis Capital Flows and Long-Term Equilibrium Real Exchange Rates in Chile by : Ibrahim Elbadawi
Download or read book Capital Flows and Long-Term Equilibrium Real Exchange Rates in Chile written by Ibrahim Elbadawi and published by World Bank Publications. This book was released on 1994 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital flows and long-term equilibrium real exchanges rates in Chile by : Ibrahim A. Elbadawi
Download or read book Capital flows and long-term equilibrium real exchanges rates in Chile written by Ibrahim A. Elbadawi and published by . This book was released on 1994 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Managing Capital Flows by : Mr.Jaime Cardoso
Download or read book Managing Capital Flows written by Mr.Jaime Cardoso and published by International Monetary Fund. This book was released on 1998-12-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a result of the Asian crisis, methods of coping with volatile international capital markets have received considerable attention from observers and policymakers. It has been argued that the imposition by Chile of a nonremunerated reserve requirement on external borrowing played a useful role in the smooth liberalization of its capital account by allowing Chile to deal effectively with short-term capital inflows and thus to reduce its vulnerability to external shocks, and that such measures should be adopted by other countries. In light of this, this paper reviews Chile’s experience in managing capital flows and draws lessons for policymakers.
Author :Mr.Francisco Nadal De Simone Publisher :International Monetary Fund ISBN 13 :1451847238 Total Pages :56 pages Book Rating :4.4/5 (518 download)
Book Synopsis A Review of Capital Account Restrictions in Chile in the 1990s by : Mr.Francisco Nadal De Simone
Download or read book A Review of Capital Account Restrictions in Chile in the 1990s written by Mr.Francisco Nadal De Simone and published by International Monetary Fund. This book was released on 1999-04-01 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the Chilean experience with capital controls and reviews studies on controls on capital inflows. Controls on Chile’s inflows had only a temporary impact in reducing specific inflows because they were affected by avoidance. There is some evidence that controls increased interest rates and altered the composition of capital inflows. The studies, however, contain important methodological problems in measuring flows and significant econometric weaknesses, which cast doubt on the robustness of the estimates. No study has assessed the political economy of the controls. It seems premature to view the Chilean experience as supportive of controls on capital inflows.
Book Synopsis Volatility Reversal from Interest Rates to the Real Exchange Rate by : Paul D. McNelis
Download or read book Volatility Reversal from Interest Rates to the Real Exchange Rate written by Paul D. McNelis and published by World Bank Publications. This book was released on 1991 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Data for Chile (1975-82) indicate that liberalizing the capital accounts does not eliminate variations in the domestic interest rate but shifts them to the real exchange rate.
Book Synopsis Competitiveness and the Evolution of the Real Exchange Rate in Chile by : Ms.Martine Guerguil
Download or read book Competitiveness and the Evolution of the Real Exchange Rate in Chile written by Ms.Martine Guerguil and published by International Monetary Fund. This book was released on 1998-04-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the evolution of certain price and nonprice competitiveness indicators in Chile and concludes that the pecuniary loss of competitiveness associated with the appreciation of the peso since the late 1980s has been broadly offset by productivity gains and adjustments in factor intensity, particularly in the manufacturing sector. However, there may be limited room for further advances from that point, which gives new prominence to certain policy issues such as structural reforms to increase productivity, a reassessment of the tax treatment of the mining sector, and a rebalancing of the macroeconomic policy mix to dampen speculative capital inflows.
Book Synopsis Capital Account Policies in Chile Macro-financial considerations along the path to liberalization by : Mr.Yan Carriere-Swallow
Download or read book Capital Account Policies in Chile Macro-financial considerations along the path to liberalization written by Mr.Yan Carriere-Swallow and published by International Monetary Fund. This book was released on 2013-05-14 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper recounts Chile’s experience with capital account policies since the 1990s. We present how two external shocks were confronted under very different macroeconomic and capital account frameworks. We show that during the 1997-98 Asian-LTCM-Russia crisis, a closed capital account and relatively rigid exchange rate severely constrained the monetary policy response to the shock, aggravating the fall in domestic demand. During the 2008-09 crisis, a full-fledged inflation targeting framework allowed the authorities to implement a significant countercyclical response. We argue that domestic stability considerations lay behind the policy regime switch toward capital account liberalization from 1999 onwards.
Book Synopsis Capital Flows, Interest Rates and the Real Exchange Rate in a Small Semi-open Economy by : Paul D McNelis
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:
Book Synopsis Capital Inflows, the Current Account, and the Real Exchange Rate by : Timothy Condon
Download or read book Capital Inflows, the Current Account, and the Real Exchange Rate written by Timothy Condon and published by . This book was released on 1984 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Flows, Real Exchange Rates, and Capital Controls by : Sebastian Edwards
Download or read book Capital Flows, Real Exchange Rates, and Capital Controls written by Sebastian Edwards and published by . This book was released on 1998 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper deals with some of the most important aspects of Latin America's experience with capital flows during the last twenty-five years. The paper begins with a historical analysis. I then deal with the sequencing of reform and discuss issues related to the relationship between capital flows, real exchange rates, and international competitiveness. I next concentrate on the role of capital controls as a device for isolating emerging economies from the volatility of international capital markets. I begin by reviewing the policy issues and the current debate on the subject. I then present an empirical analysis of Chile's recent experiences with capital controls and make some comparisons to the recent experiences of Columbia. The analysis of the Chilean experience is particularly important since its practice of imposing reserves requirements on capital inflows has been praised by a number of analysts, including senior staff of the multilateral institutions, as an effective and efficient way of reducing the vulnerability associated with capital flows volatility. The results obtained suggest that capital controls in Chile have had mixed results: while they have allowed the Central Bank to have a greater degree of control over short term interest rates, they have failed in avoiding real exchange rate appreciation. The paper ends with some reflections, based on recent Latin American historical episodes, on the role of banks in intermediating capital inflows and on financial crises.
Author :Guillermo R. LeFort-Varela Publisher :INTERNATIONAL MONETARY FUND ISBN 13 :9781451861518 Total Pages :36 pages Book Rating :4.8/5 (615 download)
Book Synopsis Capital Account Liberalization and the Real Exchange Rate in Chile by : Guillermo R. LeFort-Varela
Download or read book Capital Account Liberalization and the Real Exchange Rate in Chile written by Guillermo R. LeFort-Varela and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-06-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the failure of the early 1980s, a second attempt at capital account liberalization was gradually carried out in Chile during the 1990s, this time in parallel with increased exchange rate flexibility. Capital account regulations were applied to support the independent monetary policy committed to the inflation target, while the exchange rate was quasi-pegged within a band that targeted the real exchange rate (RER). Still, the policy framework directed at stabilizing the RER appears to have been of limited effectiveness, with the surges and sudden-stops in capital flows playing an important role in RER dynamics. Foreign exchange market intervention appears not to have affected the RER while reserve requirement appears to have exerted a depreciating effect. Government spending and import tariffs, appear to be significant tools to moderate the real appreciation thus providing one additional reason for adopting a countercyclical fiscal policy and accelerating trade openness
Book Synopsis The Development of the Real Exchange Rate and the Sustainability of Liberalizaton Policy by : Felicitas Nowak-Lehmann D.
Download or read book The Development of the Real Exchange Rate and the Sustainability of Liberalizaton Policy written by Felicitas Nowak-Lehmann D. and published by . This book was released on 1996 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Account Liberalization and the Real Exchange Rate in Chile by : Guillermo Le Fort
Download or read book Capital Account Liberalization and the Real Exchange Rate in Chile written by Guillermo Le Fort and published by . This book was released on 2005 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the failure of the early 1980s, a second attempt at capital account liberalization was gradually carried out in Chile during the 1990s, this time in parallel with increased exchange rate flexibility. Capital account regulations were applied to support the independent monetary policy committed to the inflation target, while the exchange rate was quasi-pegged within a band that targeted the real exchange rate (RER). Still, the policy framework directed at stabilizing the RER appears to have been of limited effectiveness, with the surges and sudden-stops in capital flows playing an important role in RER dynamics. Foreign exchange market intervention appears not to have affected the RER while reserve requirement appears to have exerted a depreciating effect. Government spending and import tariffs, appear to be significant tools to moderate the real appreciation thus providing one additional reason for adopting a countercyclical fiscal policy and accelerating trade openness.
Book Synopsis Capital flows, openess and real exchange rate variability by : Rodrigo Cerda
Download or read book Capital flows, openess and real exchange rate variability written by Rodrigo Cerda and published by . This book was released on 2003 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis What Drives Capital Inflows? by : Raúl Labán
Download or read book What Drives Capital Inflows? written by Raúl Labán and published by . This book was released on 1994 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Account Liberalization and the Real Exchange Rate in Chile by : Guillermo Raúl LeFort-Varela
Download or read book Capital Account Liberalization and the Real Exchange Rate in Chile written by Guillermo Raúl LeFort-Varela and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the failure of the early 1980s, a second attempt at capital account liberalization was gradually carried out in Chile during the 1990s, this time in parallel with increased exchange rate flexibility. Capital account regulations were applied to support the independent monetary policy committed to the inflation target, while the exchange rate was quasi-pegged within a band that targeted the real exchange rate (RER). Still, the policy framework directed at stabilizing the RER appears to have been of limited effectiveness, with the surges and sudden-stops in capital flows playing an important role in RER dynamics. Foreign exchange market intervention appears not to have affected the RER while reserve requirement appears to have exerted a depreciating effect. Government spending and import tariffs, appear to be significant tools to moderate the real appreciation thus providing one additional reason for adopting a countercyclical fiscal policy and accelerating trade openness when a country is facing strong capital inflows.
Book Synopsis International Borrowing, Capital Controls and the Exchange Rate by : Kevin Cowan
Download or read book International Borrowing, Capital Controls and the Exchange Rate written by Kevin Cowan and published by . This book was released on 2005 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper analyzes the Chilean experience with capital flows. We discuss the role played by capital controls, financial regulations and the exchange rate regime. The focus is on the period after 1990, the period when Chile returned to international capital markets. We also discuss the early 80s, where a currency collapse triggered a financial crisis in Chile, despite stricter capital controls on inflows than the 90s and tighter currency matching requirements on the banking sector. We conclude that financial regulation and the exchange rate regime are at the center of capital inflows experiences and financial vulnerabilities. Rigid exchange rates induce vulnerabilities, which may lead to sharp capital account reversals. We also discuss three important characteristics of the Chilean experience since the 90s. The first is the fact that most international borrowing is done directly by corporations and it is not intermediated by the banking system. The second is the implication of the free trade agreement of Chilean and the US regarding capital controls. Finally, we examine the Chilean experience following the Asian-Russia crisis, showing that Chile did not suffer a sudden-stop, but a current account reversal due to policy reactions and a sudden-start in capital outflows"--NBER website
