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Author: Miles Kahler
Publisher: Cornell University Press
ISBN: 9780801485626
Category : Business & Economics
Languages : en
Pages : 292
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Book Description
Table of Contents
Author: Miles Kahler
Publisher: Cornell University Press
ISBN: 9780801485626
Category : Business & Economics
Languages : en
Pages : 292
Get Book Here
Book Description
Table of Contents
Author: Paul J.J. Welfens
Publisher: Springer Science & Business Media
ISBN: 3642590306
Category : Business & Economics
Languages : en
Pages : 452
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Book Description
Paul J.J. Welfens and Holger C. Wolf While the economies of Asia and, more recently, South as well as North America have enjoyed sustained high growth, the growth performance of western Europe and in particular continental Europe has been rather modest. Coupled with sizable improvements in labor productivity and - at best - steady capital productivity, growth proved insufficient to sustain employment levels, much less to replicate the US job creation success. Relative inflation performance has been much better: in the run-up to European Monetary Union inflation rates have dramatically converged towards the lower end of the distribution while risk premia on formerly high inflation economies have fallen. Yet, looking forward, the undoubted success in achieving price stability is mitigated by the lackluster growth -and in particular employment -performance. Indeed, the relative little attention paid to initiatives directed at raising economic growth is startling, not only in the light of the US policy record but also in light of the remarkable rebound of those European economies which have aggressively tackled the structural problems, most prominently the UK and Ireland.
Author: Mr.Thierry Tressel
Publisher: International Monetary Fund
ISBN: 145520935X
Category : Business & Economics
Languages : en
Pages : 46
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Book Description
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: International Monetary Fund. Monetary and Capital Markets Department
Publisher: International Monetary Fund
ISBN: 1498338399
Category : Business & Economics
Languages : en
Pages : 61
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Book Description
The crisis is prompting a reconsideration of capital flows and the policies that affect them. A breakdown in the domestic stability of a large country can spill over into stress in other countries and even to the global system as a whole. The activities of global institutions and markets—some regulated and some not—can bear on the riskiness of flows. Thus, national policies affecting capital flows can transmit multilaterally. This transmission has not been fully appreciated by national policymakers. Further, they may not have incentives to take full account of the cross-border effects of their policies. Looking ahead, the upward trend in the volume of capital flows can be expected to continue, making it ever more important to address the associated cross-border risks. This paper aims to draw greater attention to the multilateral aspects of policies affecting capital flows. Previous work by the Fund has focused on the policies of recipient countries, mainly emerging market economies (EMEs), and addressed the circumstances in which capital flow management measures (CFMs) would be appropriate. This paper provides a complementary assessment of regulatory and supervisory policies of advanced economies, as well as large advanced economy monetary policy. Moreover, it addresses the multilateral transmission of CFMs.
Author: Zsoka Koczan
Publisher: International Monetary Fund
ISBN: 1475594755
Category : Business & Economics
Languages : en
Pages : 26
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Book Description
The boom and bust in capital flows to the New Member States of the European Union have received a considerable amount of attention; foreign direct investment and bank flows to the region and countries’ participation in regional supply chains have been well-documented. Relatively little has, however, been written about capital flows to the Western Balkans economies, which are often perceived to be ‘late arrivals’ to large capital flows. This paper aims to examine how capital flows to the Western Balkans compare with flows to the New Member States, in terms of levels as well as dynamics. We find that while financial integration took off somewhat later in the Western Balkans than in the New Member States, it has increased rapidly, despite still much lower capital account openness. Capital inflows as a share of GDP are comparable to those observed in the New Member States, (perhaps surprisingly) diverse in terms of source countries and broadly similar in composition, though with equity shares higher than they were in the New Member States at comparable levels of GDP per capita.
Author: Stijn Claessens
Publisher: World Bank Publications
ISBN:
Category : Capital movements
Languages : en
Pages : 48
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Book Description
September 1998 Foreign direct investment and, more recently, short-term debt and portfolio flows have become important parts of private capital flows to Central and Eastern Europe and the former Soviet Union. Private flows have increased in response to reform efforts, the buildup of reserves, and prospective membership in the European Union. Private capital flows to Central and Eastern Europe and the former Soviet Union have taken off in recent years. Foreign direct investment was the most important such flow from 1991-97, but since 1993 short-term debt and portfolio flows have also been important. The increase in these potentially more volatile short-term flows raises some questions about sustainability and vulnerability. Perhaps more than in other developing countries, reform efforts appear to be the most important determinant of private flows to the region. Private flows also have responded positively to the buildup of reserves (a proxy for improvements in perceived creditworthiness) and to prospective membership in the European Union (reflecting greater economic integration with the West and a greater commitment to reform). Official flows have been associated with the financing of fiscal deficits and appear to have led, rather than followed, countries' reform efforts. This paper-a joint product of the Economic Policy Division, Poverty Reducation and Economic Management Network; and the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region-was prepared for the National Bureau for Economic Research study, Capital Flows to Emerging Markets, organized by Sebastian Edwards. The authors may be contacted at
[email protected] or
[email protected].
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498338356
Category : Business & Economics
Languages : en
Pages : 61
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Book Description
The case studies document the regulatory and supervisory dimension of episodes during the recent crisis involving capital flows that generated systemic stress. Source country regulation and supervision is the main focus, although recipient country policies also were important in some cases and are thus covered as well. Three of the case studies are motivated by systemic stress that arose from flows between advanced economies. Strong demand by foreign investors for U.S. financial products helped drive gross flows between the United States and other countries, especially Europe, and induced the U.S. financial sector to develop products that transformed their risky assets into highly-rated securities. In turn, large European banks came to depend on short-term liquidity provided from the U.S. These two-way capital flows created a complex web among markets and institutions, some regulated and some not. Against this background, case studies were prepared for European banks and U.S. money market mutual funds (MMMFs) and for German banks and U.S. mortgage-backed securities (MBSs). Another important case is that of the near failure of the American International Group (AIG), which turned out to have complex and systemically cross-border linkages with other global institutions and markets.
Author: Martin Feldstein
Publisher: University of Chicago Press
ISBN: 0226241807
Category : Business & Economics
Languages : en
Pages : 500
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Book Description
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: Lance E. Davis
Publisher: Cambridge University Press
ISBN: 9781139427180
Category : Business & Economics
Languages : en
Pages : 1002
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Book Description
This study examines the impact of British capital flows on the evolution of capital markets in four countries - Argentina, Australia, Canada, and the United States - over the years 1870 to 1914. In substantive chapters on each country it offers parallel histories of the evolution of their financial infrastructures - commercial banks, non-bank intermediaries, primary security markets, formal secondary security markets, and the institutions that provide the international financial links connecting the frontier country with the British capital market. At one level, the work constitutes a quantitative history of the development of the capital markets of five countries in the late nineteenth century. At a second level, it provides the basis for a useable taxonomy for the study of institutional invention and innovation. At a third, it suggests some lessons from the past about modern policy issues.
Author: Charles H. Feinstein
Publisher: Clarendon Press
ISBN: 9780191521669
Category : Business & Economics
Languages : en
Pages : 554
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Book Description
The financial history of interwar Europe was dominated by catastrophic episodes of hyper-inflation, dramatic exchange rate crises, massive and destabilizing movements of gold and capital, and extensive banking failures. In their attempt to restore and sustain the gold standard as the basis of the international monetary system, many countries were compelled to resort to deflationary fiscal and monetary policies of exceptional severity. The policies thus adopted in the 1920s were a major cause of the Great Depression of 1929-33; and this in turn exerted a powerful influence on the subsequent political and economic history of the 1930s. This collection of essays is the work of an international network of economic historians from Europe and the United States convened by the European Science Foundation. It brings together, in an accessible style, current knowledge and understanding of the nature and effects of these developments in banking, currency, and finance in the interwar period. The topics are examined at three levels. In Part I a substantial introductory survey of the central issues over the entire period is followed by special studies of the banking crises, the global capital flows, and the interrelationship of economic and political policies, with each of these themes considered in an international perspective. Part II is devoted to illuminating comparative analyses of the financial and exchange policies of pairs of countries; France and Italy, Britain and Germany, Sweden and Finland, and Belgium and France. In Part III the essays move to the level of individual countries and each contributor explores topics such as the form and efficacy of official banking and monetary policies, the role of the central bank, movements in the money supply and prices, the relationship between the banks and the industrial sector, changes in exchange rates and foreign capital investment. The volume covers all the major countries, and also makes available the results of recent research on banking and finance in smaller countries, such as Spain, Austria, Norway, Poland, Portugal, Bulgaria, and Ireland. The questions addressed by this book, and the temes and patterns it reveals, are relevant both to economic and political historians of the years between the two world wars, and to those interested in contemporary banking and financial problems.
