Author: Hali J. Edison
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 72
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Book Description
This paper reviews the literature on the effects of capital account liberalization and stock market liberalization on economic growth. The various empirical measures used to gauge the presence of controls on capital account transactions as well as indicators of stock market liberalization are discussed. We compare detailed measures of capital account controls that attempt to capture the intensity of enforcement with others that simply capture whether or not controls are present. Our review of the literature shows the contrasting results that have been obtained. These differences may reflect differences in country coverage, sample periods and indicators of liberalization. In order to reconcile these differences, we present new estimates of the effects on growth of capital account liberalization and stock market liberalization. We find some support for a positive effect of capital account liberalization on growth, especially for developing countries.
Author: Peter Blair Henry
Publisher:
ISBN: 9780979037634
Category : Capital
Languages : en
Pages : 82
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Book Description
"Writings on the macroeconomic impact of capital account liberalization find few, if any, robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up quite well to a critical reading of this literature. The lion's share of papers that find no effect of liberalization on real variables tell us nothing about the empirical validity of the theory, because they do not really test it. This paper explains why it is that most studies do not really address the theory they set out to test. It also discusses what is necessary to test the theory and examines papers that have done so. Studies that actually test the theory show that liberalization has significant effects on the cost of capital, investment, and economic growth"--National Bureau of Economic Research web site.
Author:
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 44
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Book Description
Author: Davide Furceri
Publisher: International Monetary Fund
ISBN: 1513531409
Category : Business & Economics
Languages : en
Pages : 26
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Book Description
This paper examines the distributional impact of capital account liberalization. Using panel data for 149 countries from 1970 to 2010, we find that, on average, capital account liberalization reforms increase inequality and reduce the labor share of income in the short and medium term. We also find that the level of financial development and the occurrence of crises play a key role in shaping the response of inequality to capital account liberalization reforms.
Author: Luiz Fernando de Paula
Publisher: Taylor & Francis
ISBN: 1136854908
Category : Business & Economics
Languages : en
Pages : 273
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Book Description
Since the beginning of the 1990s, Brazil has followed a pattern of economic development inspired by Washington Consensus. This framework includes a set of liberalising and market friendly policies such as privatisation, trade liberalization, stimulus to foreign direct investment, tax reform, and social security reforms. This book assesses the determinants and impacts of financial liberalisation in Brazil considering its two dimensions: the opening up of the balance of payments capital account, and the penetration by foreign bank of the domestic banking sector. The author combines theoretical and empirical analyses. Some make use of mathematical models and/or statistical techniques; however, they are only used when they are strictly necessary to the analysis.
Author: P. Arestis
Publisher: Springer
ISBN: 0230227740
Category : Business & Economics
Languages : en
Pages : 231
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Book Description
This book discusses the relationship between financial liberalization, financial deepening and economic performance from both a theoretical and a policy perspective, comparing several 'big' emerging countries: Argentina, Brazil, China, India, Russia, South Africa and India, amongst others.
Author: Barry J. Eichengreen
Publisher: MIT Press
ISBN: 9780262550598
Category : Business & Economics
Languages : en
Pages : 396
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Book Description
An analysis of the connections between capital flows and financial crises as well as between capital flows and economic growth.
Author: Olivier Jeanne
Publisher: Peterson Institute
ISBN: 0881326488
Category : Business & Economics
Languages : en
Pages : 147
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Book Description
Most countries emerged from the Second World War with capital accounts that were closed to the rest of the world. Since then, a process of capital account opening has occurred, with the result that all developed and many emerging-market countries now have capital accounts that are both de facto and de jure open, while many developing countries also have de facto openness. This study examines this in part by considering some of the first lessons from the current global financial crisis. This crisis may change the terms of the debate on capital account liberalization in a deeper and more lasting way than any of the crises of the past two decades because it may mark a reversal in the secular trend of financial liberalization at the core of the international financial system. The current crisis also raises new questions about the appropriate policy responses to boom-bust dynamics in domestic credit and in international credit flows. Intellectual consistency is needed between the domestic and international dimensions of financial regulation and the policies aimed at dealing with boom-bust dynamics in domestic and international credit.
Author: Mr.Giovanni Dell'Ariccia
Publisher: International Monetary Fund
ISBN: 9781557757777
Category : Business & Economics
Languages : en
Pages : 74
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Book Description
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.
Author: Lance Taylor
Publisher: Oxford University Press
ISBN: 0198033265
Category : Business & Economics
Languages : en
Pages : 519
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Book Description
This book reports on a fundamental economic policy shift in transition and developing countries after the mid-1980s. Since that time the liberalization of international trade and finance has been among the principal forces for increasing global integration. Looking at the experiences of nine countries--Argentina, Columbia, Cuba, India, Mexico, Russia, Korea, Turkey, and Zimbabwe--and the often negative effects that liberalization has had on them, the contributors include policy recommendations for often-overlooked problems and challenges posed by globalization.
