Capital Flows in a Transitional Economy and the Sterilization Dilemma PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Capital Flows in a Transitional Economy and the Sterilization Dilemma PDF full book. Access full book title Capital Flows in a Transitional Economy and the Sterilization Dilemma by Mr.Pierre L. Siklos. Download full books in PDF and EPUB format.
Author: Mr.Pierre L. Siklos
Publisher: International Monetary Fund
ISBN: 1451850832
Category : Business & Economics
Languages : en
Pages : 36
Get Book Here
Book Description
This paper compares Hungary’s experience with sterilization with that of other capital inflow episodes. The study focuses on the short-run impact of sterilization on monetary policy. The empirical data indicate that sterilized interventions by the National Bank of Hungary (NBH) were not significant until mid-1994, sometime after the return to power of the former Communist leaders. Thus, in the second half of 1994, the NBH began to demonstrate more firmly its independence by tightening monetary policy. By the beginning of 1995, the direction of fiscal policy had begun to show consonance with the overall aims of monetary policy.
Author: Mr.Pierre L. Siklos
Publisher: International Monetary Fund
ISBN: 1451850832
Category : Business & Economics
Languages : en
Pages : 36
Get Book Here
Book Description
This paper compares Hungary’s experience with sterilization with that of other capital inflow episodes. The study focuses on the short-run impact of sterilization on monetary policy. The empirical data indicate that sterilized interventions by the National Bank of Hungary (NBH) were not significant until mid-1994, sometime after the return to power of the former Communist leaders. Thus, in the second half of 1994, the NBH began to demonstrate more firmly its independence by tightening monetary policy. By the beginning of 1995, the direction of fiscal policy had begun to show consonance with the overall aims of monetary policy.
Author: P. L. Siklos
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
Author: Pierre L. Siklos
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
Transitional economies adopted different exchange rates at the beginning of the transition to a market economy and Hungary, in particular, went through a number of changes in this area. In particular, Hungary can be said to have targeted the real exchange rate and, given recent interest in the experience of South American countries which have followed this policy, the experience of a transitional economy should also be of interest. The paper examines the success of Hungary's central bank at sterilizing capital inflows during the period 1992-97. The empirical evidence presented suggests that only during the second half of 1995 did the National Bank of Hungary begin to fully sterilize inflows of capital to neutralize their impact on domestic credit. More descriptive and anecdotal evidence further substantiates this finding. Prior to March 1995, conflicting monetary and fiscal policy objectives prevented the successful targeting of the real exchange rate.
Author: Pierre L. Siklos
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
Author: P. L. Siklos
Publisher:
ISBN:
Category :
Languages : en
Pages : 26
Get Book Here
Book Description
Author: Masahiro Kawai
Publisher: Edward Elgar Publishing
ISBN: 184980687X
Category : Business & Economics
Languages : en
Pages : 465
Get Book Here
Book Description
Managing Capital Flows provides analyses that can help policymakers develop a framework for managing capital flows that is consistent with prudent macroeconomic and financial sector stability. While capital inflows can provide emerging market economies with invaluable benefits in pursuing economic development and growth, they can also pose serious policy challenges for macroeconomic management and financial sector supervision. The expert contributors cover a wide range of issues related to managing capital flows and analyze the experience of emerging Asian economies in dealing with surges in capital inflows. They also discuss possible policy measures to manage capital flows while remaining consistent with the goals of macroeconomic and financial sector stability. Building on this analysis, the book presents options for workable national policies and regional policy cooperation, particularly in exchange rate management. Containing chapters that bring in international experiences relevant to Asia and other emerging market economies, this insightful book will appeal to policymakers in governments and financial institutions, as well as public and private finance experts. It will also be of great interest to advanced students and academic researchers in finance.
Author: Oya Celasun
Publisher: World Bank Publications
ISBN:
Category : Banking law
Languages : en
Pages : 62
Get Book Here
Book Description
July 1999 Between 1989-97, large private capital flows to Turkey contributed to economic growth. Yet chronic and high fiscal deficits - coupled with an inconsistent financial sector regulatory framework - left the banking system and the economy vulnerable to capital flow reversals and external shocks. Recent developments in a number of emerging economies have heightened interest in the relationship between macroeconomic management and financial regulation, in an environment of open capital accounts and large-scale movements of private capital. Celasun, Denizer, and He analyze the Turkish experience with capital flows in a macroeconomy characterized by chronically high inflation and fiscal deficits. They study the relationship between capital flows, macroeconomic management, and vulnerability in the financial system. Their analysis highlights the importance of fiscal policy in an era of large capital flows. Fiscal imbalances contributed both to real exchange rate appreciation and high real interest rates in Turkey. The high interest rates the government must pay on domestic debt have become one of the key issues of Turkey's macroeconomic management. Only by reducing its interest expenses can fiscal deficits be reduced and greater stability be achieved. The Turkish banking system, in becoming increasingly integrated with international financial markets, has become vulnerable to shifts in market confidence. Banks borrowed abroad in response to macroeconomic imbalances to benefit from high interest rates on domestic loans and government paper. In the process, the banks have exposed themselves to interest rate risk, to foreign-exchange risk, and to large credit risks. To reduce the Turkish economy's vulnerability to external shocks, financial regulation must be strengthened simultaneously with the achievement of macroeconomic stability. This paper - a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region - is part of a larger effort in the region to examine the relationship between capital flows and economic management. The authors may be contacted at
[email protected],
[email protected], or
[email protected].
Author: Mario I. Blejer
Publisher: Springer Science & Business Media
ISBN: 0585313466
Category : Business & Economics
Languages : en
Pages : 501
Get Book Here
Book Description
Integrating transition economies into the global commercial and trade market system is a prolonged and risky process. This book is a collection of studies dealing with the different issues related to the liberalization of external relations in economies moving from a socialist to a market-based system The focus is on external sector developments, and the topics deal with balance of payments conditions, exchange rate policies and regimes, international competitiveness, international capital flows, trade, and other matters related to the integration of transition economies into the world economy. An understanding of the principles involved and of the experiences of both transition and advanced economies during this process is crucial to ensure its ultimate success. Written by internationally recognized scholars, the chapters cover these issues in a systematic manner. The first section treats current account developments, capital flows, and exchange rate policies in transition countries, the second section deals with specific issues related to international trade, and the final section consists of six specific country experiences. In this final section, a chapter dealing with the Russian Federation discusses the collapse of the ruble in August 1998.
Author: Mr.Mohsin S. Khan
Publisher: International Monetary Fund
ISBN: 9781557754660
Category : Business & Economics
Languages : en
Pages : 88
Get Book Here
Book Description
The developing economies of the Asia Pacific Economic Cooperation (APEC) have been the recipients of a considerable volume of capital inflows in the 1990s. Given the increased integration of capital markets, it is not surprising that monetary control became more difficult for many developing APEC economies. Formulating an appropriate policy response has naturally been important. The three papers that make up this Occasional Paper each examine different aspects of these issues.
Author: E. Ashworth
Publisher: Springer
ISBN: 0333985036
Category : Political Science
Languages : en
Pages : 217
Get Book Here
Book Description
This book examines the effect of post-Soviet transitions on current problem solving trends with regards to world capitalism. The fall of Soviet communism left liberal capitalism as the dominant blueprint from which to construct economic development policies. Using Central Europe as an example it is shown that the application of the Western liberal-capitalist model has not been without its difficulties. This book endeavours to place the changes to the global political economy, since 1989, in a theoretical and historical context.
