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Author: Nicholas Dorn
Publisher: Routledge
ISBN: 1317374010
Category : Business & Economics
Languages : en
Pages : 237
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Book Description
Controlling Capital examines three pressing issues in financial market regulation: the contested status of public regulation, the emergence of ‘culture’ as a proposed modality of market governance, and the renewed ascendancy of private regulation. In the years immediately following the outbreak of crisis in financial markets, public regulation seemed almost to be attaining a position of command – the robustness and durability of which is explored here in respect of market conduct, European Union capital markets union, and US and EU competition policies. Subsequently there has been a softening of command and a return to public-private co-regulation, positioned within a narrative on culture. The potential and limits of culture as a regulatory resource are unpacked here in respect of occupational and organisational aspects, stakeholder connivance and wider political embeddedness. Lastly the book looks from both appreciative and critical perspectives at private regulation, through financial market associations, arbitration of disputes and, most controversially, market ‘policing’ by hedge funds. Bringing together a distinguished group of international experts, this book will be a key text for all those concerned with issues arising at the intersection of financial markets, law, culture and governance.
Author: Nicholas Dorn
Publisher: Routledge
ISBN: 1317374010
Category : Business & Economics
Languages : en
Pages : 237
Get Book Here
Book Description
Controlling Capital examines three pressing issues in financial market regulation: the contested status of public regulation, the emergence of ‘culture’ as a proposed modality of market governance, and the renewed ascendancy of private regulation. In the years immediately following the outbreak of crisis in financial markets, public regulation seemed almost to be attaining a position of command – the robustness and durability of which is explored here in respect of market conduct, European Union capital markets union, and US and EU competition policies. Subsequently there has been a softening of command and a return to public-private co-regulation, positioned within a narrative on culture. The potential and limits of culture as a regulatory resource are unpacked here in respect of occupational and organisational aspects, stakeholder connivance and wider political embeddedness. Lastly the book looks from both appreciative and critical perspectives at private regulation, through financial market associations, arbitration of disputes and, most controversially, market ‘policing’ by hedge funds. Bringing together a distinguished group of international experts, this book will be a key text for all those concerned with issues arising at the intersection of financial markets, law, culture and governance.
Author: Mr.Martin Schindler
Publisher: International Monetary Fund
ISBN: 1451873557
Category : Business & Economics
Languages : en
Pages : 34
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Book Description
How effective are capital account restrictions? We provide new answers based on a novel panel data set of capital controls, disaggregated by asset class and by inflows/outflows, covering 74 countries during 1995-2005. We find the estimated effects of capital controls to vary markedly across the types of capital controls, both by asset categories, by the direction of flows, and across countries' income levels. In particular, both debt and equity controls can substantially reduce outflows, with little effect on capital inflows, but only high-income countries appear able to effectively impose debt (outflow) controls. The results imply that capital controls can affect both the volume and the composition of capital flows.
Author: Nicholas Dorn
Publisher: Routledge
ISBN: 9781138570078
Category : Banking law
Languages : en
Pages : 0
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Book Description
This book examines pressing issues in financial market regulation, in the face of continuing systemic concerns and widespread wrongdoing in financial markets. Contributors explore how public and private tendencies are evolving, how they might work together, and their relation to policies in the European Union, the United States and internationally.
Author: Gerald A. Epstein
Publisher: Edward Elgar Publishing
ISBN:
Category : Capital movements
Languages : en
Pages : 368
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Book Description
Epstein (economics, U. of Massachusetts) and colleagues look at connections between financial liberalization, financial crises, and capital flight in the 1980s and 1990s during the rise of neoliberalism. Opening chapters set the context with an overview of the impacts of capital account liberalization on income distribution and growth and an descri
Author: Zdenek Drabek
Publisher: M.E. Sharpe
ISBN: 9780765603692
Category : Business & Economics
Languages : en
Pages : 266
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Book Description
Volatility in emerging markets has become a familiar problem in the cases of Latin America and Asia; the same phenomenon in the new market economies of Eastern Europe -- the Czech Republic, Poland, and Hungary -- is of newer vintage. This book explores the patterns and problems of capital inflows in the Central European economies in a global context, highlighting the critical importance of transparency and prudent regulatory regimes in economic development.
Author: Gurnain Kaur Pasricha
Publisher: International Monetary Fund
ISBN: 1513546104
Category : Business & Economics
Languages : en
Pages : 60
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Book Description
This paper borrows the tradition of estimating policy reaction functions from monetary policy literature to ask whether capital controls respond to macroprudential or mercantilist motivations. I explore this question using a novel, weekly dataset on capital control actions in 21 emerging economies from 2001 to 2015. I introduce a new proxy for mercantilist motivations: the weighted appreciation of an emerging-market currency against its top five trade competitors. This proxy Granger causes future net initiations of non-tariff barriers in most countries. Emerging markets systematically respond to both mercantilist and macroprudential motivations. Policymakers respond to trade competitiveness concerns by using both instruments—inflow tightening and outflow easing. They use only inflow tightening in response to macroprudential concerns. Policy is acyclical to foreign debt; however, high levels of this debt reduces countercyclicality to mercantilist concerns. Higher exchange rate pass-through to export prices, and having an inflation targeting regime with non-freely floating exchange rates, increase responsiveness to mercantilist concerns.
Author: Bryan Mercurio
Publisher: Cambridge University Press
ISBN: 1009050753
Category : Law
Languages : en
Pages : 243
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Book Description
Focusing on capital controls, this study provides rigorous legal analysis to establish whether the mandate of the International Monetary Fund (IMF) extends to the capital account; that is, whether the IMF has the authority to control and/or regulate the use of capital controls by its member states. The book then analyses whether a country's use of capital controls is consistent with the obligations and commitments undertaken in various multilateral and bilateral trade and investment agreements. Finally, it analyses the tension within international economic law, as the IMF now encourages the use of capital controls under certain circumstances, while most trade/investment agreements prohibit or limit their use. Proposing a way forward to alleviate the tension and construct a more harmonious relationship between the norms and standards of finance, trade and investment, this study will be essential reading for policymakers.
Author: Masahiro Kawai
Publisher: Edward Elgar Publishing
ISBN: 184980687X
Category : Business & Economics
Languages : en
Pages : 465
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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: Reuven Glick
Publisher: Cambridge University Press
ISBN: 9780521623230
Category : Business & Economics
Languages : en
Pages : 148
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Book Description
The essays in this volume examine the theoretical and policy issues associated with international capital flows and exchange rates for emerging markets in the Pacific Basin region. Emerging market countries in both Asia and Latin America offer a wide variety of examples for the comparative study of the implications of international capital flow surges and appropriate policy responses. The essays address four broad issues. First, they investigate the determinants of international capital flows, particularly the relative role of domestic and external factors in driving capital flows. Second, they inquire how predictable and contagious capital flow reversals and exchange rate crises are. Third, they explore what the domestic economic effects of capital inflows on emerging economies have been, and finally seek to suggest what are the appropriate responses by policymakers to capital inflow surges.
Author: Ron Hood
Publisher: World Bank Publications
ISBN:
Category : Capital movements
Languages : en
Pages : 22
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Book Description
Late in the Asian crisis, Malaysian authorities implemented controls on international capital flows, providing insurance against the consequences of possible further disturbances and creating a breathing space for essential reforms. Both the benefits from and the costs of the controls have been modest.
