![The Mirage of Capital Controls by Sebastian Edwards](http://s1.studyres.com/store/data/003091038_1-d46319aac82a655e843db3a4aa98d333-300x300.png)
The Mirage of Capital Controls by Sebastian Edwards
... strengthening of the currency that is associated with capital inflow, and to increase the Central Bank’s control over domestic monetary policy. During the 1978-82 period the controls were particularly stringent, as foreign capital was virtually forbidden from entering the country for less than 5 and ...
... strengthening of the currency that is associated with capital inflow, and to increase the Central Bank’s control over domestic monetary policy. During the 1978-82 period the controls were particularly stringent, as foreign capital was virtually forbidden from entering the country for less than 5 and ...
Reforming the International Monetary System
... imbalances (net capital flows moving from emerging to rich countries); asymmetry in the adjustment mechanisms between borrowing and lending countries; asymmetry in the adjustment mechanisms between the United States, whose currency lies at the centre of the current arrangement, and the rest of the w ...
... imbalances (net capital flows moving from emerging to rich countries); asymmetry in the adjustment mechanisms between borrowing and lending countries; asymmetry in the adjustment mechanisms between the United States, whose currency lies at the centre of the current arrangement, and the rest of the w ...
Costs, Benefits, and Constraints of the Basket Currency Regime
... regime because the economic fundamentals of Thailand had been deteriorating since 1995. After the Asian currency crises, Fischer (2001) recalled that, “Little wonder, then, that policymakers involved in dealing with these crises have warned strongly against the use of pegged rates for countries open ...
... regime because the economic fundamentals of Thailand had been deteriorating since 1995. After the Asian currency crises, Fischer (2001) recalled that, “Little wonder, then, that policymakers involved in dealing with these crises have warned strongly against the use of pegged rates for countries open ...
the failure of oca analysis
... equilibrium. . . . Flexible exchange rates would allow each country to pursue the mixture of unemployment and price trend objectives it prefers, consistent with international equilibrium, equilibrium being secured by appreciation of the currencies of ‘price-stability’ countries relative to currencie ...
... equilibrium. . . . Flexible exchange rates would allow each country to pursue the mixture of unemployment and price trend objectives it prefers, consistent with international equilibrium, equilibrium being secured by appreciation of the currencies of ‘price-stability’ countries relative to currencie ...
Review of Stiglitz "Globalization and its Discontent"
... accounts [current and capital] could not be opened up simultaneously. . .[A] strong case can be made in support of rapid and decisive liberalization in capital transactions’’ (pp. 85 –86). Starting in 1995, more and more countries began to relax their controls on capital mobility. In doing this, how ...
... accounts [current and capital] could not be opened up simultaneously. . .[A] strong case can be made in support of rapid and decisive liberalization in capital transactions’’ (pp. 85 –86). Starting in 1995, more and more countries began to relax their controls on capital mobility. In doing this, how ...
THE YEN, THE YUAN, AND THE ASIAN CURRENCY CRISIS
... direct investment, trade, and bank lending, has been adversely affected by the latest currency crisis in the region, leading to a further depreciation of the yen to \147 to the dollar momentarily in the summer of 1998. Continued depreciation of the yen, however, should be avoided as it will hurt not ...
... direct investment, trade, and bank lending, has been adversely affected by the latest currency crisis in the region, leading to a further depreciation of the yen to \147 to the dollar momentarily in the summer of 1998. Continued depreciation of the yen, however, should be avoided as it will hurt not ...
Econ 371: Answer Key to Problem Set 4 (Chapter 16-17)
... 4. (2 points) What causes a balance of payments crisis? Are speculative attacks on a national currency or capital flights irrational? Write a time path of domestic bonds, foreign reserves, money supply and interest rate before and after a crisis. ANSWER: A balance of payments crisis, or a currency c ...
... 4. (2 points) What causes a balance of payments crisis? Are speculative attacks on a national currency or capital flights irrational? Write a time path of domestic bonds, foreign reserves, money supply and interest rate before and after a crisis. ANSWER: A balance of payments crisis, or a currency c ...
Year 8 Mathematics
... The Australian Curriculum is based on the assumptions that each student can learn and that the needs of every student are important. These needs are shaped by individual learning histories and abilities as well as personal, cultural and language backgrounds, and socio-economic factors. Teachers may ...
... The Australian Curriculum is based on the assumptions that each student can learn and that the needs of every student are important. These needs are shaped by individual learning histories and abilities as well as personal, cultural and language backgrounds, and socio-economic factors. Teachers may ...
Why Countries Succeed and Fail Economically Ray Dalio
... Prior to World War II, the average income in Japan ranged around 25%-35% of the top earner. Then the shock of World War II brought it down to around 15%. After the war it recovered to about 90% of the top (US) in 1990 (at its bubble’s peak). Since then, it has slipped back to about 75% of the top wh ...
... Prior to World War II, the average income in Japan ranged around 25%-35% of the top earner. Then the shock of World War II brought it down to around 15%. After the war it recovered to about 90% of the top (US) in 1990 (at its bubble’s peak). Since then, it has slipped back to about 75% of the top wh ...
The Conditional Imminence of the Reserve Currency Transition
... Another interesting, if less known example, illustrating the use of currency dominance to achieve other economic objectives—in this case promoting the interests of a country’s financial sector—dates back to pre-Fidel Castro Cuba. Andrews (2006, 88) is worth quoting: Like many other Caribbean-basin c ...
... Another interesting, if less known example, illustrating the use of currency dominance to achieve other economic objectives—in this case promoting the interests of a country’s financial sector—dates back to pre-Fidel Castro Cuba. Andrews (2006, 88) is worth quoting: Like many other Caribbean-basin c ...
ADDICTED TO DOLLARS
... • It produces a measure of dollarization that encompasses both holdings of foreign currency assets by the private sector and the external foreign currency liabilities of the economy. • The inclusion of domestic government debt in foreign currency in the composite index takes explicitly into account ...
... • It produces a measure of dollarization that encompasses both holdings of foreign currency assets by the private sector and the external foreign currency liabilities of the economy. • The inclusion of domestic government debt in foreign currency in the composite index takes explicitly into account ...
How do central banks manage exchange rates
... rate differential between the trade-partner countries are some of such factors that have been identified in the models. Therefore, it is believed that exchange rates are determined by demand and supply conditions driven by macroeconomic fundamentals that are linked to transactions in international t ...
... rate differential between the trade-partner countries are some of such factors that have been identified in the models. Therefore, it is believed that exchange rates are determined by demand and supply conditions driven by macroeconomic fundamentals that are linked to transactions in international t ...
The Internationalization of the Renminbi
... A number of recent policy initiatives show that Chinese authorities have assumed a proactive strategy to increase the international use of the RMB. China has established currency swap lines with foreign central banks, encouraged Chinese importers and exporters to settle their trade transactions in R ...
... A number of recent policy initiatives show that Chinese authorities have assumed a proactive strategy to increase the international use of the RMB. China has established currency swap lines with foreign central banks, encouraged Chinese importers and exporters to settle their trade transactions in R ...
Mervyn King: Reform of the International Monetary Fund
... its role? Or has the international capital market replaced the need for such a public institution by providing both finance to, and discipline on, countries? National economic policies are – or should be – trying to create stable monetary and fiscal frameworks to condition expectations of future eco ...
... its role? Or has the international capital market replaced the need for such a public institution by providing both finance to, and discipline on, countries? National economic policies are – or should be – trying to create stable monetary and fiscal frameworks to condition expectations of future eco ...
The pressure on the Canadian dollar is expected to
... acceptable, however, and did not justify extreme action such as major key rate cuts or a major increase in the financial securities purchasing program. In our view, the ECB made a reasonable decision in opting to, among other things, cut its deposit rate to -0.30% and push back the projected end of ...
... acceptable, however, and did not justify extreme action such as major key rate cuts or a major increase in the financial securities purchasing program. In our view, the ECB made a reasonable decision in opting to, among other things, cut its deposit rate to -0.30% and push back the projected end of ...
INSTITUTE OF ECONOMIC STUDIES
... economies alike, a substantial proportion of domestic liabilities are currency linked. In these currency dependent economies (CDEs), credit and currency risk is integrated in current capital regulation, and will be even more so when Basel–II is implemented. This is not a problem for diversified larg ...
... economies alike, a substantial proportion of domestic liabilities are currency linked. In these currency dependent economies (CDEs), credit and currency risk is integrated in current capital regulation, and will be even more so when Basel–II is implemented. This is not a problem for diversified larg ...
Jose De Gregorio--Resilience in Latin America Final IMF-WP
... macroeconomic conditions that EMEs faced. Fiscal accounts were, as ever, healthy. Levels of public debt were relatively low. Countries that had a windfall gain from high terms of trade saved before the crisis, having resources to spend during the downturn. Other countries were able to borrow to fina ...
... macroeconomic conditions that EMEs faced. Fiscal accounts were, as ever, healthy. Levels of public debt were relatively low. Countries that had a windfall gain from high terms of trade saved before the crisis, having resources to spend during the downturn. Other countries were able to borrow to fina ...