• Study Resource
  • Explore
    • Arts & Humanities
    • Business
    • Engineering & Technology
    • Foreign Language
    • History
    • Math
    • Science
    • Social Science

    Top subcategories

    • Advanced Math
    • Algebra
    • Basic Math
    • Calculus
    • Geometry
    • Linear Algebra
    • Pre-Algebra
    • Pre-Calculus
    • Statistics And Probability
    • Trigonometry
    • other →

    Top subcategories

    • Astronomy
    • Astrophysics
    • Biology
    • Chemistry
    • Earth Science
    • Environmental Science
    • Health Science
    • Physics
    • other →

    Top subcategories

    • Anthropology
    • Law
    • Political Science
    • Psychology
    • Sociology
    • other →

    Top subcategories

    • Accounting
    • Economics
    • Finance
    • Management
    • other →

    Top subcategories

    • Aerospace Engineering
    • Bioengineering
    • Chemical Engineering
    • Civil Engineering
    • Computer Science
    • Electrical Engineering
    • Industrial Engineering
    • Mechanical Engineering
    • Web Design
    • other →

    Top subcategories

    • Architecture
    • Communications
    • English
    • Gender Studies
    • Music
    • Performing Arts
    • Philosophy
    • Religious Studies
    • Writing
    • other →

    Top subcategories

    • Ancient History
    • European History
    • US History
    • World History
    • other →

    Top subcategories

    • Croatian
    • Czech
    • Finnish
    • Greek
    • Hindi
    • Japanese
    • Korean
    • Persian
    • Swedish
    • Turkish
    • other →
 
Profile Documents Logout
Upload
Static Losses, Dynamic Gains
Static Losses, Dynamic Gains

... with the outside world. We make two crucial assumptions in our analysis: First, we assume that the economy exhibits learning-by-investing externalities, i.e. that the level of technology in the economy is proportional to the amount of capital accumulated. This implies that the economy is of the AK-t ...
International Institutions and Domestic Compensation: The IMF and the Politics of Financial Liberalization
International Institutions and Domestic Compensation: The IMF and the Politics of Financial Liberalization

... politics of capital account liberalization and discuss the potential influence of the IMF. In section 3 we develop a formal model of capital account liberalization. In sections 4, 5, and 6, we present the statistical model, the data, and results. We conclude by discussing the implications of our fin ...
Benefits and Risks of Financial Globalization
Benefits and Risks of Financial Globalization

... system was dominated by the gold standard, according to which gold backed national currencies. The advent of the First World War represented the first blow to this wave of financial globalization, which was followed by a period of instability and crises ultimately leading to the Great Depression and ...
The US Capital Account Surplus
The US Capital Account Surplus

... U.S. economic strengths (such as its high growth rate and globally competitive economy) as well as some shortcomings (such as its low rate of domestic saving). ...
2016 DFAST Mid-Cycle Stress Test Disclosure
2016 DFAST Mid-Cycle Stress Test Disclosure

... Investor and consumer sentiment plummet, exacerbating the direct impact of overseas developments and leading to a severe recession in the United States. This leads to a prolonged rise in unemployment and decline in housing prices in developed countries, far below pre-recession levels. ...
The Effects of Short-Term Capital Flows on Exchange Rates in
The Effects of Short-Term Capital Flows on Exchange Rates in

... scarce because the returns on new investment opportunities are higher where the capital is limited. The reallocation of capital will increase investment in the recipient country and will bring enormous economic and social benefits. In this framework, starting from the 1990s, after the liberalization ...
Obstfeld Working Paper No. 1692
Obstfeld Working Paper No. 1692

... mOst likely to be informative about the extent of international capital mobility involve assets denomi nated in the same currency but issued in different countries. There are two countries in the world, a "home" country and a 'foreign' country, each with its own, country—specific currency. On any da ...
Solow residuals without capital stocks
Solow residuals without capital stocks

... consideration, the more likely such measurement error will affect the precision of the Solow residual. Second, it is difficult to distinguish utilized capital at any point in time from that which is idle. Solow (1957) also argued that the appropriate measurement should be of “capital in use, not capi ...
The Effect of Capital Controls on Interest Rate Differentials
The Effect of Capital Controls on Interest Rate Differentials

... the presence of RER targets). All these goals can be summarized as having larger international interest rate differentials, especially at short-run maturities, without generating capital inflows. The policy design often takes the form of an inflow tax, or some kind of entry fee, and it is usually in ...
The Asian Crises Reexamined
The Asian Crises Reexamined

... wouldn’t have been hit even if they hadn’t had controls. Like several other recent studies, our statistical analysis finds a positive rather than negative correlation between capital controls and currency crises. These results strongly conflict with the popular view that premature liberalization of ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
This PDF is a selection from a published volume from... National Bureau of Economic Research

... While portfolio flows are sometimes considered volatile, in India’s experience, there has been no episode of a significant retreat by foreign investors. Net FDI and net portfolio flows have been fairly stable. Debt flows have been relatively volatile, reflecting frequent changes in capital controls ...
Solow Residuals without Capital Stocks - Hu
Solow Residuals without Capital Stocks - Hu

... to account for economic growth. In macroeconomics, the Solow residual and its estimated behavior has motivated a significant body of research, not only on the sources of long-run economic growth, but also on the sources of macroeconomic fluctuations.3 A recent citation search reveals that this paper ...
Dynamic Capital Tax Competition in a Two-country Model
Dynamic Capital Tax Competition in a Two-country Model

... capital is mobile, however, an increase in the domestic tax leads to a decrease in the domestic net rate of return on capital and, thereby, to a capital outflow. This capital outflow translates into an increase in the capital employed in the other tax jurisdictions. Thus, an increase in the domestic ...
Pick Your Poison: The Choices and 1 4
Pick Your Poison: The Choices and 1 4

... In the following analysis, we want to avoid counting a major policy change which persists over several quarters as multiple events. Therefore, we also impose the condition that after a major policy change of the type described above, we do not score another policy change of that type for the next t ...
Financial Intermediation and Capital Reallocation
Financial Intermediation and Capital Reallocation

... worth, which increases the leverage of the banking sector, making the economy more vulnerable to additional shocks to the financing constraint. On the other hand, shocks that improve bank financing constraints lower leverage and reduce macroeconomic volatility. In the extreme case where banks are unco ...
growth and development - Ekonomski institut, Zagreb
growth and development - Ekonomski institut, Zagreb

... of foreign investments. By comparing individual categories of international capital flows, conclusions are drawn concerning the characteristics and differences between foreign direct investments, foreign portfolio investments, and other foreign investments.4 Furthermore, these studies explore the hi ...
Capital Flows and Real Exchange Rates in Emerging Asian Countries
Capital Flows and Real Exchange Rates in Emerging Asian Countries

... The swift and strong rebound of capital inflows in emerging Asian countries after the current global financial crisis has added new impetus to the debate on how countries receive benefits from capital inflows and avoid costs that are associated with them. One of the unfavorable side effects of “too ...
Short-Term Capital, Economic Transformation, and
Short-Term Capital, Economic Transformation, and

... changes in the composition of capital inflows away from long-term FDI towards short-term capital flows in Asia were sterilization policies which held domestic interest rates at high levels. In contrast to closed-economy models, models of international lending need to take at least two specific featu ...
NBER WORKING PAPER SERIES RISK SHARING THROUGH CAPITAL GAINS Faruk Balli Sebnem Kalemli-Ozcan
NBER WORKING PAPER SERIES RISK SHARING THROUGH CAPITAL GAINS Faruk Balli Sebnem Kalemli-Ozcan

... countries in a monetary union risk sharing may be particularly important for the functioning of the union because monetary policy is unable to address “asymmetric” shocks, the case of some countries experiencing negative shocks while others are booming. Sala-i-Martin and Sachs (1992) suggest that th ...
Capital Infows and Investment Barbara Pels Institute for International Integration Studies and
Capital Infows and Investment Barbara Pels Institute for International Integration Studies and

... ‘collateral benefits’ from financial openness: domestic financial sector development, better corporate and public governance could all lead to higher long-run growth. No consensus has emerged among economists and policymakers on the topic of the desirability of capital account openness for less deve ...
capital account liberalization in the wamz: gap analysis
capital account liberalization in the wamz: gap analysis

... the average, empirical analysis suggests that, after controlling for the effects of other factors, the causal effect of capital account liberalization on growth is not monotonic (Prasad et al, 2003). Evidence also show that developing and emerging economies have not been able to effectively leverage ...
capital markets authority strategic plan 2016/17
capital markets authority strategic plan 2016/17

... Institutional Investors as the Drivers of Capital Markets Investments: In the short to medium term the capital markets in Uganda will better operate as wholesale markets for investors. Not many Ugandans can afford to invest directly in the capital markets because of the low levels of income. Accordi ...
Introduction - National Transfer Accounts
Introduction - National Transfer Accounts

... Investment: Transactions that increase future consumption by foregoing current consumption; lead to change in the stock of reproducible capital; include storage; allows only reallocation from younger ages to older ages. Individuals can accumulate capital when young and dispose of it when old. Exchan ...
This submission summarises research by the Economic Policy
This submission summarises research by the Economic Policy

... Africa’s tax structure, leading to an erosion of the tax base and wasted resources that could otherwise promote economic growth and job creation. The proposed legislation will provide some measure of correction to these distortions, but will not eliminate them completely because only a fraction of t ...
Intellectual capital statements on their way to the
Intellectual capital statements on their way to the

... expressed already in the “Jenkins Report” (AICPA, 1994) and by the former commissioner of the Securities and Exchange Commission (SEC) Wallman (1995, 1996). Several recent reports (e.g. Eustace, 2001; FASB, 2001; Upton, 2001; Blair and Wallman, 2001) have called for improved disclosure of intangible ...
< 1 2 3 4 5 6 7 ... 18 >

Capital control

Capital controls are residency-based measures such as transaction taxes, other limits, or outright prohibitions that a nation's government can use to regulate flows from capital markets into and out of the country's capital account. These measures may be economy-wide, sector-specific (usually the financial sector), or industry specific (for example, “strategic” industries). They may apply to all flows, or may differentiate by type or duration of the flow (debt, equity, direct investment; short-term vs. medium- and long-term).Types of capital control include exchange controls that prevent or limit the buying and selling of a national currency at the market rate, caps on the allowed volume for the international sale or purchase of various financial assets, transaction taxes such as the proposed Tobin tax, minimum stay requirements, requirements for mandatory approval, or even limits on the amount of money a private citizen is allowed to remove from the country. There have been several shifts of opinion on whether capital controls are beneficial and in what circumstances they should be used.Capital controls were an integral part of the Bretton Woods system which emerged after World War II and lasted until the early 1970s. This period was the first time capital controls had been endorsed by mainstream economics. In the 1970s free market economists became increasingly successful in persuading their colleagues that capital controls were in the main harmful. The US, other western governments, and the big multilateral financial institutions (the International Monetary Fund (IMF) and World Bank) began to take an increasingly critical view of capital controls and persuaded many countries to abandon them to facilitate financial globalization.The Latin American debt crisis of the early 1980s, the East Asian financial crisis of the late 1990s, the Russian ruble crisis of 1998-99, and the global financial crisis of 2008, however, highlighted the risks associated with the volatility of capital flows, and led many countries—even those with relatively open capital accounts—to make use of capital controls alongside macroeconomic and prudential policies as means to damp the effects of volatile flows on their economies.In the aftermath of the global financial crisis, as capital inflows surged to emerging market economies, a group of economists at the IMF outlined the elements of a policy toolkit to manage the macroeconomic and financial-stability risks associated with capital flow volatility. The proposed toolkit allowed a role for capital controls. The study, as well as a successor study focusing on financial-stability concerns stemming from capital flow volatility, while not representing an IMF official view, were nevertheless influential in generating debate among policy makers and the international community, and ultimately in bringing about a shift in the institutional position of the IMF. With the increased use of capital controls in recent years, the IMF has moved to destigmatize the use of capital controls alongside macroeconomic and prudential policies to deal with capital flow volatility. More widespread use of capital controls, however, raises a host of multilateral coordination issues, as enunciated for example by the G-20, echoing the concerns voiced by John Maynard Keynes and Harry Dexter White more than six decades ago.
  • studyres.com © 2025
  • DMCA
  • Privacy
  • Terms
  • Report