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 ...
... 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
... 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 ...
... 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
... 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 ...
... 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
... 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). ...
... 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
... 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. ...
... 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
... 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 ...
... 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
... 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 ...
... 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
... 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 ...
... 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 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 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
... 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 ...
... 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
... 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 ...
... 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
... 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 ...
... 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
... 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 ...
... 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
... 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 ...
... 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
... 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 ...
... 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
... 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 ...
... 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
... 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 ...
... 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
... 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 ...
... 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
... 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 ...
... 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
... ‘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 ...
... ‘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
... 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 ...
... 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
... 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 ...
... 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
... 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 ...
... 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
... 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 ...
... 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
... 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 ...
... 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 ...