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Capital Control, Speculation and Exchange Rate Volatility

Chu, Mei-Lie - Econometric Society - 2004

This paper studies a plausible connection among rational speculators, exchange rate volatility and capital controls. When Krugman (1999) asserted that there should be appropriate controls on international capital movements to avoid currency volatilities from speculative activities, this paper...

Persistent link: https://www.econbiz.de/10005342306

Exchange Rate Based Stabilization with Sudden Restrictions on Capital Flows

Subramanian, Chetan; Park, Jungsoo - Econometric Society - 2004

This study examines the dynamics associated with an economy implementing an Exchange Rate Based Stabilization (ERBS) programs when they are subject to sudden restrictions in international capital flows. In the context of a simple theoretical model, we describe the pressures on a country's...

Persistent link: https://www.econbiz.de/10005342385

Are there restrictions to consumption smoothing in Latin American countries? Differences between OLS and GLS estimation

Teixeira, Humberto Carlos Faria; Issler, Joao Victor - Econometric Society - 2004

We study empirically how close consumption-smoothing models employing present-value relationships fit data for Latin-American countries, either in an open-economy or closed-economy environment. Bivariate VARS are estimated using either individual-system or a joint-system techniques (OLS or GLS -...

Persistent link: https://www.econbiz.de/10005129765

Sterilization of Capital Inflows and Balance of Payments Crises

Buscaglia, Marcos - Econometric Society - 2004

Large capital inflows and repeated balance of payments crises (BOPC) associated with their sudden reversal have characterized the emerging market economies during the 90's. Sterilized intervention has been the most common response to capital inflows. This paper links the sterilization efforts...

Persistent link: https://www.econbiz.de/10005129784

Nonlinear Modelling of Purchasing Power Parity in Indonesia

Silvapulle, Param; Lestari, Titi Kanti; Kim, Jae - Econometric Society - 2004

This paper models the dynamics of the adjustment process of Indonesian purchasing power parity (PPP) relative to US … success of recent studies on PPP, applying a non-linear ESTAR to model the adjustment process, we tested for mean … adjustment process being very fast, making the overall adjustment process mean-reverting …

Persistent link: https://www.econbiz.de/10005130169

The Chilean-Style of Capital Controls: an Empirical Assessment

Tapia, Heriberto; Ffrench-Davis, Ricardo - Econometric Society - 2004

In this paper we review the main features of the Chilean-Style of capital controls during the nineties. In particular, we analyze empirically the effectiveness of the unremunerated reserve requirement (URR) in three key areas: its capacity to open space for monetary policy, its influence on the...

Persistent link: https://www.econbiz.de/10005063567

Spillover Effects of Fiscal Policy Under Flexible Exchange Rates

Steffen, Dirk; Pitterle, Ingo - Econometric Society - 2004

The paper analyzes the transmission mechanisms of fiscal shocks in a two-country general equilibrium model with sticky prices in line with the new open economy macroeconomics (NOEM) approach. Specifically, the model allows for both market segmentation and asymmetric preferences. We introduce...

Persistent link: https://www.econbiz.de/10005063684

Net Foreign Assets And Imperfect Financial Integration: An Empirical Approach

Selaive, Jorge; Tuesta, Vicente - Econometric Society - 2004

Empirical evidence against both risk-sharing across countries and the uncovered interest rate parity (UIP) condition have been extensively documented. This paper investigates the empirical implications of imperfectly integrated financial markets resulting from these two issues. Under this asset...

Persistent link: https://www.econbiz.de/10005699618

World financial liberalization and its effects on capital flows

Santana, José Ricardo; Garcia, Fernando - Econometric Society - 2004

This paper investigates the determining factors in private capital flow, differentiating foreign direct investment (FDI) from other flows and emphasizing the role of financial liberalization and. Two reasons brought about this examination. The first is the substantial increase in private capital...

Persistent link: https://www.econbiz.de/10005699642

Old and Modern Currency Crises: Short-Term Liabilities, Speculative Attacks and Business Cycles

Giannetti, Mariassunta - Econometric Society - 2004

Today?s level of financial integration and development of international capital markets is often compared to the pre-World War I Gold Standard. However, the propensity to currency crises seems higher today than in the past. Furthermore, the dynamics of crises has changed: In the most recent...

Persistent link: https://www.econbiz.de/10005702618