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Financial Globalization; A Reappraisal
Kose, M. Ayhan; Prasad, Eswar; Rogoff, Kenneth; Wei, … - International Monetary Fund (IMF) - 2006
The literature on the benefits and costs of financial globalization for developing countries has exploded in recent … macroeconomic effects of financial globalization, in terms of both growth and volatility. Overall, our critical reading of the … financial globalization, but with many nuances. On the other hand, there is little systematic evidence to support widely cited …
Persistent link: https://www.econbiz.de/10005263828
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The Elusive Gains From International Financial Integration
Gourinchas, Pierre-Olivier; Jeanne, Olivier - International Monetary Fund (IMF) - 2004
Standard theoretical arguments tell us that countries with relatively little capital benefit from financial integration as foreign capital flows in and speeds up the process of income convergence. We show in a calibrated neoclassical model that conventionally measured welfare gains from this...
Persistent link: https://www.econbiz.de/10005605034
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Retarding Short-Term Capital Inflows Through withholding Tax
Zee, Howell H. - International Monetary Fund (IMF) - 2000
This paper proposes a price-based measure to mitigate the destabilizing impact of the volatility of global capital movements on the domestic economy of a country pursuing sound economic policies. The measure is a withholding tax on all private capital inflows, with a credit and refund provision...
Persistent link: https://www.econbiz.de/10005263778
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Pakistan; Request for Stand-By Arrangement-Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Pakistan
International Monetary Fund (IMF); International … - 2008
Pakistan’s authorities have requested a 23-month Stand-By Arrangement for SDR 5.169 billion in support of their macroeconomic stabilization program. The authorities’ program envisages a tightening of fiscal and monetary policies to bring down inflation and reduce the external...
Persistent link: https://www.econbiz.de/10011244891
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Thailand; 2010 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Thailand
International Monetary Fund (IMF); International … - 2010
The Thai economy has demonstrated its strength in its rapid rebound from the global crisis. But the loss of its former dynamism has slowed trend growth and left it largely dependent on exports. Executive Directors encourage an infrastructure-led growth strategy to make a difference to...
Persistent link: https://www.econbiz.de/10011245171
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Regional Integration of Stock Exchanges in Eastern and Southern Africa; Progress and Prospects
Irving, Jacqueline - International Monetary Fund (IMF) - 2005
This paper assesses whether regional cooperation and integration of stock exchanges in eastern and southern Africa could offer a way of overcoming impediments to the exchanges' development. The paper concludes that regional cooperation and, at a later stage, integration, if carried out at the...
Persistent link: https://www.econbiz.de/10005263689
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Do Macroeconomic Effects of Capital Controls Vary by their Type? Evidence From Malaysia
Tamirisa, Natalia T. - International Monetary Fund (IMF) - 2004
This paper examines how the macroeconomic effects of capital controls vary depending on which type of international … international transactions in the domestic currency and stock market operations have statistically insignificant effects on the …
Persistent link: https://www.econbiz.de/10005263719
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The Determinants of Stock Market Development in Emerging Economies; Is South Africa Different?
Yartey, Charles Amo - International Monetary Fund (IMF) - 2008
This paper examines the institutional and macroeconomic determinants of stock market development using a panel data of 42 emerging economies for the period 1990 to 2004. The paper finds that macroeconomic factors such as income level, gross domestic investment, banking sector development,...
Persistent link: https://www.econbiz.de/10005263854
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Short-Run Pain, Long-Run Gain; The Effects of Financial Liberalization
Schmukler, Sergio L.; Kaminsky, Graciela Laura - International Monetary Fund (IMF) - 2003
We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging market economies since 1973. We also construct an algorithm to identify booms and busts in stock...
Persistent link: https://www.econbiz.de/10005826221
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Portfolio Flows Into India; Do Domestic Fundamentals Matter?
Gupta, Poonam; Gordon, James P. F. - International Monetary Fund (IMF) - 2003
This paper analyzes the factors affecting portfolio equity flows into India using monthly data. Flows to India are small compared to other emerging markets, but seem to be relatively less volatile. They also seem to be quite resilient. The paper shows that portfolio flows are determined by both...
Persistent link: https://www.econbiz.de/10005826441