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News Shocks
Barsky, Robert - 2009
innovations, and negatively correlated with inflation innovations. The disinflationary nature of news shocks is consistent with …
Persistent link: https://www.econbiz.de/10013156463
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On the Complementarity of Commercial Policy, Capital Controls and Inflation Tax
Aizenman, Joshua - 2021
equilibrium framework in which lump-sum taxes are absent. The policies analyzed are an inflation tax,commercial policy, and an … inflation tax for small revenue needs. Furthermore, if the policy target were allocative, we would tend to use only one policy …
Persistent link: https://www.econbiz.de/10013230614
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Why Do Emerging Markets Liberalize Capital Outflow Controls? Fiscal Versus Net Capital Flow Concerns
Aizenman, Joshua - 2013
In this paper, we provide empirical evidence on the factors that motivated emerging economies to change their capital outflow controls in the recent decades. Liberalization of capital outflow controls can allow emerging market economies (EMEs) to reduce net capital inflow (NKI) pressures, but...
Persistent link: https://www.econbiz.de/10013085490
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Capital Account Liberalization : Theory, Evidence, and Speculation
Henry, Peter Blair - 2010
Writings on the macroeconomic impact of capital account liberalization find few, if any, robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up quite well to a critical reading of this literature. The...
Persistent link: https://www.econbiz.de/10012760534
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A Decade of Debt
Reinhart, Carmen M. - 2011
the same time, private debt levels, particularly those of financial institutions and households, are in uncharted …, restructuring of public and private debts. A more subtle form of debt restructuring in the guise of "financial repression" (which … had its heyday during the tightly regulated Bretton Woods system) also importantly facilitated sharper and more rapid debt …
Persistent link: https://www.econbiz.de/10013129128
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Capital Controls : Myth and Reality - a Portfolio Balance Approach
Magud, Nicolás E. - 2011
The literature on capital controls has (at least) four very serious apples-to-oranges problems: (i) There is no unified theoretical framework to analyze the macroeconomic consequences of controls; (ii) there is significant heterogeneity across countries and time in the control measures...
Persistent link: https://www.econbiz.de/10013129216
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A Theory of Capital Controls as Dynamic Terms-of-Trade Manipulation
Costinot, Arnaud - 2011
This paper develops a simple theory of capital controls as dynamic terms-of-trade manipulation. We study an infinite horizon endowment economy with two countries. One country chooses taxes on international capital flows in order to maximize the welfare of its representative agent, while the...
Persistent link: https://www.econbiz.de/10013117215
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Financial Protectionism : The First Tests
Rose, Andrew Kenan - 2011
We provide the first empirical tests for financial protectionism, defined as a nationalistic change in banks' lending behaviour, as the result of public intervention, which leads domestic banks either to lend less or at higher interest rates to foreigners. We use a bank-level panel data set...
Persistent link: https://www.econbiz.de/10013124846
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The Federal Reserve, Emerging Markets, and Capital Controls : A High Frequency Empirical Investigation
Edwards, Sebastian - 2012
In this paper I use weekly data from seven emerging nations - four in Latin America and three in Asia - to investigate the extent to which changes in Fed policy interest rates have been transmitted into domestic short term interest rates during the 2000s. The results suggest that there is indeed...
Persistent link: https://www.econbiz.de/10013097663
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Capital Controls : Gates Versus Walls
Klein, Michael W. - 2012
This paper examines the pattern of controls on capital inflows, and the association of these controls on financial variables, GDP, and exchange rates. A key point of the paper is the distinction between long-standing controls on a broad range of assets (walls) and episodic controls that are...
Persistent link: https://www.econbiz.de/10013098140