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Exchange Rate Regimes, Capital Flows and Crisis Prevention

Edwards, Sebastian - 2021

In this paper I analyze, within the context of the new 'financial architecture,' the relationship between exchange rate regimes, capital flows and currency crises in emerging economies. The paper draws on lessons learned during the 1990s, and deals with some of the most important policy...

Persistent link: https://www.econbiz.de/10013231996

Excessive Volatility in Capital Flows : A Pigouvian Taxation Approach

Jeanne, Olivier - 2010

welfare …

Persistent link: https://www.econbiz.de/10013144505

International Credit Flows and Pecuniary Externalities

Brunnermeier, Markus K. - 2015

. Capital controls or domestic macro-prudential measures that limit short-term borrowing can improve welfare …

Persistent link: https://www.econbiz.de/10013031034

Monetary Sovereignty, Exchange Rates, and Capital Controls : The Trilemma in the Interwar Period

Obstfeld, Maurice - 2012

empirically controversial. We apply theory and empirics to the interwar data and find strong support for the logic of the trilemma …

Persistent link: https://www.econbiz.de/10012755788

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 … the welfare of its representative agent, while the other country is passive. We show that capital controls are not guided … international capital flows converge to zero. Although our theory emphasizes interest rate manipulation, the country's net financial …

Persistent link: https://www.econbiz.de/10013117215

Living with the Trilemma Constraint : Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries

Aizenman, Joshua - 2013

This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the relative policy divergence among the three trilemma policy choices, namely monetary independence, exchange rate...

Persistent link: https://www.econbiz.de/10013075864

On the International Financial Architecture : Insuring Emerging Markets

Caballero, Ricardo J. - 2010

In spite of significant institutional and macroeconomic reforms over the last decade or two, capital flows to developing economies remain highly volatile. In 1996, net private capital flows to emerging markets reached US$230 billions; by 1997 these flows had been cut in half; by 1998 halved...

Persistent link: https://www.econbiz.de/10012762843

Capital Mobility and Exchange Market Intervention in Developing Countries

Dooley, Michael P. - 2010

This paper develops a new technique for measuring changes in the degree of capital mobility confronting a developing country that has restrictions on capital flows and official ceilings on domestic interest rates. Because such official controls rule out the use of traditional interest rate...

Persistent link: https://www.econbiz.de/10012763638

Capital Account Liberalization, the Cost of Capital, and Economic Growth

Henry, Peter Blair - 2009

Three things happen when emerging economies open their stock markets to foreign investors. First, the aggregate dividend yield falls by 240 basis points. Second, the growth rate of the capital stock increases by an average of 1.1 percentage points per year. Third, the growth rate of output per...

Persistent link: https://www.econbiz.de/10012767765

Exchange Rate Regimes and Capital Mobility : How Much of the Swoboda Thesis Survives?

Eichengreen, Barry - 2010

Alexander Swoboda is one of the originators of the bipolar view that capital mobility creates pressure for countries to abandon intermediate exchange rate arrangements in favor of greater flexibility and harder pegs. This paper takes another look at the evidence for this hypothesis using two...

Persistent link: https://www.econbiz.de/10012759200

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