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-euro area assets/liabilities, before stage 3 of EMU. A number of key factors determining the currency distribution of … a special emphasis on the first year of the euro. A contribution is made as to how to measure these roles, both for … identification of changes in the role of the euro during 1999 compared to the aggregate of euro predecessor currencies, net of intra …
Persistent link: https://www.econbiz.de/10010958704
Persistent link: https://www.econbiz.de/10005590943
This study examines the effects of capital account restrictions on capital flows in nine emerging Asian economies using panel regressions with 75 economies and fixed effects over the period 1995–2007. The results show that effectiveness of capital controls in the nine emerging Asian economies...
Persistent link: https://www.econbiz.de/10011009833
The paper discusses the prospects for capital inflows to the Czech Republic before Economic and Monetary Union accession. It reviews the potential costs and benefits of capital flows and the history of capital flows to the Czech Republic, before turning to future capital inflows. It notes that...
Persistent link: https://www.econbiz.de/10005256974
This study examines the effects of capital account restrictions on capital flows in nine Asian economies over the period 1995–2005 using panel regressions with fixed effects. The results show that capital controls significantly affect capital flows when such flows are disaggregated by asset...
Persistent link: https://www.econbiz.de/10009245399
Most studies of international financial openness and crises link economic performance to either the net inflow of capital or the gross inflow (outflow) defined as the change in foreign (domestic) holdings of domestic (foreign) assets over a period. In this paper we decompose the net inflow into...
Persistent link: https://www.econbiz.de/10010608425
We analyze the intertemporal causal relationships between the real exchange rate and trade balance and cross-border capital flows in Africa. We use annual data of nine major African countries for the period 1993–2009. Through panel VAR techniques, we document some causality from real exchange...
Persistent link: https://www.econbiz.de/10010636582
This paper addresses the problem of estimating the aggregate international demand schedule for emerging market (EM) securities as an asset class. The standard ‘push-pull’ model of capital flows is modified by reference to recent work on portfolio choice in the context...
Persistent link: https://www.econbiz.de/10011146252
Private debt flows to developing countries surged to record levels over the period 2003-07. A few low-income countries have gained access to the international bond market but the bulk of the flows have continued to go to just a few large middle-income countries. Most low-income countries still...
Persistent link: https://www.econbiz.de/10005116302
The recent episodes of capital flows to emerging market economies in the aftermath of the global financial crisis once again highlighted the importance of appropriate policy design to cope with strong and volatile capital flows, that are effective not only during surges but also during...
Persistent link: https://www.econbiz.de/10010941469