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Decreasing and increasing marginal impatience and the terms of trade in an interdependent world economy
Hirose, Ken-Ichi; Ikeda, Shinsuke - In: Journal of Economic Dynamics and Control 36 (2012) 10, pp. 1551-1565
Using a two-good, two-country model, we examine macroeconomic adjustment by allowing for decreasing and increasing marginal impatience (DMI and IMI). In the reference case where both countries have IMI, a negative output shock in one country lowers the interest rate and both countries' welfare...
Persistent link: https://www.econbiz.de/10010599375
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News Shocks in Open Economies: Evidence from Giant Oil Discoveries
Ramey, Valerie Ann; Arezki, Rabah; Sheng, Liugang - National Bureau of Economic Research (NBER) - 2015
This paper explores the effect of news shocks on the current account and other macroeconomic variables using worldwide giant oil discoveries as a directly observable measure of news shocks about future output–the delay between a discovery and production is on average 4 to 6 years. We first...
Persistent link: https://www.econbiz.de/10011123640
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The determinants of home bias puzzle in equity portfolio investment in Australia
Vo, Xuan Vinh - Volkswirtschaftliche Fakultät, … - 2008
Over the past decades, there is an increased trend in the international financial integration as countries are removing and relaxing controls on cross-border investment. Capital can flow easily to the destination that offers higher returns as the results of decreasing obstacles to international...
Persistent link: https://www.econbiz.de/10008740593
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The determinants of home bias puzzle in equity portfolio investment in Australia
Vo, Xuan Vinh - Volkswirtschaftliche Fakultät, … - 2008
Over the past decades, there is an increased trend in the international financial integration as countries are removing and relaxing controls on cross-border investment. Capital can flow easily to the destination that offers higher returns as the results of decreasing obstacles to international...
Persistent link: https://www.econbiz.de/10011257801
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The Persistence of Current Account Balances and its Determinants: The Implications for Global Rebalancing
Clower, Erica; Ito, Hiro - Asian Development Bank Institute, Asian Development Bank - 2012
This paper examines the statistical nature of the persistency of current account balances and its determinants. With the assumption that stationary current account series ensures the long-run budget constraint while countries may experience “local non-stationarity” in current account...
Persistent link: https://www.econbiz.de/10010991122
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Capital flows and capital account management in selected Asian economies
SenGupta, Abhijit; Sengupta, Rajeswari - Indira Gandhi Institute of Development Research (IGIDR) - 2014
since early 2000s. This rapid increase in the volume of ows accompanied by sharp swings in volatility has ampliled the … the desired goals.This kind of an analysis is highly relevant especially a time when EMEs around the world are about to … Euro-zone, either of which could once again heighten the volatility of cross-border capital ows thereby posing renewed …
Persistent link: https://www.econbiz.de/10010941689
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How Effective are Capital Controls in Asia?
Gochoco-Bautista,, Maria Socorro; Jongwanich, Juthathip; … - Economics and Research Department, Asian Development Bank - 2011
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
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The Malaysian Capital Controls: A Success Story?
Athukorala, Prema-Chandra - Crawford School of Public Policy, Australian National … - 2007
This paper aims to contribute to the debate on the use of temporary controls on capital outflows as a crisis resolution measure my examining the outcome of Malaysia’s radical response to the 1997-98 financial crisis. The analysis suggests that carefully designed temporary capital controls were...
Persistent link: https://www.econbiz.de/10004970720
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Autonomia de política econômica, fragilidade externa e equilíbrio do balanço de pagamentos.
Oreiro, José Luís - In: Revista Economia e Sociedade 23 (2004) 1, pp. 22-22
The objective of this article is to present the economic theory of capital controls, that is, the theoretical arguments … that favor the introduction of capital controls. In this setting we will argue that economic theory have three main … controls in emerging economies are based in ideological arguments rather than on economic theory. …
Persistent link: https://www.econbiz.de/10004988640
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How do Capital Controls Affect the Transmission of Foreign Shocks?
Cooke, Dudley - Economic Policy Research Unit (EPRU), Økonomisk Institut - 2007
This paper studies the short-run transmission of foreign shocks in a small open economy with capital controls and a fixed exchange rate. Capital controls alter the transmission of shocks because endogenous changes in the domestic nominal interest rate affect savings and investment decisions. The...
Persistent link: https://www.econbiz.de/10005543549