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Managing capital flows in Asia : an overview of key issues
Villafuerte, James; Yap, Josef T. - 2015
Global capital flows into emerging markets, including those in Asia, continue to be volatile. These capital flows generate both benefits and costs. The latter are associated with episodes of currency and banking crises like the 1997 Asian financial crisis and the 2008 global financial and...
Persistent link: https://www.econbiz.de/10011386741
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The Feldstein-Horioka puzzle or paradox after 44 Years : a fallacy of composition
Horioka, Charles - 2024
The finding of Feldstein and Horioka (1980) that domestic saving and domestic investment are highly correlated across countries despite the rapid globalization and liberalization of financial markets in recent decades has been regarded as a Puzzle or Paradox. However, in this paper, we show that...
Persistent link: https://www.econbiz.de/10014530303
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Financial openness and macroeconomic volatility
Hagen, Jürgen von (contributor); Zhang, Haiping (contributor) - 2006
We analyze the implications of financial openness to macroeconomic volatility in a small open economy. Major … macroeconomic aggregates show non-monotonic volatility patterns with respect to the degree of financial openness in the model … without domestic financial frictions. The introduction of domestic financial frictions makes the volatility patterns flatter …
Persistent link: https://www.econbiz.de/10003449265
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Recent advances in the literature on capital flow management
Beck, Roland; Berganza, Juan Carlos; Brüggemann, Axel; … - 2023 - Revised September 2023
Large swings in cross-border capital flows can have consequences for domestic stability and open a channel for the transmission of shocks and spillovers across economies, including the euro area. Against this backdrop, the present paper reviews new evidence for the effectiveness of capital flow...
Persistent link: https://www.econbiz.de/10014517643
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Monetary and Fiscal Policies in a Sudden Stop : Is Tighter Brighter?
Ortiz, Alberto - 2012
In this paper we ask whether tighter monetary and fiscal policies are the right way to face a sudden stop (a sudden curtailment in capital flows) in a typical emerging economy. We develop exogenous measures of fiscal and monetary policy response and conclude that tighter policies are associated...
Persistent link: https://www.econbiz.de/10013104754
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How important are global factors for understanding the dynamics of international capital flows?
Eller, Markus; Huber, Florian; Schuberth, Helene - 2018
We propose a dynamic factor model with time-varying parameters and stochastic volatility to analyze the relationship … country-specific capital flow volatility and that the impact of these variables has become even more important since the 2008 …
Persistent link: https://www.econbiz.de/10011929696
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The solution to the Feldstein-Horioka puzzle
Horioka, Charles; Ford, Nicholas - 2017
The purpose of this paper is to set out a surprisingly simple solution to the Feldstein-Horioka Puzzle or Paradox, which is that even though global financial markets appear to be integrated, levels of saving and investment are correlated across countries because financial markets cannot, by...
Persistent link: https://www.econbiz.de/10011756014
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A survey of the literature on managing capital inflows
Kawai, Masahiro (contributor); Takagi, Shinji (contributor) - 2008
How to manage capital inflows remains an important policy issue for many emerging market economies. This paper presents a brief survey of the literature on managing capital inflows, with a focus on developing and emerging market economies. The paper, after discussing the economic characteristics...
Persistent link: https://www.econbiz.de/10003719200
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Capital Controls, Capital Flows, and Banking Crises
Chang, Chia-Ying - 2015
Capital controls have been adopted by emerging economies to change the volume and the composition of capital flows and to protect the economy from sudden stops. The effectiveness measured by empirical studies has remained inconclusive, due to the limitation of the available data. This paper...
Persistent link: https://www.econbiz.de/10013029831
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Capital Controls Spillovers
Landi, Valerio Nispi - 2019
I built a three-country business cycle model with one AE and two EMEs to analyze the spillover effects arising from capital controls. I find that, following a push-factor shock from the AE, if one EME tightens capital controls, the other EME experiences an additional wave of foreign investments....
Persistent link: https://www.econbiz.de/10012898841