2 edition of Financial reforms, stabilization and growth under high capital mobility found in the catalog.
Financial reforms, stabilization and growth under high capital mobility
Jaime de Melo
|Statement||by Jaime de Melo.|
|Series||Discussion paper / Development Research Department -- no.138|
|Contributions||World Bank. Development Research Department.|
Downloadable (with restrictions)! High and persistent inflation has been one of the distinguishing macroeconomic characteristics of many developing countries since the end of World War II. Countries afflicted by chronic inflation, however, have not taken their fate lightly and have engaged in repeated stabilization attempts. More often than not, stabilization plans have failed. Inflation, output growth, and stabilization in Turkey, demand model with imperfect capital mobility and structural Vector Autoregressions (VAR). by necessary structural reforms.
Get this from a library! Inflation Stabilization and Capital Mobility. [Rudiger Dornbusch; National Bureau of Economic Research.;] -- The paper investigates the process of inflation stabilization under conditions of international capital mobility. A first part looks at the traditional view of inflation and payments problems as a. This book discusses the current debates on macroeconomics, capital market liberalization, and development, and develops a new framework within which one can assess alternative policies. The authors share the belief that the Washington consensus has advocated for narrow goals for development (with a focus on price stability), prescribed too few policy instruments .
Mundell R (), ‘Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates’, The Canadian Journal of Economics and Political Science, 29(4), pp – RBA (), ‘Box B: Chinese Direct Investment in Australia’, Statement on Author: Madeleine McCowage. The Eurozone crisis is an ongoing financial crisis that has made it difficult or impossible for some countries in the euro area to repay or re-finance their government debt without the assistance of third parties. Public debt $ and %GDP for selected European countries Government debt of Eurozone, Germany and crisis countries compared to Eurozone GDP The European sovereign debt crisis resulted from a combination of complex factors, including the globalization of finance.
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The size of international capital movements and the financial intermediation industry has become so large that these factors could become the dominant impulses for individual economies and the global economy in the s and book collects essays by well-known analysts in international economics and finance who treat these issues Format: Hardcover.
Capital Mobility and Stabilization Policy private borrowing or a reduction in privately-held money balances; a trade balance deficit (M - X) in the foreign sector2 is financed by capital imports or a reduction in international reserves; and, finally, an excess of purchases over.
The opening of capital accounts in a number of Latin American countries took place before other structural reforms—particularly with regard to the financial sector—were firmly in place. As discussed in Section V, the confluence of increased access to capital markets, weak regulatory and accounting standards, and inadequate banking.
The State of State Reform in Latin America () by Eduardo Lora, editor Emerging Capital Markets and Globalization: The Latin American Expe-rience () by Augusto de la Torre and Sergio L. Schmukler Beyond Survival: Protecting Households from Health Shocks in Latin America () by Cristian C. Baeza and Truman G.
Packard vii. increase the productivity of the countries that open their capital account. Capital mobility can enhance the incentives to reform in two ways: Financial reforms capital inﬂows increase the beneﬁts of reform by expanding the domestic capital base; 2) the threat of capital ﬂight may dissuade the domestic gov-ernment from deviating from good policies.
international capital mobility. We explore various measures of capital mobility. Nearly all of these measures show that the effect of net official flows on the current account declines as mobility increases.
In our baseline specification, across all our measures of capital mobility, current accounts. The trend, which has been manifested in both freer movement of goods and increased mobility of capital, has been stimulated by the dismantling of trade and exchange controls in Europe, the gradual erosion of the real burden of tariff protection, and the stability, unparalleled sinceof the exchange by: NAFTA, Capital Mobility and Mexico's Financial System I.
Introdiuction 1. On Novemthe United States ratified the North American Free Trade Agreement treaty. Debate continues as to the effects of this treaty on both capital inflows and outflows and their composition, and the implications for the Mexican financial system in particular.
This paper assesses the changes in the regional capital mobility in China during the period of economic reform in – by employing a panel time varying coefficient (TVP) model. This approach is much more suitable to model China's evolution in the regional capital mobility than a standard structural break model as China's reforms took place gradually and were often Cited by: 7.
stability – a pillar of Vision – in a context of increasing capital mobility. The second is supporting export competitiveness in the context of large capital inflows and a major infrastructure push. Financial sector regulation for growth, equity and stability regulatory reforms to give primacy to securing financial stability.
Banks must serve the real sector, and not the other way round. Participants also agreed that the financial sector International capital mobility offers many gains if the risks are managedFile Size: 1MB. CAPITAL MOBILITY AND STABILIZATION POLICIES UNDER FLEXIBLE EXCHANGE RATES: A REVISED ANALYSIS FRANCISCO R.
CASAS I. INTROOUCTION. A rich literature has evolved in recent. Reducing income inequality while boosting economic growth: Well-designed labour market policies and institutions can reduce inequality.
A relatively high minimum wage narrows the distribution of labour income, but if set too high it may growth-enhancing reform recommendations made in Going for Growth – highlight theFile Size: KB. Inflation stabilization is studied in an open economy model of inflation and output determination with high but imperfect capital mobility.
The policy regimes considered range from a monetary growth rule combined with constant real exchange rates to a prefixed path for the nominal exchange rate combined with active money for external balance. ﬁnancial supervision together with ﬁscal and monetary reforms that should strengthen the currency union.
Keywords EMU Policy trilemma Eurozone Free capital mobility Fiscal policy Financial stability Financial crisis JEL Classiﬁcation E61 F41 C21 C23 & Pasquale Foresti [email protected] Rosaria Rita Canale [email protected] NAFTA, capital mobility, and Mexico's financial system (English) Typically the impact of the North American Free Trade Agreement (NAFTA) is analyzed from a macroeconomic perspective, to examine the implications for capital market flows or for the aggregate degree of financial by: The industrialized world has recently witnessed a dramatic increase in the volume of international capital movements, in the forms of borrowing and lending, bond transactions and foreign direct investment.
Many non-OECD countries have also embarked on extensive programs of capital market : Paperback. Stabilization and reform in Latin America: a macroeconomic perspective on the experience since the early s/Anoop Singh [et al.]—Washington, D.C.: International Monetary Fund, p.
cm.—(Occasional paper); Includes bibliographical references. ISBN 1. Latin America—Economic policy. Latin America—Economic. tion.
According to this hypothesis, under high capital mobility a reduc- tion in the rate of devaluation leads to a fall in nominal interest rates and, given sticky inflation, to a lower real interest rate. This fall in the real interest rate causes an economic boom.
An alternative explanation is theCited by: For example, North Korea has a high exchange and strict currency restrictions on capital flow, thus giving it poor capital mobility.
If Capital is mobile, then it will be easier to attract Foreign Direct Investment into your country. It will also increase investment opportunities abroad. However, reliance on capital mobility could cause a. Effects of Fiscal Policy under Different Capital Mobility Ping Han1 to a big country under different capital mobility, reveals the effects of fiscal policy under different capital mobility nominal GDP and negatively related to the level of interest rates available on other financial .The strategy of reforms introduced in India in July presented a mixture of macroeconomic stabilization and structural adjustment.
It was guided by short-term and long-term objectives. Stabilization was necessary in the short run to restore balance of payments equilibrium and to control inflation.
At the same time changing the structure of institutions themselves through.Here we again find evidence in favor of an important role for capital mobility as the effect of net official flows falls from to in the low mobility case to around under high mobility.
The official stock effect is once again zero in the low mobility case and around with high by: