Capital Mobility: The Impact on Consumption, Investment and Growth

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Overview

The industrialised world has recently witnessed a dramatic increase in the volume of international capital movements in the forms of borrowing and lending, bond tranactions and foreign direct investment. At the same time, many non-OECD countries have embarked on extensive programmes of capital market liberalisation. This volume, drawn from the proceedings of a CEPR conference with the Bank of Israel and the Pinhas Sapir Center for Development, Tel Aviv University, examines the implications of this increased ...
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Overview

The industrialised world has recently witnessed a dramatic increase in the volume of international capital movements in the forms of borrowing and lending, bond tranactions and foreign direct investment. At the same time, many non-OECD countries have embarked on extensive programmes of capital market liberalisation. This volume, drawn from the proceedings of a CEPR conference with the Bank of Israel and the Pinhas Sapir Center for Development, Tel Aviv University, examines the implications of this increased international capital mobility for both industrialised and developing countries. The contributors look at the effect of recent developments on economic fluctuations, and on fiscal and monetary policies under alternative exchange rate regimes. They also address the erosion of capital taxation as a source of govemment revenue, the contribution of mobile capital to development with 'endogenous growth', the role of mobile capital in reducing unemployment where there are large-scale population flows, and the convergence of national growth rates.
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Product Details

  • ISBN-13: 9780521142731
  • Publisher: Cambridge University Press
  • Publication date: 4/8/2010
  • Pages: 380
  • Product dimensions: 5.90 (w) x 8.90 (h) x 1.10 (d)

Table of Contents

List of figures
List of tables
Preface
Acknowledgements
List of conference participants
1 Introduction 1
2 Are industrial-country consumption risks globally diversified? 13
3 Business-cycle volatility and openness: an exploratory cross-sectional analysis 48
4 The robustness of macroeconomic indicators of capital mobility 83
5 An interpretation of recent research on exchange rate target zones 121
6 Some evidence on a strategic model of exchange rate bands 156
7 Exchange rate volatility, uncertainty, and investment: an empirical investigation 185
8 Foreign finance and economic growth: an empirical analysis 217
9 Convergence in growth rates: a quantitative assessment of the role of capital mobility and international taxation 237
10 Will government policy magnify capital flow volatility? 263
11 The political economy of capital controls 289
12 Capital controls and capital account liberalisation in industrial countries 329
Index 351
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