Capital Mobility: The Impact on Consumption, Investment and Growth

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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 liberalization. Papers in this volume—the proceedings of a CEPR joint conference with the Bank of Israel and Tel Aviv University's Pinhas Sapir Center for Development—examine the implications of these developments for economic fluctuations and fiscal and monetary policies under alternative exchange rate regimes, as well as other topics of contemporary interest.

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"...the articles are of value in illuminating the techniques being used in these areas and because most of the authors develop their analytical models." Journal of Economic Literature
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Product Details

  • ISBN-13: 9780521454384
  • Publisher: Cambridge University Press
  • Publication date: 7/14/1994
  • Edition description: New Edition
  • Pages: 378
  • Product dimensions: 5.98 (w) x 8.98 (h) x 1.02 (d)

Table of Contents

Preface; Foreword; 1. Introduction Leonardo Leiderman and Assaf Razin; Part I. Macroeconomic Policy: 2. Are industrial-country consumption risks globally diversified? Mauric Obstfeld; Discussion Benjamin Bental; 3. Business-cycle volatility and openness: an exploratory cross-sectional analysis Assaf Razin and Andrew K. Rose; Discussion Enrique G. Mendoza and Vittorio Grilli; 4. The robustness of macroeconomic indicators of capital mobility Enrique G. Mendoza; Discussion Joseph Zeira; Part II. Exchange Rate Volatility: 5. An interpretation of recent research on exchange rate target zones Lars E. O. Svensson; Discussion Shmuel Kandel and Andrew K. Rose; 6. Some evidence on a strategic model of exchange rate bands Alex Cukierman, Miguel A. Kiguel and Leonardo Leiderman; Discussion Lars E. O. Svensson and Giuseppe Bertola; 7. Exchange rate volatility, uncertainty and investment: an empirical investigation John Huizinga; Discussion Rafi Melnick; Part III. Investment and Growth: 8. Foreign finance and economics growth: and empirical analysis Daniel Cohen; Discussion Elhanan Helpman; 9. Convergence in growth rates: a quantitative assessment of the role of capital mobility and international taxation Assaf Razin and Chi-Wa Yuen; Discussion Oren Sussman; 10. Will government policy magnify capital flow volatility? Giuseppe Bertola and Allan Drazen; Discussions Gian Maria Milesi-Ferretti and Nathan Sussman; Part IV. Policy Perspectives: 11. The political economy of capital controls Alberto Alesina, Vittorio Grilli and Gian Maria Milesi-Ferretti; Discussion Roni Schachar and Marco Pagano; 12. Capital controls and capital account liberalisation in industrial countries Donald J. Mathieson and Liliana Rojas-Suarez; Discussion Eran Yashiv.

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