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Who Needs to Open the Capital Account?

Overview

Distinguished experts examine capital account liberalization and recommend ways to prevent a boom-bust cycle within the international financial system.

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Who Needs to Open the Capital Account?

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Overview

Distinguished experts examine capital account liberalization and recommend ways to prevent a boom-bust cycle within the international financial system.

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Product Details

  • ISBN-13: 9780881325119
  • Publisher: Peterson Institute for International Economics
  • Publication date: 4/30/2012
  • Edition description: New Edition
  • Pages: 128
  • Product dimensions: 5.90 (w) x 8.90 (h) x 0.50 (d)

Table of Contents

Preface ix

Acknowledgments xiii

Introduction 1

1 Capital Flows to Developing and Emerging-Market Economies during the 2007-10 Crisis 7

Capital Flow Volatility 7

Resurgence of Capital Controls on Inflows 13

Case Study: Brazilian Capital Controls 16

2 The Case for Prudential Capital Controls 21

The "New Theory" of Prudential Capital Controls 22

Common Objections to Prudential Capital Controls 27

Distinguishing between Corrective and Distortive Capital Controls 37

Appendix 2A Effect of Capital Controls on Exchange Rates 41

3 Capital Account Liberalization and Growth 43

Snapshot of Long-Run Trends 43

Push for Capital Account Liberalization during the 1990s 45

Recent Literature 49

"Meta-Regression" Approach 51

Conducting and Presenting the Meta-Analysis 54

Results: Impact of Financial Globalization on Growth 55

Appendix 3A Tables 63

4 Specific Component Flows 79

Foreign Direct Investment 79

Portfolio Equity Investment 85

Flow of Capital from Banks 93

5 Conclusion: A New International Pact on Capital Flows 109

Need for Symmetric Rules on the Use of Capital Controls 109

Three Alternative Approaches to International Cooperation on Capital Flows 111

Fostering International Cooperation to Develop International Rules 114

References 119

Index 127

Tables

1.1 Developing and emerging-market economies, by region 8

1.2 Comparative volatility of different types of capital flows to emerging-market economies, by region, 1970-2010 14

2.1 Externalities imposed by different financial instruments in Indonesia, 1998 25

3A.1 List of countries included in meta-analysis 63

3A.2 Summary of results on financial globalization 66

3A.3 Growth and aggregated measures of financial globalization, detailed cross-sectional results 68

3A.4 Growth and disaggregated measures of financial globalization, detailed cross-sectional results 70

3A.5 Growth and aggregated measures of financial globalization, detailed panel results 74

3A.6 Growth and disaggregated measures of financial globalization, detailed panel results 76

4.1 Cross-country regression of growth on FDI inflows, 1980-2005 81

4.2 Top ten FDI underperformers 84

4.3 Flow of portfolio equity to emerging-market economies, by region, 1980-2010 86

4.4 Outflow of dividend income from emerging-market economies, by region, 1980-2010 88

4.5 Net flows to emerging-market economies, by region, 1970-2010 94

4.6 Flow of bank funds to emerging-market economies, by region, 1970-2010 97

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