By Sebastian Edwards
Some students argue that the unfastened move of capital throughout borders complements welfare; others declare it represents a transparent peril, specially for rising international locations. In Capital Controls and Capital Flows in rising Economies, an esteemed staff of participants examines either the benefits and the pitfalls of proscribing capital mobility in those rising nations.
In the aftermath of the East Asian forex crises of 1997, the authors examine mechanisms that 8 international locations have used to regulate capital inflows and review their effectiveness in changing the adulthood of the ensuing exterior debt and lowering macroeconomic vulnerability. This quantity is key examining for all these drawn to rising countries and the prices and merits of limiting foreign capital flows.
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Extra resources for Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences (National Bureau of Economic Research Conference Report)
3 presents extensive data and overviews the stylized facts related to capital flow mobility and the volatility of these flows during 1970–2000. 4 presents results on the determinants of capital flows, changes in capital flows over time, and capital flow volatility. 5 concludes. ”11 Lucas (1990) examines international capital movements from the perspective of rich and poor countries. Under the standard assumptions—such as countries producing the same goods with the same constant returns to scale production function, the same factors of production, and the same technology—and where there is free capital mobility, new investment will occur only in the poorer economy, and this will continue to be true until the returns to capital in every location are equalized.
Capital Flows in a Globalized World Fig. S. dollars. FDI data are available for 72 countries, portfolio data for 68 countries, and debt data for 122 countries. Inflows represent flows of foreign claims on domestic capital (liability). FDI inflows correspond to Direct Investment in Reporting Economy (IFS line 78bed), which includes equity capital, reinvested earnings, other capital and financial derivatives associated with various intercompany transactions between aﬃliated enterprises. Portfolio equity inflows correspond to Equity Liabilities (line 78bmd), which include shares, stock participations, and similar documents that usually denote ownership of equity.
Over the sample period. Normalization by mean is crucial given the diﬀerences in average inflation levels across time for the diﬀerent countries. Our capital controls measure is the average of four dummy variables constructed using data collected by the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER). These dummy variables are exchange arrangements, payments restrictions on current transactions and on capital transactions, and repatriation requirements for export proceeds.
Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences (National Bureau of Economic Research Conference Report) by Sebastian Edwards