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By Sebastian Edwards

Some students argue that the unfastened move of capital throughout borders complements welfare; others declare it represents a transparent peril, in particular for rising countries. In Capital Controls and Capital Flows in rising Economies, an esteemed team of members examines either the benefits and the pitfalls of limiting capital mobility in those rising nations.

In the aftermath of the East Asian forex crises of 1997, the authors give some thought to mechanisms that 8 international locations have used to manage capital inflows and overview their effectiveness in changing the adulthood of the ensuing exterior debt and decreasing macroeconomic vulnerability. This quantity is key interpreting for all these attracted to rising countries and the prices and merits of proscribing overseas capital flows.

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Additional info for Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences (National Bureau of Economic Research Conference Report)

Example text

Given this, it is important to know if there is any role left for policymaking. In order to investigate this question, we look at the changes in the level of capital inflows and regress them on the policy changes and institutional quality changes from the first half to the second half of the sample period. In those regressions, both changes in institutions and policy variables, such as inflation, capital controls, and financial development, are shown to have a role in explaining the changes in capital inflows.

Dollars. This amount, among other transactions, reflects the repatriation of the ringgit, which will show as a reduction in Malaysian liabilities. Capital Flows in a Globalized World 27 functioning stock markets), we prefer to use total equity flows in the analysis, which is the sum of flows of FDI and flows of portfolio equity. Debt Flows For debt flows, we use debt security assets (IFS line 78bld) and debt security liabilities (line 78bnd) as well as other investment assets (line 78bhd) and other investment liabilities (line 78bid).

Even Jagdish Bhagwati, a fierce proponent of free trade, wonders if the risks of international finanLaura Alfaro is an associate professor at Harvard Business School and a faculty associate at Harvard’s Weatherhead Center for International Affairs. Sebnem Kalemli-Ozcan is an associate professor of economics at the University of Houston and a faculty research fellow of the National Bureau of Economic Research (NBER). Vadym Volosovych is an assistant professor of economics at Florida Atlantic University.

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