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Capital Account Openness in Low-income Developing Countries

2017-01-18 Business & Economics
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Release : 2017-01-18
Genre : Business & Economics
Kind : eBook
Book Rating : 91X/5 ( reviews)

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Book Synopsis Capital Account Openness in Low-income Developing Countries by : Mrs.Sarwat Jahan

Download or read book Capital Account Openness in Low-income Developing Countries written by Mrs.Sarwat Jahan. This book was released on 2017-01-18. Available in PDF, EPUB and Kindle. Book excerpt: The relevance of recording and assessing countries’ capital flow management measures is well-recognized, but very few studies have focused on low-income developing countries (LIDCs). A key constraint is the lack of an appropriate index to measure the openness of capital account and its change over time. This paper fills the gap by constructing a de jure index based on information contained in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. It provides an aggregate index to capture the overall openness of the capital account, and also provides a breakdown of openness for various subcategories of capital flows. The new database covers 164 countries with information on 12 types of asset categories over the period 1996–2013. The index provides the largest coverage of LIDCs among all existing indices and also provides granularity on openness across asset types, direction of flows and residency. The paper examines the link between de jure capital account openness with de facto capital flows and outlines potential applications of this database.

International Capital Flows and Development

2010-10-01 Business & Economics
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Release : 2010-10-01
Genre : Business & Economics
Kind : eBook
Book Rating : 35X/5 ( reviews)

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Book Synopsis International Capital Flows and Development by : Mr.Thierry Tressel

Download or read book International Capital Flows and Development written by Mr.Thierry Tressel. This book was released on 2010-10-01. Available in PDF, EPUB and Kindle. Book excerpt: Does capital flow from rich to poor countries? We revisit the Lucas paradox and explore the role of capital account restrictions in shaping capital flows at various stages of economic development. We find that, when accounting for the degree of capital account openness, the prediction of the neoclassical theory is confirmed: less developed countries tend to experience net capital inflows and more developed countries tend to experience net capital outflows, conditional of various countries’ characteristics. The findings are driven by foreign direct investment, portfolio equity investment, and to some extent by loans to the private sector.

Opening Up: Capital Flows and Financial Sector Dynamics in Low-Income Developing Countries

2021-09-24 Business & Economics
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Release : 2021-09-24
Genre : Business & Economics
Kind : eBook
Book Rating : 728/5 ( reviews)

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Book Synopsis Opening Up: Capital Flows and Financial Sector Dynamics in Low-Income Developing Countries by : Sebastian Horn

Download or read book Opening Up: Capital Flows and Financial Sector Dynamics in Low-Income Developing Countries written by Sebastian Horn. This book was released on 2021-09-24. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low-income developing countries have substantially increased openness towards external financing and have received large capital inflows. Using bank-level micro data, this paper finds that capital inflows have been associated with financial deepening through increases in bank loans, deposits, and wholesale funding. Domestic banks increase loans more than foreign banks. There are only modest signs of a build-up in financial vulnerabilities. Causality is examined through an instrumental variable approach and an augmented inverse-probability weighting estimator. These approaches indicate only limited evidence for global push effects, pointing towards the importance of domestic pull factors.

Liberalization of the Capital Account

1992-06-01 Business & Economics
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Release : 1992-06-01
Genre : Business & Economics
Kind : eBook
Book Rating : 756/5 ( reviews)

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Book Synopsis Liberalization of the Capital Account by : Mr.Donald J. Mathieson

Download or read book Liberalization of the Capital Account written by Mr.Donald J. Mathieson. This book was released on 1992-06-01. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the experience with capital controls in industrial and developing countries, considers the policy issues raised when the effectiveness of capital controls diminishes, examines the medium-term benefits and costs of an open capital account, and analyzes the policy measures that could help sustain capital account convertibility. As the effectiveness of capital controls eroded more rapidly in the 1980s than in earlier periods, new constraints were placed on the formulation of stabilization and structural reform programs. However, experience suggests that certain macroeconomic, financial, and risk management policies would allow countries to attain the benefits of capital account convertibility and reduce the financial risks created by an open capital account.

Capital Account Liberalization and Inequality

2015-11-24 Business & Economics
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Release : 2015-11-24
Genre : Business & Economics
Kind : eBook
Book Rating : 409/5 ( reviews)

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Book Synopsis Capital Account Liberalization and Inequality by : Davide Furceri

Download or read book Capital Account Liberalization and Inequality written by Davide Furceri. This book was released on 2015-11-24. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the distributional impact of capital account liberalization. Using panel data for 149 countries from 1970 to 2010, we find that, on average, capital account liberalization reforms increase inequality and reduce the labor share of income in the short and medium term. We also find that the level of financial development and the occurrence of crises play a key role in shaping the response of inequality to capital account liberalization reforms.

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