Capital Controls and Capital Flows in Emerging Economies: by Sebastian Edwards

By Sebastian Edwards

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

In the aftermath of the East Asian foreign money crises of 1997, the authors reflect on mechanisms that 8 nations have used to manage capital inflows and overview their effectiveness in changing the adulthood of the ensuing exterior debt and lowering macroeconomic vulnerability. This quantity is key examining for all these attracted to rising countries and the prices and merits of limiting overseas 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)

Example text

Index ranges from 1, an obligor rated AAA, to 23, an obligor rated SD (selective default). Data are available for Argentina, Australia, Austria, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Denmark, Egypt, Finland, France, Germany, Great Britain, India, Israel, Italy, Jordan, Japan, Korea, Morocco, the Netherlands, Norway, New Zealand, Pakistan, Philippines, Portugal, Paraguay, South Africa, Spain, Sweden, Thailand, Tunisia, Turkey, and the United States. Corporate taxes represents the corporate income tax rate, single year value varying by country.

32 Laura Alfaro, Sebnem Kalemli-Ozcan, and Vadym Volosovych Fig. S. dollars. Data are for 68 countries. Inflows represent flows of foreign claims on domestic capital (liability). Net flows are calculated as the difference between corresponding inflows (liabilities) and outflows (assets). Gross flows correspond to the sum of the absolute value of the flows of assets and liabilities. Portfolio equity investment assets and liabilities correspond, respectively, to Equity Securities Assets (IFS line 78bkd) and Equity Securities Liabilities (line 78bmd) and include shares, stock participations, and similar documents that usually denote ownership of equity.

Dollars. 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. Data on inflows of debt include Debt Securities Liabilities (line 78bnd), which include bonds, notes, and money market or negotiable debt instruments; and Other Investment Liabilities (line 78bid), which include all financial transactions not covered by direct investment, portfolio investment, financial derivatives, or other assets.

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