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Managing Capital Flows and Exchange Rates: Perspectives from the Pacific Basin

Editat de Reuven Glick
en Limba Engleză Paperback – 2 mar 2011
The essays in this volume examine the theoretical and policy issues associated with international capital flows and exchange rates for emerging markets in the Pacific Basin region. Emerging market countries in both Asia and Latin America offer a wide variety of examples for the comparative study of the implications of international capital flow surges and appropriate policy responses. The essays address four broad issues. First, they investigate the determinants of international capital flows, particularly the relative role of domestic and external factors in driving capital flows. Second, they inquire how predictable and contagious capital flow reversals and exchange rate crises are. Third, they explore what the domestic economic effects of capital inflows on emerging economies have been, and finally seek to suggest what are the appropriate responses by policymakers to capital inflow surges.
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Specificații

ISBN-13: 9780521169349
ISBN-10: 0521169348
Pagini: 526
Dimensiuni: 152 x 229 x 30 mm
Greutate: 0.76 kg
Editura: Cambridge University Press
Colecția Cambridge University Press
Locul publicării:New York, United States

Cuprins

1. Managing capital flows and exchange rates: overview Reuven Glick; Part I. Determinants of Capital Flows and Exchange Rates: 2. US portfolio investment in Asian capital markets Henning Bohn and Linda L. Tesar; 3. FDI, trade, and real exchange rate linkages in developing countries Linda S. Goldberg and Michael Klein; 4. Capital inflows and the real exchange rate: analytical framework and econometric evidence Pierre-Richard Agénor and Alexander Hoffmaister; 5. Risk and financial development: a comparative case study of Mexico and Indonesia Theo S. Eicher and Stephen J. Turnovsky; Part II. Exchange Rate Crisis and Contagion: 6. Exchange rate instability: determinants and predictability Richard A. Meese and Andrew K. Rose; 7. Derivative products in exchange rate crisis Peter Garber and Subir Lall; 8. Crisis, contagion, and country funds: effects on East Asia and Latin America Jeffrey A. Frankel and Sergio L. Schmukler; 9. Co-movements among emerging equity markets Holger Wolf; Part III. Effects of Capital Inflows: 10. Net capital inflows: how much to accept, how much to resist? Helmut Reisen; 11. The overborrowing syndrome: are East Asian economies different? Ronald I. McKinnon and Huw Pill; 12. Capital inflows, financial intermediation, and aggregate demand: empirical evidence from Mexico and other Pacific Basin countries Steven Kamin and Paul Wood; Part IV. Policy Responses to Capital Inflows: 13. Speculative capital inflows and exchange rates targeting in the Pacific Basin: theory and evidence Kenneth Kletzer and Mark Spiegel; 14. Too much of a good thing: the macroeconomic effects of taxing capital inflows Carmen M. Reinhart and R. Todd Smith; 15. Exchange rate policies and capital account management: Chile in the 1990s Kevin Cowen and Jose De Gregorio.

Recenzii

"This is a very timely book that brings the reader to the forefront of current research on macroeconomic policy issues in economies subject to sizable capital flows. The papers were written before the recent Asian crises but the analyses, done by top-flight experts, summarize what is known on the subject. I strongly recommend the book both to professional economists and policy makers involved with these types of countries. Although the papers do not stay away from addressing occasionally technical points, the collection has sharp focus on highly relevant policy issues." Guillermo A. Calvo, University of Maryland
"A truly prescient book. With the crises in Thailand, Indonesia and Korea, Asian exchange rates and capital flows are the topics of the day. This book provides the essential background for any economist seeking to understand it." Barry Eichengreen, University of California, Berkeley
"An unusually well-thought out collection of high-caliber essays on the most pressing international economic policy problem of our time. Head and shoulders above the usual conference volume." Kenneth Rogoff, Princeton University
"The essays in this volume...give a comprehensive analysis of the theoretical and policy issues related to international capital flows and exchange rates for developing economies in the Pacific Basin." Macroeconomics

Descriere

The essays in this volume provide a useful comparison of the experiences of emerging Pacific Basin countries in both Asia and Latin America.