منابع مشابه
Exchange Rates, Equity Prices and Capital Flows
We develop an equilibrium model in which exchange rates, stock prices and capital flows are jointly determined under incomplete forex risk trading. Incomplete hedging of forex risk, documented for U.S. global mutual funds, has three important implications: 1) exchange rates are almost as volatile as equity prices when the forex liquidity supply is not infinitely price elastic; 2) higher returns...
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Many emerging market economies use alternative forms of capital controls. Often the use of capital controls is related to the defense of the exchange rate. This paper examines the welfare case for capital controls, and the interaction between capital controls and the exchange rate. The main question is whether capital controls may be justified, in order to gain independence in monetary policy, ...
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We first study the characteristics of the crisis and its impacts on Taiwanese and Korean economies. We have examined 22 macroeconomic fundamentals, such as inflation rates, government budget, trade balance, external debt, money supply, and ratios of average monthly imports and cumulative inward portfolio investment to international reserves, and compared with an extensive data set of the two co...
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For some time now, I have been hearing of a mythical place where quite impossible things seem to happen. It is a country the size of a continent, but with a small and very open economy that allows its currency to fluctuate to the tune of its quite erratic terms of trade. It can do so without kindling fears of inflation or wreaking havoc on bond prices. It is a country where short-term interest ...
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Since 1993, the Colombian Central Bank introduced a compulsory non-remunerated reserve requirement on capital inflows, which can be characterized as a Tobin tax. The main purpose of this paper is to evaluate the rationale and the effectiveness of this pricebased mechanism to regulate international capital flows. We defend the idea that those regulations were effective, although, of course, they...
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ژورنال
عنوان ژورنال: Periodica Polytechnica Social and Management Sciences
سال: 2015
ISSN: 1416-3837,1587-3803
DOI: 10.3311/ppso.7965