Regulating capital flows to emerging markets: An externality view
نویسندگان
چکیده
منابع مشابه
Market Failure and Capital Flows to Emerging Markets
The level, tenor and instability of capital flows from global financial markets towards developing countries are a major source of concern for macroeconomic managers, while their causes remain largely unexplained by economic theory. Country ‘fundamentals’ (such as economic growth, monetary stability and institutional capacity) as sources of default risk have been the main focus of economic rese...
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“...capital account liberalization is...similar to the issue of how the human race should make use of fire. Fire warms our homes. It cooks our food, our internal combustion engines. It powers our automobiles and trucks and our turbojets. It powers our airplanes. No doubt, fire is very useful, and we are not going to give up its manifold benefits. On the other hand, fire can also burn you down a...
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The surge in capital flows towards emerging market countries is one of the major developments in the world economy in the 1990s. In particular, short-term flows, in the form of portfolio investments or bank loans, have grown at an extremely rapid pace. At the same time, emerging markets have experienced an increasing number of financial crises, with dire consequences. It is increasingly argued ...
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I. Recent Currency Crises A salient fact of Mexico’s and Thailand’s recent currency crises is the active role played by the monetary authority in contributing to the loss of reserves. In both cases, domestic credit showed a sizable increase, driven in part by central bank loans to the financial sector. This stands in sharp contrast with the standard economist’s model in which the proximate caus...
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We analyze a sample of 336 venture capital exits from 12 Asia -Pacific countries: Australia, China, Hong Kong, India, Indonesia, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan and Thailand. The data also comprise these countries’ venture capitalists’ investments in U.S.-based entrepreneurial firms. We consider the determinants of the types of entrepreneurial firms receiving ...
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ژورنال
عنوان ژورنال: Journal of International Economics
سال: 2018
ISSN: 0022-1996
DOI: 10.1016/j.jinteco.2017.12.005