4 edition of Financial liberalization and the capital account found in the catalog.
Financial liberalization and the capital account
by World Bank, Poverty Reduction and Economic Management Network, Economic Policy Division, Financial Sector Strategy and Policy Dept. in Washington, DC (1818 H St., NW, Washington 20433)
Written in English
Thailand"s economic crisis in 1997 was fundamentally one of private sector debt, rooted in private behavior that affected the magnitude and composition of investment and how it was financed. Thailand"s crisis provides further evidence that financial liberalization must be carefully managed because, by increasing competition, it lowers the franchise value of existing financial institutions and creates incentives for unsound banking practices.
|Statement||by Pedro Alba, Leonardo Hernandez, Daniela Klingebiel.|
|Series||Policy research working paper ;, 2188, Policy research working papers ;, 2188.|
|Contributions||Hernández, Leonardo., Klingebiel, Daniela., World Bank. Poverty Reduction and Economic Management. Economic Policy Division., World Bank. Financial Sector Strategy and Policy Group.|
|LC Classifications||HG3881.5.W57 P63 no. 2188|
|The Physical Object|
|Pagination||61 p. :|
|Number of Pages||61|
|LC Control Number||2001274658|
Capital account liberalization - orderly, properly sequence, and befitting the individual circumstances of countries- is an inevitable step for all countries wishing to realize the benefits of the globalized economy. This paper reviews the theories behind capital account liberalization and examines the dangers associated with free capital flows. In his last chapter, Chwieroth examines how, in the wake of the Asian financial crisis, the IMF? and, in particular, its seemingly unwavering support for capital-account liberalization? engendered resentment in emerging and developing economies, prompting them to adopt export-led growth strategies and, in doing so, self-insure against future.
This relationship was used by Barrell & Davies () to formulate hypotheses that facilitated the study of the effects of financial liberalization on the economy. Other scholars did use the quarterly long-run consumption in different countnries, that established statistically considerable income and wealth effects on the levels of consumption. This crisis may change the terms of the debate on capital account liberalization in a deeper and more lasting way than any of the crises of the past two decades because it may mark a reversal in the secular trend of financial liberalization at the core of the international financial system.
Putting the Cart Before the Horse? Capital Account Liberalization and Exchange Rate Flexibility in China Prepared by Eswar Prasad, Thomas Rumbaugh, and Qing Wang1 January Abstract This Policy Discussion Paper should not be reported as representing the views of the IMF. International Financial Liberalization and Economic Growth Ross Levine* Abstract This paper pulls together existing theory and evidence to assess whether international ﬁnancial liberaliza-tion, by improving the functioning of domestic ﬁnancial markets and banks, accelerates economic growth. The analysis suggests that the answer is “yes.”.
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Financial Liberalization and Financial Crises. Stability and financial crises represent the other side of financial liberalization. Opponents of financial liberalization argue that it would lead to financial crises (Caprio and Summers; Stiglitz).
The opening of the current account may favor excessive borrowing—at both the government and. Capital account liberalization and financial liberalization more generally are inevitable for countries that wish to take advantage of the substantial benefits from participating in the open world economic system in today's age of modern information and communications technologies.
In this intelligent, well-researched and thought-provoking book Jeffrey Chwieroth addresses these questions, using the IMF's approach to capital account liberalization as a case study Capital Ideas is a truly multidisciplinary book whose author draws on economics, international political economy and sociology to explore how an Cited by: Financial sector weaknesses - including inadequate regulation and supervision, implicit deposit insurance, concentrated ownership structures, and poor accounting and disclosure - combined with liberalization of the financial sector and capital accounts, increased vulnerability by creating incentives for risk-taking by financial institutions.
Get this from a library. Financial liberalization and the capital account: Thailand, [Pedro Alba; Leonardo Hernández; Daniela Klingebiel; World Bank.
Poverty Reduction and Economic Management. Economic Policy Division.; World Bank. Financial Sector Strategy and Policy Group.] -- Thailand's economic crisis in was fundamentally one of private sector debt, rooted in private. Domestic financial liberalization may eventually be followed by the liberalization of the capital account.
But this would have to be preceded by trade liberalization to avoid unnecessary resource shifts. Finally, it is noted that there is a need in most developing countries for improvements in. Easing access to a country’s capital is considered part of a broader movement toward economic liberalization, Financial liberalization and the capital account book a more liberalized financial account opens a country up to capital markets.
Capital Ideas: The IMF and the Rise of Financial Liberalization [Jeffrey M. Chwieroth] on fixdemocracynow.com *FREE* shipping on qualifying offers. The right of governments to employ capital controls has always been the official orthodoxy of the International Monetary FundAuthor: Jeffrey M.
Chwieroth. Other papers examine capital account regulations in developing and emerging countries, and capital controls in the Eurozone after the financial crisis.
This collection of papers invites readers to consider the impact of financial liberalisation both during and after the global economic crisis.
Bender D. () Domestic Financial Liberalization and Capital Account Openness. In: Lang F.P., Ohr R. (eds) Openness and Development.
Studies in Contemporary fixdemocracynow.com: Dieter Bender. Does Financial Liberalization Spur Growth. Geert Bekaert, Campbell R. Harvey, Christian Lundblad. NBER Working Paper No. Issued in April NBER Program(s):Asset Pricing Program, Economic Fluctuations and Growth Program We show that equity market liberalizations, on average, lead to a one percent increase in annual real economic growth over a five-year period.
This chapter looks at the transition from the acceptance at Bretton Woods of capital account management as a normal policy instrument to the liberalization of the capital account, first in developed countries and later in developing countries.
It then analyses the risks of capital account liberalization, particularly the relation between capital account liberalization and the boom–bust.
Mar 30, · The author begins the chapter with an analysis of interest rate deregulation and capital account liberalization started in the early s.
His analysis leads to a conclusion that the opening of the capital account before establishment of prudential regulations was a. Oct 01, · This paper interprets financial liberalization as the removal of restrictions that impede the free allocation of resources on two fronts: the domestic financial system and the capital account.
Liberalization policies [End Page ] affecting the former include the removal of interest rate controls (lending and deposits), directed credit. The liberalization of the capital account and the financial sector resulted in rapid build-up of vulnerability, a vulnerability with both macro and micro manifesta tions.
Oct 31, · Last year, the People's Bank of China abruptly hit the brakes on capital-account liberalization, tightening controls to a degree not seen since the Asian financial crisis of the late s. Yet large-scale capital flight continues – and neither economists nor officials in China seem sufficiently concerned about it.
Section V examines the experiences of industrial and developing countries with capital account liberalization in order to identify the asset price movements and capital flows that have been associated with removing capital controls and the macroeconomic, financial, and risk-management policies that can help sustain an open capital account.
Definition of Financial Liberalization: Refers to the deregulation of domestic financial markets and the liberalization of the capital account. provides researchers the ability to access full-text content from over ,+ peer-reviewed book chapters and 25,+ scholarly journal articles that spans across + topics in 11 core subjects.
Typically, domestic financial liberalization —the abolition of controls on interest rates and credit allocation—precedes interna-tional financial liberalization—the elimina-tion of capital controls and restrictions on the convertibility of domestic currency into foreign exchange.
Conventional measures of the success of financial reform. Supplying a complete mathematical analysis framework for the study of the problem of capital account liberalization, it presents a few important models that have been developed for the study of capital account liberalization.
Next, the book examines the influence of capital account liberalization on the stability of financial markets by greatly. financial liberalization and financial development. The objectives of the study and securities markets deregulation, and capital account liberalization.
They generate the index by using principal component method. Abiad and Mody () have indexed financial liberalization for 35 countries liberalization and financial development in.The capital account, on a national level, represents the balance of payments for a country. The capital account keeps track of the net change in a nation's assets and liabilities during a year.More conclusive evidence from these studies might suggest that financial and economic crises and recessions are the main ways through which the negative impacts of capital account liberalization.