Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences
edited by Sebastian Edwards
University of Chicago Press, 2007 Cloth: 978-0-226-18497-5 | eISBN: 978-0-226-18499-9 Library of Congress Classification HG3891.C356 2007 Dewey Decimal Classification 332.042409172
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ABOUT THIS BOOK
Some scholars argue that the free movement of capital across borders enhances welfare; others claim it represents a clear peril, especially for emerging nations. In Capital Controls and Capital Flows in Emerging Economies, an esteemed group of contributors examines both the advantages and the pitfalls of restricting capital mobility in these emerging nations.
In the aftermath of the East Asian currency crises of 1997, the authors consider mechanisms that eight countries have used to control capital inflows and evaluate their effectiveness in altering the maturity of the resulting external debt and reducing macroeconomic vulnerability. This volume is essential reading for all those interested in emerging nations and the costs and benefits of restricting international capital flows.
AUTHOR BIOGRAPHY
Sebastian Edwards is the Henry Ford II Professor of International Business Economics at the Anderson Graduate School of Management at UCLA. He is the author and editor of several books, including Preventing Currency Crises and Capital Flows and the Emerging Economies, both published by the University of Chicago Press.
TABLE OF CONTENTS
Acknowledgements
Introduction Sebastian Edwards
I. CAPITAL CONTROLS IN EMERGING COUNTRIES: ANALYTICAL ISSUES AND CROSS-COUNTRY EVIDENCE
1. Capital Flows in a Globalized World: The Role of Policies and Institutions
Laura Alfaro, Sebnem Kalemli-Ozcan, and Vadym Volosovych Comment: Gerd Häusler
2. Capital Controls, Sudden Stops, and Current Account Reversals Sebastian Edwards Comment: Alan M. Taylor
3. Currency Mismatches, Debt Intolerance, and Original Sin: Why They Are Not the Same and Why It Matters Barry Eichengreen, Ricardo Hausmann, and Ugo Panizza Comment: Joshua Aizenman
4. The Microeconomic Evidence on Capital Controls: No Free Lunch
Kristin J. Forbes Comment: Charles W. Calomiris
5. The International Exposure of U.S. Banks: Europe and Latin America Compared
Linda S. Goldberg Comment: Matías Braun
II. COUNTRY STUDIES
6. International Borrowing, Capital Controls, and the Exchange Rate: Lessons from Chile
Kevin Cowan and José De Gregorio
7. International Borrowing and Macroeconomic Performance in Argentina
Kathryn M. E. Dominguez and Linda L. Tesar Comment: Nicolas Magud
8. Capital Flows and Controls in Brazil: What Have We Learned?
Ilan Goldfajn and André Minella
9. The Chinese Approach to Capital Inflows: Patterns and Possible Explanations
Eswar Prasad and Shang-Jin Wei
10. South Korea's Experience with International Capital Flows
Marcus Noland Comment: Gita Gopinath
11. Malaysian Capital Controls: Macroeconomics and Institutions
Simon Johnson, Kalpana Kochhar, Todd Mitton, and Natalia Tamirisa Comment: Peter Blair Henry
12. Capital Flows and Exchange Rate Volatility: Singapore's Experience
Basant K. Kapur Comment: Chair Chari
13. India's Experience with Capital Flows: The Elusive Quest for a Sustainable Current Account Deficit Ajay Shah and Ila Patnaik
14. Capital Controls: An Evaluation
Nicolas Magud and Carmen M. Reinhart
Contributors
Author Index
Subject Index
REQUEST ACCESSIBLE FILE
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Please have the accessibility coordinator at your school fill out this form.
Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences
edited by Sebastian Edwards
University of Chicago Press, 2007 Cloth: 978-0-226-18497-5 eISBN: 978-0-226-18499-9
Some scholars argue that the free movement of capital across borders enhances welfare; others claim it represents a clear peril, especially for emerging nations. In Capital Controls and Capital Flows in Emerging Economies, an esteemed group of contributors examines both the advantages and the pitfalls of restricting capital mobility in these emerging nations.
In the aftermath of the East Asian currency crises of 1997, the authors consider mechanisms that eight countries have used to control capital inflows and evaluate their effectiveness in altering the maturity of the resulting external debt and reducing macroeconomic vulnerability. This volume is essential reading for all those interested in emerging nations and the costs and benefits of restricting international capital flows.
AUTHOR BIOGRAPHY
Sebastian Edwards is the Henry Ford II Professor of International Business Economics at the Anderson Graduate School of Management at UCLA. He is the author and editor of several books, including Preventing Currency Crises and Capital Flows and the Emerging Economies, both published by the University of Chicago Press.
TABLE OF CONTENTS
Acknowledgements
Introduction Sebastian Edwards
I. CAPITAL CONTROLS IN EMERGING COUNTRIES: ANALYTICAL ISSUES AND CROSS-COUNTRY EVIDENCE
1. Capital Flows in a Globalized World: The Role of Policies and Institutions
Laura Alfaro, Sebnem Kalemli-Ozcan, and Vadym Volosovych Comment: Gerd Häusler
2. Capital Controls, Sudden Stops, and Current Account Reversals Sebastian Edwards Comment: Alan M. Taylor
3. Currency Mismatches, Debt Intolerance, and Original Sin: Why They Are Not the Same and Why It Matters Barry Eichengreen, Ricardo Hausmann, and Ugo Panizza Comment: Joshua Aizenman
4. The Microeconomic Evidence on Capital Controls: No Free Lunch
Kristin J. Forbes Comment: Charles W. Calomiris
5. The International Exposure of U.S. Banks: Europe and Latin America Compared
Linda S. Goldberg Comment: Matías Braun
II. COUNTRY STUDIES
6. International Borrowing, Capital Controls, and the Exchange Rate: Lessons from Chile
Kevin Cowan and José De Gregorio
7. International Borrowing and Macroeconomic Performance in Argentina
Kathryn M. E. Dominguez and Linda L. Tesar Comment: Nicolas Magud
8. Capital Flows and Controls in Brazil: What Have We Learned?
Ilan Goldfajn and André Minella
9. The Chinese Approach to Capital Inflows: Patterns and Possible Explanations
Eswar Prasad and Shang-Jin Wei
10. South Korea's Experience with International Capital Flows
Marcus Noland Comment: Gita Gopinath
11. Malaysian Capital Controls: Macroeconomics and Institutions
Simon Johnson, Kalpana Kochhar, Todd Mitton, and Natalia Tamirisa Comment: Peter Blair Henry
12. Capital Flows and Exchange Rate Volatility: Singapore's Experience
Basant K. Kapur Comment: Chair Chari
13. India's Experience with Capital Flows: The Elusive Quest for a Sustainable Current Account Deficit Ajay Shah and Ila Patnaik
14. Capital Controls: An Evaluation
Nicolas Magud and Carmen M. Reinhart
Contributors
Author Index
Subject Index
REQUEST ACCESSIBLE FILE
If you are a student who cannot use this book in printed form, BiblioVault may be able to supply you
with an electronic file for alternative access.
Please have the accessibility coordinator at your school fill out this form.
It can take 2-3 weeks for requests to be filled.
ABOUT THIS BOOK | AUTHOR BIOGRAPHY | TOC | REQUEST ACCESSIBLE FILE