Foreign capital and economic transformation: risks and benefits of free capital flows
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Tübingen
Mohr Siebeck
1999
|
| Schriftenreihe: | Kieler Studien
295 |
| Schlagworte: | |
| Online-Zugang: | Table of Contents Inhaltsverzeichnis |
| Beschreibung: | XIII, 250 S. graph. Darst. |
| ISBN: | 3161471326 |
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| 245 | 1 | 0 | |a Foreign capital and economic transformation |b risks and benefits of free capital flows |c Claudia M. Buch ; Ralph P. Heinrich ; Christian Pierdzioch |
| 264 | 1 | |a Tübingen |b Mohr Siebeck |c 1999 | |
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Datensatz im Suchindex
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| adam_text |
Contents
I. Purpose and Outline of the Study 1
II. Opening Up for Foreign Capital: Strategies and Effects 8
1. Balance of Payments Development 8
2. Reform Process 10
2.1 Capital Controls and Convertibility 10
2.2 Exchange Rate Policy 15
2.3 Fiscal Policy 18
2.4 Banking Reform 19
2.5 Privatization 25
3. Structure of Capital Flows 29
3.1 Gross and Net Capital Flows 29
3.2 Capital Inflows Intermediated by Banks 33
3.3 Stock of External Debt 37
4. Summary 38
Appendix to Chapter II 40
III. Degree of Integration into International Capital Markets 43
5. The Concept of Capital Mobility 43
6. Interest Parity Conditions 44
6.1 On and Offshore Interest Rate Differentials 47
6.2 Uncovered Interest Parity 50
6.3 Covered Interest Parity 56
7. Bond and Equity Markets 58
7.1 Capital AssetPricing Model 58
7.2 Market Opportunities 60
7.3 Cointegration with Foreign Stock Markets 64
VI Contents
8. Saving Investment Correlations 70
8.1 Stylized Facts 72
8.2 Correlation of Saving and Investment 75
9. Degree of Monetary Autonomy 77
9.1 Measurement Issues 79
9.2 Stylized Facts 80
9.3 Estimates of Offset Coefficients 83
10. Summary 87
Appendix to Chapter III 90
IV. The Structure of Capital Plows: Determinants and Growth
Effects 96
11. Capital Flows and Economic Growth 96
12. The Value of Waiting 99
12.1 Uncertainty, Irreversibility, and Foreign Investment 101
12.2 Economic Policy and Investment Decisions 105
12.3 Policy Implications 107
13. Foreign Direct Investment versus Portfolio Capital 109
13.1 Foreign Direct Investment 110
13.2 Portfolio Capital and Asset Diversification 116
14. Summary 121
V. Balance of Payments Crises: Causes and Consequences 123
15. Preventing Balance of Payments Crises 124
15.1 The Baseline Model 125
15.2 Extensions 128
16. Twin Crises and the Role of Banks 130
16.1 Causes of Twin Crises 131
16.2 Foreign Borrowing of Banks 133
16.3 Relevance of the Feedback Effects 139
16.4 Policy Implications and Extensions 142
List of Tables
Table 1 — Convertibility in Selected Transition Economies — An
Overview 12
Table 2 — Profitability of Commercial Banks, 1992 1997 21
Table 3 — Privatization Indicators, 1990 1997 26
Table 4— Gross World Capital Flows, 1989 1996 29
Table 5 — Net Capital Flows to Transition Economies, 1989 1997 30
Table 6— Net Capital Inflows in Relation to GDP 31
Table 7— Structure of Gross Capital Inflows, 1989 1996 32
Table 8 — Capital Imports through Commercial Banks, 1989 1997 34
Table 9 — Share of Banks in Total Foreign Loans for Various Regions,
1991 1997 35
Table 10— Debt Indicators, 1989 1997 37
Table 11 — Monthly Bond and Equity Returns in Eastern and Western
Europe, 1994 1998 62
Table 12 — Unit Root Tests for Stock Market Indices, 1994 1998 66
Table 13— Cointegration of Stock Indices, 1994 1998 68
Table 14 — Correlation between Saving and Investment, 1980 1997 76
Table 15 — Composition of the Monetary Base, 1990 1997 81
Table 16 — Composition of the Broad Money Stock, 1990 1997 83
Table 17— Earlier Estimates of Offset Coefficients 84
Table 18 — Poland: Estimates of Offset Coefficients 85
Table 19 — Contribution of FDI to Gross Capital Formation, 1985 1995 111
Table 20 — Sectoral and Regional Structure of Stocks of Inward FDI 112
Table 21 — Share of Capital Goods in Total Imports, 1992 1996 128
Table 22 — Change in Foreign Liabilities during Twin Crises 141
Table 23 — Dollar Wage Gaps at the Onset of Transition 157
Table 24 — Chile: Transactions Taxes and Real Exchange Rate
Volatility 178
Table 25 — Volume and Volatility of Quarterly Capital Flows, 1993
1997 179
List of Tables IX
Table 26 — Share of Short Term Credit in Foreign Liabilities, 1992
1997 182
Table 27 — Free Movement of Capital and of Financial Services in
theEU 191
Table 28 — Capital Inflows and Investment before and after Accession
to the EU 199
Table Al — Czech Republic: Balance of Payments, 1993 1997 40
Table A2 — Estonia: Balance of Payments, 1993 1997 40
Table A3 — Hungary: Balance of Payments, 1991 1997 41
Table A4— Poland: Balance of Payments, 1991 1997 42
Contents VII
17. Equilibrium Real Appreciation versus Overvaluation 145
17.1 Concepts of the Real Exchange Rate 149
17.2 Equilibrium Real Appreciation 151
17.3 Real Exchange Rate Misalignment 155
17.4 Empirical Evidence 156
18. The Role of Capital Controls 164
18.1 Taxing Capital Flows: A Conceptual Framework 165
18.2 Second Thoughts on Capital Controls 171
18.3 Empirical Evidence 174
18.4 Implications for the Transition Economies 182
19. Summary 183
Appendix to Chapter V 185
VI. Future Integration into International Capital Markets 188
20. The Role of EU Enlargement 188
20.1 Institutional Framework 189
20.2 Implications for the Banking Sector 192
20.3 Implications for Capital Flows 196
20.4 Lessons from Southern Enlargement 197
21. The Role of New Financial Instruments 201
21.1 Derivatives, Capital Mobility, and Monetary Policy 201
21.2 Derivatives and Volatility in Foreign Exchange Markets 207
21.3 Policy Implications 210
VII. Summary 212
Epilogue 222
Contagion Effects 222
Capital Controls for Russia? 224
References 228
Index 249
List of Figures
Figure 1 — Nominal Exchange Rates to the Dollar, 1990 1998 16
Figure 2 — Net Foreign Assets of Commercial Banks, 1989 1997 36
Figure 3 — On and Offshore Interest Rate Differentials for Various
Countries 48
Figure 4— Uncovered Interest Parity, 1991 1997 52
Figure 5 — Uncovered Interest Parity Based on Exchange Rate
Forecasts, 1995 1998 55
Figure 6 — Czech Republic: Deviations from Covered Interest Parity,
1996 1998 57
Figure 7 — Coefficients of Variations of Stock Market Returns, 1995
1998 64
Figure 8 — Share of Investment and Saving in GDP, 1989 1997 74
Figure 9 — Offset Coefficients for Poland, 1992 1997 87
Figure 10— Welfare Gains from a Liberalization of Capital Flows 97
Figure 11 — Volatility of the Money Supply and the Value of the Real
Option to Invest 106
Figure 12 — Mean Reversion and the Value of the Real Option to Invest 107
Figure 13— Foreign Borrowing and the Timing of the Collapse 139
Figure 14 — Real Exchange Rates, 1990 1998 148
Figure 15 — Real and Nominal Exchange Rates, 1990 1998 159
Figure 16 — Transactions Taxes and Macroeconomic Dynamics 168
Figure 17— Transactions Taxes and Exchange Rate Dynamics 170
Figure 18 — Chile: Volatility of Net Capital Inflows, 1992 1997 175
Figure 19 — Real Exchange Rate Volatility in Chile and Germany,
1981 1998 177
Figure 20 — Real Exchange Rate Volatility in Transition Economies,
1991 1998 178
Figure 21 — Poland: Volatility of Net Capital Inflows, 1993 1997 181
Figure 22 — Hungary: Volatility of Net Capital Inflows, 1992 1997 181
Figure 23 — Hungary: Exchange Rate Expectations in Currency Futures,
1996 1998 205
List of Figures XI
Figure Al — Nominal Interest Rate Differentials in Eastern and Southern
Europe, 1990 1998 90
Figure A2 — Increase in Domestic Money Demand 93
Figure A3 — Decline in International Interest Rates 94
Figure A4 — Increase in Domestic Productivity 95 |
| any_adam_object | 1 |
| author | Buch, Claudia M. 1966- Heinrich, Ralph P. Pierdzioch, Christian |
| author_GND | (DE-588)132509210 |
| author_facet | Buch, Claudia M. 1966- Heinrich, Ralph P. Pierdzioch, Christian |
| author_role | aut aut aut |
| author_sort | Buch, Claudia M. 1966- |
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| dewey-search | 337.1 332/.042 332/.042 21 |
| dewey-sort | 3337.1 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Book |
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| geographic | Osteuropa (DE-588)4075739-0 gnd Ungarn (DE-588)4078541-5 gnd Tschechien (DE-588)4303381-7 gnd Polen (DE-588)4046496-9 gnd Estland (DE-588)4015587-0 gnd |
| geographic_facet | Osteuropa Ungarn Tschechien Polen Estland |
| id | DE-604.BV012384008 |
| illustrated | Illustrated |
| indexdate | 2024-10-30T13:03:25Z |
| institution | BVB |
| isbn | 3161471326 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-008400529 |
| oclc_num | 41958453 |
| open_access_boolean | |
| owner | DE-739 DE-12 DE-M158 DE-N2 DE-703 DE-473 DE-BY-UBG DE-384 DE-20 DE-19 DE-BY-UBM DE-521 DE-522 DE-11 DE-188 DE-Re13 DE-BY-UBR |
| owner_facet | DE-739 DE-12 DE-M158 DE-N2 DE-703 DE-473 DE-BY-UBG DE-384 DE-20 DE-19 DE-BY-UBM DE-521 DE-522 DE-11 DE-188 DE-Re13 DE-BY-UBR |
| physical | XIII, 250 S. graph. Darst. |
| publishDate | 1999 |
| publishDateSearch | 1999 |
| publishDateSort | 1999 |
| publisher | Mohr Siebeck |
| record_format | marc |
| series | Kieler Studien |
| series2 | Kieler Studien |
| spelling | Buch, Claudia M. 1966- Verfasser (DE-588)132509210 aut Foreign capital and economic transformation risks and benefits of free capital flows Claudia M. Buch ; Ralph P. Heinrich ; Christian Pierdzioch Tübingen Mohr Siebeck 1999 XIII, 250 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Kieler Studien 295 Buitenlandse investeringen gtt Economische verandering gtt Finances internationales ram Intégration économique international ram Marché financier ram Mouvements de capitaux ram Vrij verkeer van kapitaal gtt Capital market -- Europe, Central Capital market -- Europe, Eastern Internationale Kapitalbewegung (DE-588)4162044-6 gnd rswk-swf Kapitalmarktpolitik (DE-588)4247925-3 gnd rswk-swf Systemtransformation (DE-588)4060633-8 gnd rswk-swf Auslandsinvestition (DE-588)4003772-1 gnd rswk-swf Wirtschaftsreform (DE-588)4066512-4 gnd rswk-swf Wirtschaftssystem (DE-588)4117663-7 gnd rswk-swf Osteuropa (DE-588)4075739-0 gnd rswk-swf Ungarn (DE-588)4078541-5 gnd rswk-swf Tschechien (DE-588)4303381-7 gnd rswk-swf Polen (DE-588)4046496-9 gnd rswk-swf Estland (DE-588)4015587-0 gnd rswk-swf Osteuropa (DE-588)4075739-0 g Wirtschaftsreform (DE-588)4066512-4 s Internationale Kapitalbewegung (DE-588)4162044-6 s DE-604 Tschechien (DE-588)4303381-7 g Auslandsinvestition (DE-588)4003772-1 s Estland (DE-588)4015587-0 g Ungarn (DE-588)4078541-5 g Polen (DE-588)4046496-9 g DE-188 Wirtschaftssystem (DE-588)4117663-7 s Systemtransformation (DE-588)4060633-8 s Kapitalmarktpolitik (DE-588)4247925-3 s Heinrich, Ralph P. Verfasser aut Pierdzioch, Christian Verfasser aut Kieler Studien 295 (DE-604)BV000001650 295 http://www.loc.gov/catdir/toc/fy02/99229741.html Table of Contents HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008400529&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Buch, Claudia M. 1966- Heinrich, Ralph P. Pierdzioch, Christian Foreign capital and economic transformation risks and benefits of free capital flows Kieler Studien Buitenlandse investeringen gtt Economische verandering gtt Finances internationales ram Intégration économique international ram Marché financier ram Mouvements de capitaux ram Vrij verkeer van kapitaal gtt Capital market -- Europe, Central Capital market -- Europe, Eastern Internationale Kapitalbewegung (DE-588)4162044-6 gnd Kapitalmarktpolitik (DE-588)4247925-3 gnd Systemtransformation (DE-588)4060633-8 gnd Auslandsinvestition (DE-588)4003772-1 gnd Wirtschaftsreform (DE-588)4066512-4 gnd Wirtschaftssystem (DE-588)4117663-7 gnd |
| subject_GND | (DE-588)4162044-6 (DE-588)4247925-3 (DE-588)4060633-8 (DE-588)4003772-1 (DE-588)4066512-4 (DE-588)4117663-7 (DE-588)4075739-0 (DE-588)4078541-5 (DE-588)4303381-7 (DE-588)4046496-9 (DE-588)4015587-0 |
| title | Foreign capital and economic transformation risks and benefits of free capital flows |
| title_auth | Foreign capital and economic transformation risks and benefits of free capital flows |
| title_exact_search | Foreign capital and economic transformation risks and benefits of free capital flows |
| title_full | Foreign capital and economic transformation risks and benefits of free capital flows Claudia M. Buch ; Ralph P. Heinrich ; Christian Pierdzioch |
| title_fullStr | Foreign capital and economic transformation risks and benefits of free capital flows Claudia M. Buch ; Ralph P. Heinrich ; Christian Pierdzioch |
| title_full_unstemmed | Foreign capital and economic transformation risks and benefits of free capital flows Claudia M. Buch ; Ralph P. Heinrich ; Christian Pierdzioch |
| title_short | Foreign capital and economic transformation |
| title_sort | foreign capital and economic transformation risks and benefits of free capital flows |
| title_sub | risks and benefits of free capital flows |
| topic | Buitenlandse investeringen gtt Economische verandering gtt Finances internationales ram Intégration économique international ram Marché financier ram Mouvements de capitaux ram Vrij verkeer van kapitaal gtt Capital market -- Europe, Central Capital market -- Europe, Eastern Internationale Kapitalbewegung (DE-588)4162044-6 gnd Kapitalmarktpolitik (DE-588)4247925-3 gnd Systemtransformation (DE-588)4060633-8 gnd Auslandsinvestition (DE-588)4003772-1 gnd Wirtschaftsreform (DE-588)4066512-4 gnd Wirtschaftssystem (DE-588)4117663-7 gnd |
| topic_facet | Buitenlandse investeringen Economische verandering Finances internationales Intégration économique international Marché financier Mouvements de capitaux Vrij verkeer van kapitaal Capital market -- Europe, Central Capital market -- Europe, Eastern Internationale Kapitalbewegung Kapitalmarktpolitik Systemtransformation Auslandsinvestition Wirtschaftsreform Wirtschaftssystem Osteuropa Ungarn Tschechien Polen Estland |
| url | http://www.loc.gov/catdir/toc/fy02/99229741.html http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008400529&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV000001650 |
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