Capital Controls and Capital Flows in Emerging Economies: by Sebastian Edwards

By Sebastian Edwards

Some students argue that the loose stream of capital throughout borders complements welfare; others declare it represents a transparent peril, specifically for rising international locations. In Capital Controls and Capital Flows in rising Economies, an esteemed team of members examines either the benefits and the pitfalls of limiting capital mobility in those rising nations.

In the aftermath of the East Asian foreign money crises of 1997, the authors ponder mechanisms that 8 nations have used to regulate capital inflows and review their effectiveness in changing the adulthood of the ensuing exterior debt and lowering macroeconomic vulnerability. This quantity is key examining for all these drawn to rising countries and the prices and merits of proscribing overseas capital flows.

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Example text

Portfolio equity flows rose as well but fluctuated more. Debt flows also fluctuated, increasing during the 1970s, then crashing following the wake of 30 Laura Alfaro, Sebnem Kalemli-Ozcan, and Vadym Volosovych Fig. S. dollars and correspond to the sum of the absolute value of the flows of assets (outflows) and liabilities (inflows). FDI data are available for 72 countries, portfolio data for 68 countries, and debt data for 122 countries. FDI assets and liabilities correspond respectively to Direct Investment Abroad (IFS line 78bdd) and Direct Investment in Reporting Economy (line 78bed) and include equity capital, reinvested earnings, other capital, and financial derivatives associated with various intercompany transactions between affiliated enterprises.

When a foreign investor purchases a local firm’s securities without exercising control over the firm, the investment is regarded as a portfolio investment. The IMF classifies an investment as direct if a foreign investor holds at least 10 percent of a local firm’s equity while the remaining equity purchases are classified under portfolio equity investment. In the regression analysis, we do not distinguish between minority and majority shareholders, as this distinction is not important to our analysis.

S. dollars. Data are for 72 countries. Inflows represent flows of foreign claims on domestic capital (liability). Net flows are calculated as the difference between corresponding inflows (liabilities) and outflows (assets). Gross flows correspond to the sum of the absolute value of the flows of assets and liabilities. FDI assets and liabilities correspond, respectively, to Direct Investment Abroad (IFS line 78bdd) and Direct Investment in Reporting Economy (line 78bed) and include equity capital, reinvested earnings, other capital, and financial derivatives associated with various intercompany transactions between affiliated enterprises.

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