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The Great Depression as a Watershed: International Capital Mobility over the Long Run

Obstfeld, Maurice; Taylor, Alan M. - C.E.P.R. Discussion Papers - 1997

This paper surveys the evolution of international capital mobility since the late-nineteenth century. It begins with an overview of empirical evidence on the fall and rise of integration in the global capital market. A discussion of institutional developments focuses on the use of capital...

Persistent link: https://www.econbiz.de/10005114343

International Capital Mobility and Tax Evasion

Giovannini, Alberto - C.E.P.R. Discussion Papers - 1988

This paper studies the welfare effects of international investment to evade domestic taxes on domestic investment income. Capital mobility for tax evasion eliminates distortions in the intertemporal allocation of consumption, but introduces distortions in domestic production. Conversely, a...

Persistent link: https://www.econbiz.de/10005281329

Optimal Policy for Macro-Financial Stability

Benigno, Gianluca; Chen, Huigang; Otrok, Christopher; … - C.E.P.R. Discussion Papers - 2012

In this paper we study whether policy makers should wait to intervene until a financial crisis strikes or rather act in a preemptive manner. We study this question in a relatively simple dynamic stochastic general equilibrium model in which crises are endogenous events induced by the presence of...

Persistent link: https://www.econbiz.de/10011084032

Exchange Rates and the EMS: Assessing the Track Record

Artis, Michael J; Taylor, Mark P - C.E.P.R. Discussion Papers - 1988

(real or nominal, bilateral or effective) exchange rate volatility? If so, has this been at the expense of increased … interest rate volatility? How important have capital controls been for the operation of the EMS? Has the Exchange Rate … Mechanism reduced the volatility of unanticipated exchange rate changes? Has the EMS been effective in making ERM currencies …

Persistent link: https://www.econbiz.de/10005661462

Exchange Rates and Policy Coordination in an Asymmetric Model

Kenen, Peter B - C.E.P.R. Discussion Papers - 1988

This paper extends earlier work (Kenen, 1987a, 1987b) on the ranking of exchange rate regimes. Using a two-country portfolio-balance model, it asks how pegged and floating exchange rates affect each country's ability to achieve its domestic policy objectives independently, without having to...

Persistent link: https://www.econbiz.de/10005281328

Wage Rigidity and Capital Mobility in an Optimizing Model of a Small Open Economy

de Klundert, Theo C N J van; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 1987

-state effects of afiscal contraction, monetary disinflation, a worsening of thesupply side, an increase in the world interest rate …

Persistent link: https://www.econbiz.de/10005792502

Capital Controls and the Real Exchange Rate

van Wijnbergen, Sweder - C.E.P.R. Discussion Papers - 1985

expenditure patterns determine the real exchange rate effects of capital controls. Capital import taxes lower world interest rates … but raise home interest rates. These changes in interest rates bring about a change in the composition of world …, the change in the composition of world expenditure has no effects on the (excess) demand for any particular commodity …

Persistent link: https://www.econbiz.de/10005504780

International Capital Mobility in the 1990s

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 1994

capital mobility. Three main functions of a globally integrated and efficient world capital market provide focal points for … consumption profiles. Third, new saving, regardless of its country of origin, is allocated toward the world's most productive …

Persistent link: https://www.econbiz.de/10005789050

Can Short-Term Capital Controls Promote Capital Inflows

Cordella, Tito - C.E.P.R. Discussion Papers - 1998

In an economy à la Diamond and Dybvig (1983), we present an example in which foreign lenders find it profitable to invest in an emerging market if, and only if, the emerging market government imposes taxes on short-term capital inflows. This implies that capital controls that are effective in...

Persistent link: https://www.econbiz.de/10005791708

Government Revenue from Financial Repression

Giovannini, Alberto - C.E.P.R. Discussion Papers - 1991

This paper analyses, from a public-finance perspective, the theoretical underpinnings and the empirical relevance of the phenomenon of financial repression. The analysis explicitly accounts for the interaction between capital controls and financial repression. The proposed empirical estimate of...

Persistent link: https://www.econbiz.de/10005791759