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Bekaert, Geert; Harvey, Campbell; Lundblad, Christian T; … - C.E.P.R. Discussion Papers - 2010

We propose a new, valuation-based measure of world equity market segmentation. While we observe decreased levels of …

Persistent link: https://www.econbiz.de/10008784702

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

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

Capital controls and foreign exchange policy

Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2012

The empirical analysis of the paper suggests that an FX policy objective and concerns about an overheating of the domestic economy have been the two main motives for the (re-)introduction and persistence of capital controls over the past decade. Capital controls are strongly associated with...

Persistent link: https://www.econbiz.de/10011083774

Macroprudential Policies in a Global Perspective

Jeanne, Olivier - C.E.P.R. Discussion Papers - 2014

the world is in a liquidity trap while the rest of the world accumulates reserves for prudential reasons. …

Persistent link: https://www.econbiz.de/10011084357

The Financial Resource Curse

Benigno, Gianluca; Fornaro, Luca - C.E.P.R. Discussion Papers - 2013

This paper presents a model of financial resource curse, i.e. episodes of abundant access to foreign capital coupled with weak productivity growth. We study a two-sector, tradable and non-tradable, small open economy. The tradable sector is the engine of growth, and productivity growth is...

Persistent link: https://www.econbiz.de/10011084525

Capital Controls and Macroprudential Measures: What Are They Good For?

Forbes, Kristin; Fratzscher, Marcel; Straub, Roland - C.E.P.R. Discussion Papers - 2014

Are capital controls and macroprudential measures successful in achieving their objectives? Assessing their effectiveness is complicated by selection bias and endogeneity; countries which change their capital-flow management measures (CFMs) often share specific characteristics and are responding...

Persistent link: https://www.econbiz.de/10011084623

Capital Controls and International Trade Finance

Giovannini, Alberto; Park, Jae Won - C.E.P.R. Discussion Papers - 1989

This paper studies the effects of prohibiting individuals from holding foreign assets, and of allowing firms to trade in foreign assets only up to what is needed to finance export and import activities. Although firms can perform arbitrage between domestic and foreign financial markets, this...

Persistent link: https://www.econbiz.de/10005504286

Capital Controls and Foreign Investor Subsidies Implicit in South Africa's Dual Exchange Rate System

Huizinga, Harry; Schaling, Eric; Windt, Peter C van der - C.E.P.R. Discussion Papers - 2007

Both in theory and practice, capital controls and dual exchange rate systems can be part of a country's optimal tax policy. We first show how a dual exchange rate system can be interpreted as a tax (or subsidy) on international capital income. We show that a dual exchange rate system, with...

Persistent link: https://www.econbiz.de/10005504476

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