Showing 1 - 10 of 51
This paper reviews Japan's experiences with the liberalization of capital accounts, and tries to identify their … implications to China. Liberalization of capital accounts proceeded very gradually in Japan from the adoption of a system of … country caused by these shocks, Japan, which was generally headed for the liberalization of the capital accounts, was …
Persistent link: https://www.econbiz.de/10009365445
The Impossible Trinity doctrine still holds a powerful sway over policymakers, advisors (particularly the International Monetary Fund [IMF]) and academia. In East Asia over the past decade, however, most countries have been able to maintain open capital markets, monetary policy...
Persistent link: https://www.econbiz.de/10009652202
In this paper I review the use of precautionary measures aimed at mitigating emerging markets exposure to fragility associated with financial integration. The discussion draws possible lessons from the ongoing global liquidity crisis. The fear of losing international reserves (IR) constrained...
Persistent link: https://www.econbiz.de/10009363868
Since the 1980s, emerging countries have been urged to welcome foreign capital inflows. The result has often been a pattern of surges, where excessive inflows were followed by damaging “sudden stops†and reversals. This was dramatically evident in the Asian crisis of...
Persistent link: https://www.econbiz.de/10011278030
The Indian government has taken a number of incremental measures to liberalise legal and administrative impediments to international capital movements in recent years. This paper analyses the extent to which the effectiveness of capital controls in India, measured by the domestic less net...
Persistent link: https://www.econbiz.de/10009363806
The paper defines financial liberalization, distinguishing between liberalization of domestic financial markets and … followed a well thought out sequence whereby full capital account liberalization was to come after deepening domestic markets … future liberalization should be such as meets Indian needs of financial inclusion, infrastructure finance, and domestic …
Persistent link: https://www.econbiz.de/10009365400
The paper defines financial liberalization, distinguishing between liberalization of domestic financial markets and … followed a well thought out sequence whereby full capital account liberalization was to come after deepening domestic markets … future liberalization should be such as meets Indian needs of financial inclusion, infrastructure finance, and domestic …
Persistent link: https://www.econbiz.de/10009365446
With the rise of the People’s Republic of China (PRC) as the world’s largest trading nation (measured by trade value) and second largest economic power (measured by GDP), its economic influence over the neighboring emerging economies in East Asia has also risen. The PRC introduced...
Persistent link: https://www.econbiz.de/10011134348
This paper examines whether changes in exchange rate arrangements have affected monetary independence in East Asian countries after the 1997 Asian crisis. We find that the sensitivity of local to U.S. interest rates has declined for many Asian countries since they adopted floating exchange rate...
Persistent link: https://www.econbiz.de/10009363821
This paper examines the viability or appropriateness of two polar solutions, especially free-floating regime for developing countries. To do so, we investigate the Korean financial markets, which provide interesting case, utilizing multivariate GARCH and various VSR (Vector Auto-Regression)...
Persistent link: https://www.econbiz.de/10009363827