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Psalida, L. Effie - 2012

liquidity, asks the question whether G-4 liquidity expansion spills over to the rest of the world. The paper finds strong … positive links between G-4 liquidity expansion and asset prices, such as equities, in the liquidity receiving economies, which … indicates that the push factor plays an important role in asset prices. Liquidity also has a strong positive link with the …

Persistent link: https://www.econbiz.de/10013111863

Japan's Foreign Assets and Liabilities : Implications for the External Accounts

Colacelli, Mariana; Gautam, Deepali; Rebillard, Cyril - 2021

The composition of Japan's current account balance has changed over time, with an increasing income balance primarily reflecting a growing net foreign asset position and higher corporate saving. A comparison of Japan's income balance with peer countries highlights: (i) relatively high yields on...

Persistent link: https://www.econbiz.de/10013243059

Analyzing Capital Flow Drivers Using the ‘At-Risk’ Framework : South Africa's Case

Goel, Rohit; Miyajima, Ken - 2022

Cross-border capital flows are important for South Africa. They fund the nation’s relatively large external financing needs and have important financial stability implications evidenced by the large capital outflows and asset price selloffs during the COVID-19 pandemic. This paper adds to the...

Persistent link: https://www.econbiz.de/10013300531

Liquidity Management Under Fixed Exchange Rate with Open Capital Account

El Hamiani Khatat, Mariam - 2019

This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived … close to the level implied by the Uncovered Interest Rate Parity (UIP). Liquidity management under fixed exchange rate with … an open capital account presents specific challenges due to: (1) the larger liquidity shocks induced by foreign reserve …

Persistent link: https://www.econbiz.de/10012888769

International Capital Flows and Debt Dynamics

Evans, Martin D. D. - 2012

This paper presents a new model for studying international capital flows and debt dynamics that emphasizes the role played by expectations concerning future trade flows and returns. I use the model to estimate the drivers of the U.S. external position and capital flows between 1973 and 2008. The...

Persistent link: https://www.econbiz.de/10013098629

Global Imbalances and External Adjustment after the Crisis

Lane, Philip R. - 2014

This paper has two objectives. First, it reviews the recent dynamics of global imbalances (both “flow” and “stock” imbalances), with a special focus on the shifting position of Latin America in the global distribution. Second, it examines the cross-country variation in external...

Persistent link: https://www.econbiz.de/10013047971

Capital Flows at Risk : Taming the Ebbs and Flows

Gelos, Gaston - 2020

The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new framework to answer critical policy questions: What policies and policy frameworks are most effective in dampening sharp capital flow movements in response to global...

Persistent link: https://www.econbiz.de/10012843314

Shocks Matter : Managing Capital Flows with Multiple Instruments in Emerging Economies

Lama, Ruy - 2020

We study the optimal management of capital flows in a small open economy model with financial frictions and multiple policy instruments. The paper reports two main findings. First, both foreign exchange intervention (FXI) and macroprudential polices are tools complementary to the monetary policy...

Persistent link: https://www.econbiz.de/10012828217

The Composition of Capital Flows : Is South Africa Different?

Ahmed, Faisal - 2014

Over the past decade, South Africa has attracted relatively little foreign direct investment (FDI), but considerable amounts of portfolio inflows. In this context, the objective of the paper is twofold: to identify the determinants of the level and composition of capital flows to emerging...

Persistent link: https://www.econbiz.de/10012752467

Unintended Consequences of U. S. Monetary Policy Shocks : Dutch Disease and Capital Flow Measures in Emerging Markets and Developing Economies

Yépez, Juan F. - 2022

Dutch disease is often referred as a situation in which large and sustained foreign currency inflows lead to a contraction of the tradable sector by giving rise to a real appreciation of the home currency. This paper documents that this syndrome has been witnessed by many emerging markets and...

Persistent link: https://www.econbiz.de/10013306761