We show that “preemptive” capital flow management measures (CFM) can reduce emerging markets and developing countries' (EMDE) external finance premia during risk-off shocks, especially for vulnerable countries. Using a panel dataset of 56 EMDEs during 1996-2020 at monthly frequency, we...

This chapter focuses on the foreign exchange constraint and capital markets across eight countries in the Caucasus and Central Asia region. Domestic macroeconomic idiosyncrasies and a host of external factors of capital flows volatility and currency pressures characterize much of the recent...

We show that “preemptive” capital flow management measures (CFM) can reduce emerging markets and developing countries’ (EMDE) external finance premia during risk-off shocks, especially for vulnerable countries. Using a panel dataset of 56 EMDEs during 1996–2020 at monthly frequency, we...

We show that "preemptive" capital flow management measures (CFM) can reduce emerging markets and developing countries' (EMDE) external finance premia during risk-off shocks, especially for vulnerable countries. Using a panel dataset of 56 EMDEs during 1996-2020 at monthly frequency, we document...

This paper deals with the anatomy of devaluation in Latin America. In an effort to understand the economics surrounding the causes and consequences of exchange rate crises, eighteen devaluation episodes that took place between 1962 and 1982 are investigated in detail. The paper focuses on: (1)...

This paper examines the effects of restrictions on international financial markets. We analyze a general equilibrium, rational expectations model of a two-country world in which well-functioning international financial markets premit trade in all state-contingent securities except insofar as...

This paper discusses the use of nominal exchange rates as nominal anchors in stabilization programs. The first part deals with the dynamics of inflation in highly indexed economies. It is shown that credible exchange rate anchors will reduce the degree of inflationary inertia. However, if some...

We show that "preemptive" capital flow management measures (CFM) can reduce emerging markets and developing countries' (EMDE) external finance premia during risk-off shocks, especially for vulnerable countries. Using a panel dataset of 56 EMDEs during 1996-2020 at monthly frequency, we document...

About 20 percent of countries have in place dual, multiple, or parallel exchange rates. Exchange controls represent a form of distortionary commercial policy. We show that they can also deflate the real value of external public debt. We study an optimal taxation problem of a government with...

"Foreign Exchange Constraint and Developing Economies addresses the complex nature of foreign exchange constraint for macroeconomic and social development. The book collects expertise and perspectives from a diverse set of contributions. Using a combination of innovative theoretical and...

This paper aims at explaining the evolution of foreign exchange control depending on the weights of social layers in the society and the administration, based on the French case during the 20th century. It first tests Krueger and Bhagwati's thesis. They found that foreign exchange control in...

The birth of Torgsin -- A golden idea -- The Torgsin empire -- The red directors of Torgsin: the political commissar -- Why did Stalin need Torgsin? -- Gold -- The red directors of Torgsin: the spy -- Silver -- Diamonds and platinum -- Send dollars to Torgsin! -- What's for sale? -- The buyers...

The future of any nation can no doubt be determined from its ability to manage its economy efficiently and optimally. Intrinsically linked to the wellness of a country's economy is the state of its foreign exchange market usually regulated by a foreign exchange (“Forex”) regime. In times...

This paper presents a stylized general equilibrium model of the Venezuelan economy. The model explains how the recent sharp fall in oil revenue combines with foreign exchange rationing to produce a steep rise in inflation. Counterintuitively, a devaluation of the official exchange rate could...

This is the first book dedicated to the scrutinization of Myanmar's unofficial foreign exchange market, its roots in restrictive administrative controls on foreign exchange and international trade, and its effects on the country’s economic performance. This book integrates vast pieces of...

This paper argues that trade and capital account reforms within autocracies underlie the primacy of foreign currency procurement. A longitudinal comparison of four countries (Morocco, Tunisia, Egypt and Jordan) in the Middle East and North Africa region shows a historical sequencing of reforms....

This paper proposes formal computational descriptions of “what can go wrong” (WCGW) in an enterprise. Further, it introduces the idea that these formal WCGW artifacts can be represented as patterns that can be stored in an open knowledge repository (OKR), in a format that allows access to...

This paper argues that trade and capital account reforms within autocracies underlie the primacy of foreign currency procurement. A longitudinal comparison of four countries (Morocco, Tunisia, Egypt and Jordan) in the Middle East and North Africa region shows a historical sequencing of reforms....

This paper argues that trade and capital account reforms within autocracies underlie the primacy of foreign currency procurement. A longitudinal comparison of four countries (Morocco, Tunisia, Egypt and Jordan) in the Middle East and North Africa region shows a historical sequencing of reforms....

Bereits vor dem 11. September 2001 wurde damit begonnen, Finanzmittel als Instrument im Kampf gegen den Terrorismus einzusetzen. Danach wurden sie zumindest zeitweilig als besonders effektiv angesehen, um den Aktionsradius transnationaler terroristischer Gruppen einzuschränken. Allerdings gibt...

The 1990s have witnessed three broad periods of severe turbulence in international financial markets. The turmoil in Brazil, East Asia (Indonesia, Malaysia, South Korea, Thailand and the Philippines) and Russia in 1997-99 was preceded by the Mexican-Tequila crisis in 1994-95 and the virtual...

One of the measurements of economic development in a country is the increase in the nation's level of capital stock. A developing nation may increase the amount of capital stock by incentivizing and encouraging capital inflows, and this is done more commonly through the attraction of foreign...

The development of Asian foreign exchange markets has progressed appreciably in recent years. Data from the BIS Triennial Central Bank Survey indicate that the turnover of Asian currencies rose sharply between 2004 and 2007, financial institutions became more important customers, and the...

This paper considers the effect of exchange and capital controls on trade in the gravity-equation framework, in which bilateral exports depend on the distance between countries, the countries` size and wealth, tariff barriers, and exchange and capital controls. The extent of exchange and capital...