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Publications (15)

– Seeking Stability for Emerging Economies
Ricardo Ffrench-Davis - Palgrave Macmillan, 2003 - Basingstoke, UK

This collection analyses the new trends in capital flows to emerging markets since the Asian crisis, their determinants and policy implications. It explains why such flows have declined so dramatically in recent years, emphasising both structural and cyclical factors. Senior bankers, regulators and...

Working Paper pdf
Randall Dodd - UNU-WIDER, 2002 - Helsinki, Finland

The paper studies the trend towards the use of securities as a vehicle to transfer capital to developing economies, and how it is linked to the increasing use of derivatives transactions in developing countries. It also provides a descriptive analysis of how each type of capital vehicle is...

Working Paper pdf
José Antonio Ocampo - UNU-WIDER, 2002 - Helsinki, Finland

This paper explores the complementary use of two instruments to manage capital-account volatility in developing countries: capital-account regulations and counter-cyclical prudential regulation of domestic financial intermediaries. Capital-account regulations can provide useful instruments in terms...

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– An Overview
Ricardo Ffrench-Davis - UNU-WIDER, 2002 - Helsinki, Finland

In this overview we try to explain, first, why funds continued to flow towards emerging economies while fundamentals in host countries had been deteriorating before the Asian crisis (rising external deficit, with a significant liquid component appreciating exchange rates; low capital formation,...

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Valpy Fitzgerald - UNU-WIDER, 2002 - Helsinki, Finland

This paper addresses the nature of the demand schedule for emerging market assets in both its macroeconomic and microeconomic dimensions. The former is usually analysed in terms of the ‘push factors’ (such as interest rates or contagion) determining international capital flows; while...

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– Crossing the Border
David Lubin - UNU-WIDER, 2002 - Helsinki, Finland

This paper has two aims. The first is to provide some explanation for the extraordinary collapse in cross-border bank lending to developing countries which has taken place since 1997. The second is to argue that it might be too simplistic to characterize banks’ behaviour in the past few years...

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– The Experience of Latin America since the Tequila Crisis
Barbara Stallings, Rogerio Studart - UNU-WIDER, 2002 - Helsinki, Finland

The paper deals with changes in the regulation and supervision of the Latin American financial sector in the aftermath of the ‘Tequila Crisis’ of 1994–95. While it finds that both have improved, regulation and supervision cannot resolve all problems; good macroeconomic policy and...

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– Water Flowing Uphill?
John Hawkins - UNU-WIDER, 2002 - Helsinki, Finland

International bank lending is a major component of capital flows between advanced and emerging economies. However, in recent years these flows have been going the wrong way, like water flowing uphill. Even four years after the Asian crisis, there is a net flow of funds from emerging economies to...

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– A Review of the Literature, Empirical Evidence and some Policy Proposals
Carlos Budnevich - UNU-WIDER, 2002 - Helsinki, Finland

For many emerging market economies, over reliance on monetary policy may bring worse macro results, when compared to a more balanced framework of countercyclical fiscal and monetary policy. The use of countercyclical fiscal policy requires as a precondition solvent and sustainable fiscal accounts...

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– Issues, Implications and Policy Proposals
Stephany Griffith-Jones, Stephen Spratt - UNU-WIDER, 2002 - Helsinki, Finland

This paper argues that, if implemented in its current form, the new Basel Capital Accord will adversely effect developing sovereigns, corporates and banks wishing to borrow in international markets. This impact will result from the major banks’ lending patterns being altered by the adoption...

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– And Why Modern Financial Regulation in Developed Countries is making Short-Term Capital Flows to Developing Countries Even More Volatile
Avinash Persaud - UNU-WIDER, 2002 - Helsinki, Finland

Modern financial regulation has been about the spread of market-sensitive risk-management systems for banks, the spill-over of this approach to other financial institutions and the retreat of regulatory ambition. There is evidence that these trends are leading to a more fragile financial system,...

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Graciela Moguillansky - UNU-WIDER, 2002 - Helsinki, Finland

This article studies the currency risk management of multinational companies with investments in Latin American countries. The analysis is centred on episodes of currency or financial shocks, searching into the behaviour of the financial management of a firm expecting a significant devaluation....

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– Latin American Exchange Rate Policies During the Asian Crisis
Ricardo Ffrench-Davis, Guillermo Larraín - UNU-WIDER, 2002 - Helsinki, Finland

During the Asian crisis, intermediate exchange rate regimes vanished. It has been argued that those regimes were no longer useful and only the extremes remained valid. The paper analyses three foreign exchange regimes: Argentina (pegged), Chile (band) and Mexico (float). The Argentinean currency...

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John Williamson - UNU-WIDER, 2002 - Helsinki, Finland

This paper examines what might be done to limit the boom-bust cycle in the flow of capital to emerging markets. Although the paper accepts that some types of capital flow (notably foreign direct investment) are much less problematic in this respect than others (notably short-term bank loans), it...

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Helmut Reisen - UNU-WIDER, 2002 - Helsinki, Finland

The increased importance of rating agencies for emerging-market finance has brought their work to the attention of a wider group of observers - and under criticism. This paper evaluates whether the importance of ratings for developing-country finance has changed since the Asian Crisis and whether...

Displaying 15 of 15 results.