|
(from Survey:
Global Finance - Cruel sea of capital by Clive Crook Economist May 1, 2003) THOSE
who believe that globalisation throttles democracy, gouges the poor and fouls
the environment are bound to regard today's mostly open markets for international
capital as evil. However, this does not prove that unimpeded flows of capital
are a good thing. The capital market has vindicated its critics and embarrassed
its would-be defenders too often of late. It has been responsible for, or at least
deeply implicated in, some very costly economic breakdowns. Perhaps the anti-globalists
are on to something. Rapid globalisation has done nothing to undermine
the confidence liberals have always placed in trade. No serious economist questions
the case for international integration through flows of goods and services, though
there is a lively argument over how integration through trade can best be brought
about. Trade is good. But even the most enthusiastic advocate of economic integration
may be starting to wonder whether unimpeded flows of capital are quite such a
blessing. Economic principles suggest that they should be. Economics relies
heavily on the idea that wider opportunities make people better off—or at least
that they do not make them worse off. Whatever else trade does, it widens opportunities.
When trade barriers come down, people on each side have an opportunity lacking
in a closed economy. They can decide to consume goods that they have not produced,
and pay for them by producing goods they do not wish to consume. If they believe
they are better off as a result, that is what they will do. Otherwise, they will
carry on as before. |
Malaysia Ctrl Bk Eases Invest Abroad Rules For Residents Dow Jones March 23, 2005
China forex chief warns of 'excessive speculation' amid huge fund inflow AFP March 20, 2005
Malaysia's Bursa: Need To Contend With Cap Control Policy Dow Jones March 18, 2005
China warns on speculative capital FT March 11, 2005
Malaysian capital market expected to perform well Business Times March 11, 2005
India: More foreign fund inflows seen ahead Business Standard March 8, 2005
China central bank chief says 'hot money' not a major concern AFX March 7, 2005
Philippine Shares End 1.9% Higher;Foreign Funds Inflow Dow Jones March 7, 2005
Colombia to Abandon Investment Limits as Peso Gains Bloomberg March 2, 2005
Russian Economy Minister Speaks in Favor of Legal Capital Outflow MosNews Feb 28, 2005
Financial markets gather pace FT Feb 17, 2005
More money for Latin America IADB Feb 17, 2005
Heavy foreign funds inflow a threat to exchange rate, says Reddy Reuters Feb 15, 2005
Large capital inflows pose monetary policy challenges: RBI chief Hindu Business Times Feb 13, 2005
S&P: Latam, Caribbean countries to borrow big on capital markets Jamaica Observer Jan 13, 2005
Dec Foreign Flows Into Colombian Government Bonds Hit 6-Year High Dow Jones Jan 28, 2005
Schroder warns on plethora of aid plans FT Jan 28, 2005
Schroeder Backs Tax to Curb Finance Speculation, Tackle Poverty Bloomberg Jan 28, 2005
New SEC Boss to Deal With Rules' Violators Daily Champion Jan 26, 2005
Asia swirls in hot money Asia Times Jan 25, 2005
Direct investment in Turkey estimated at $3.8 billion this year Turkish Daily Jan 25, 2005
Capital flows to emerging markets up sharply, says IIF New Kerala Jan 20, 2005
Russia, China Attract Foreign Capital Flows Due to Dollar Weakness--IIF MosNews Jan 20, 2005
Global capital flow up 32% in '04 Observer Jan 20, 2005
Capital flows to emerging markets up sharply in 2004 AFP Jan 19, 2005
Hong Kong shares lower on concerns over fund outflows, interest rates AFX Jan 10, 2005
HK stocks fall 1.35 pct on worries hot money is leaving Reuters Jan 4, 2005
Citigroup move caps eventful year FT Dec 28, 2004
Asian capital flows reach post-crisis high UPI Dec 20, 2004
Canadian Stock Official Urges Capital Market Integration Dow Jones Nov 15, 2004
Brazil´s real opens weaker; mkt eyes capital flows Agencia Estado Nov 4, 2004
Peru's Ctrl Bk Raises Foreign Reserve Requirement To 30% Dow Jones Oct 30, 2004
Financial Stability Forum held its Twelfth Meeting BIS Sept 10, 2004
China Says Influx of Capital Hurts Efforts to Cool Economy NYT Sept 3, 2004
S Korea: Low Bond Yield Hastens Capital Outflow YonHap News Aug 17, 2004
Recent comments on BOJ monetary policy Reuters Aug 10, 2004
|
Liberalizing Capital IMF Aug 2004
Understanding Capital Flows to Emerging Markets Bank of England June 2004
IEO Report: The IMF's Approach to Capital Account Liberalization IMF Sept 2004
Bernanke: International Monetary Reform and Capital Freedom Fed Oct 14, 2004
Financial Globalization, Growth and Volatility in Developing Countries Eswar S. Prasad, Kenneth S. Rogoff, Shang-Jin Wei, M. Ayhan Kose NBER Dec 2004
Transcript of an Economic Forum Capital Flow Cycles: Old and New Challenges IMF Nov 7, 2004
Putting the Cart Before the Horse? Capital Account Liberalization and Exchange Rate Flexibility in China Eswar Prasad, Thomas Rumbaugh and Qing Wang IMF Jan 2005
Is Financial Globalization Harmful For Developing Countries? Transcript of an IMF Economic Forum IMF May 27, 2003
India Mustn't Treat Inflows as Bad Cholesterol: Andy Mukherjee Bloomberg Jan 18, 2005
Liberalizing
Capital Movements: Some Analytical Issues by Barry Eichengreen, Michael Mussa,
Giovanni Dell'Ariccia, Enrica Detragiache, Gian Maria Milesi-Ferretti, Andrew
Tweedie (IMF 2/99)
Long
Term Capital Movements by Lane and Milesi-Ferretti June 15, 2001
IMF:
International Capital Markets Developments, Prospects, and Key Policy Issues
by a staff team led by D. Mathieson and G. Schinasi, August 2001 Effects
of Financial Globalization on Developing Countries: Some Empirical Evidence
by Eswar Prasad, Kenneth Rogoff, Shang-Jin Wei and M. Ayhan Kose, IMF Mar 2003
Krueger: An Intolerable Surge? International Capital Flows and the Indian Policy Response IMF Jan 2004
Emerging Markets Watch: Finding the Middle Way Mohamed A. El-Erian PIMCO March 2005
Capital Account Liberalization and Economic Performance: Survey and Synthesis IMF Aug 2004
A New Set of Measures on Capital Account Restrictions IMF Aug 2004
Institutions and the External Capital Structure of Countries Andre Faria and Paolo Mauro IMF Dec 2004
Did
the Malaysian Capital Controls Work? by E. Kaplan and D. Rodrik February 2001
Country Risk and Capital
Flow Reversals by A. Razin and E. Sadka March 2001 IMF
International Capital Markets Report. September 2000.
Sudden Stop, Financial Factors and Economic Collpase in Latin America: Learning from Argentina and Chile Guillermo A. Calvo, Ernesto Talvi NBER Feb 2005
Capital Controls, Sudden Stops and Current Account Reversals Sebastian Edwards NBER March 2005
The IMF in a World of Private Capital Markets Barry Eichengreen, Kenneth Kletzer, Ashoka Mody IMF March 2005 |
|
Capital Flows and Macroeconomic Cycles Fourth Annual IMF Conference 2003
International
Capital Mobility and Financial Fragility
International Capital Flows, Pre-conference NBER July 15, 2004
IMF:
International Capital Markets Developments, Prospects, and Key Policy Issues
by a staff team led by D. Mathieson and G. Schinasi, August 2001
Joint
BIS-IMF-OECD-World Bank statistics on external debt |
Mapping the global capital markets Mckinsey Quarterly Spring 2005
Taiwan: Capital Inflow Fighting Against Slowing Momentum Denise Yam MSDW Global Economic Forum March 8, 2005
Emerging Markets Watch: Finding the Middle Way Mohamed A. El-Erian PIMCO March 2005
Mapping the global capital markets McKinsey Quarterly Feb 2005
India Mustn't Treat Inflows as Bad Cholesterol: Andy Mukherjee Bloomberg Jan 18, 2005
SA attracting the wrong type of money iAfrica Jan 6, 2005
Ending Argentina's Addiction to Debt-Based Development CATO Aug 2, 2004
Two systems, one market? China Daily July 20, 2004
Takatoshi
Kato: Financial Sector Reform and Capital Account Liberalization IMF May 19,
2004
Jack Boorman:
IMF Explains Capital Flows Proposal IMF Mar 20, 2003 A
ban on capital controls is a bad trade-off FT Mar 17, 2003 Global:
US Capital Flows Update -- Near-Term Lull MSDW Global Economic Forum Jan 10,
2003 Global:
US Capital Inflows -- Robust by Default MSDW Global Economic Forum Oct 4,
2002
Capital Control Freaks: How Malaysia got away with economic heresy Krugman Sept 9, 2004
Global:
The Resiliency of US Portfolio Inflows MSDW Global Economic Forum Sep 6, 2002
Global:
Capital Flows in a Dollar Crash Scenario MSDW Global Economic Forum Jun 3,
2002 Global:
The State of Global Capital Flows MSDW Global Economic Forum Feb 5, 2002 Tom
Vogel: Argentine Controls Destroy a Decade of Confidence Bloomberg December
7, 2001 Barry
Eichengreen: An End to Argentina's Misery December 5, 2001 Ernst
Welteke: Tobin's dangerous remedy World Bank Press Review September 27, 2001
The Irrationality of Capital Controls CATO Nov 3, 1998
Capital
Controls: Capital Idea or Capital Folly? by Barry Eichengreen Nov 1998
Gobal
Capitalism. Making it work by Jeffrey Sachs Economist Sept 1998
Curfews
on capital: what are the options? by Paul Krugman Oct 1998
The
Capital Truth by Shailendra IMF J. Anjaria Nov 1998
The
Challenge of Managing Global Capital Flows by Manuel Guitián IMF June 1998
"Flows
and Blows" by Martin Wolf FT March 2, 1998
Should
We Restrict Short-Term Capital Flows? The Economist Jan 1998 |
Emerging Market Crises: An Asset Markets Perspective R Caballero Feb 2000
The Quality Effect: Does Financial Liberalization Improve the Allocation of Capital? IMF June 2004
Does Financial Globalization Induce Better Macroeconomic Policies? IMF May 2004
Do Macroeconomic Effects of Capital Controls Vary by Their Type? Evidence from Malaysia IMF Jan 2004
Keeping Capital Flowing: The Role of the IMF Michael D. Bordo, Ashoka Mody, Nienke Oomes NBER Nov 2004
Cross-Border Listings, Capital Controls, and U.S. Equity Flows to Emerging Markets IMF Dec 2003
Liberalizing
Capital Movements: Some Analytical Issues by Barry Eichengreen, Michael Mussa,
Giovanni Dell'Ariccia, Enrica Detragiache, Gian Maria Milesi-Ferretti, Andrew
Tweedie (IMF 2/99)
Sequencing
Capital Account Liberalizations and Financial Sector Reform by Barry Johnston
(IMF 8/98)
When It Rains It Pours: Procyclical Capital Flows and Macroeconomic Policies G Kaminsky and C Reinhart and C Vegh June 2004
Working Group on Capital Flows Financial Stability Forum April 2000
Proposals
Regarding Restrictions on Capital Flows by Jeffrey Frankel June 1998
A
Review of Capital Account Restrictions in Chile in the 1990s by Francisco
Nadal-De Simone and Piritta Sorsa IMF April 1999
Capital
Controls and Trade Liberalization in a Monetary Economy by Byung Jang IMF March 1999
Developing
Countries and the Globalization of Financial Markets Malcolm Knight IMF Working
Paper July 1998
The
Benefits and Risks Associated with the Wider Integration of International Financial
Markets Shigemitsu
Sugisaki IMF Dec 5, 1998
Understanding
Financial Crises: A Developing Country Perspective Frederic S. Mishkin;
NBER Working Paper No. 5600 May 1996
The
Global Capital Market: Benefactor or Menace? Maurice Obstfeld NBER Working
Paper No. 6559, May, 1998
Temporary
Capital Controls by Carmen Reinhart and Todd Smith Aug 1997
The Elusive Gains from International Financial Integration IMF May 2004
Catalyzing Capital Flows: Do IMF-Supported Programs Work as Commitment Devices? IMF May 2003
Capital Account Liberalization and Economic Performance: Survey and Synthesis IMF July 2002
IMF-Supported Programs in Capital Account Crises: Design and Experience IMF Feb 2002
Capital Flows to Transition Economies: Master or Servant IMF Jan 2002
Exchange Rates and Capital Flows IMF Dec 2001 |