Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

As the globalization of financial markets continues, we urgently need to understand the crises that have plagued these markets and the policies best suited to preventing such crises in the future. In this book, a prominent group of economists and policymakers blend conceptual analysis and policy discussion in seven well-integrated papers, analyzing the nature of capital flows, alternative exchange-rate regimes, and the roles of international financial institutions. After a guided tour by the editor and a historical exploration, some of the world's leading theorists and policy analysts examine the benefits and pitfalls of capital movements and controls. In the second portion, papers examine the recent experiences of Argentina and Mexico, with Charles Calomiris-whose proposals for a new world financial architecture have elicited wide attention-contributing a response. The volume concludes with a roundtable discussion of the report of the International Financial Institutions Advisory Commission, in which the chair of the commission, Allan H. Meltzer, both comments on the report and responds to questions about it. The material presented here will become a standard reference for analysts, policymakers, and the interested general public. Contributors: Leonardo Auernheimer, Matthew Bishop, Michael D. Bordo, Charles Calomiris, Guillermo A. Calvo, Augustin Carstens, Michael P. Dooley, Pablo E. Guidotti, T. Britton Harris, John P. Lipsky, Guillermo Ortiz Martinez, Allan H. Meltzer, Andrew Powell, Rene Stulz, Carl E. Walsh

Capital movements. --- Foreign exchange. --- Globalization --- International finance. --- Economic aspects. --- Globalization -- Economic aspects. --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- International monetary system --- International money --- Finance --- International economic relations --- Capital movements --- Economic aspects --- E-books --- global, finance, economy, economics, marketplace, globalization, crisis, crises, policies, policymakers, capital, academic, scholarly, research, exchange, rates, institutional, institutions, history, historical, theorist, theoretical, policy, analysis, analyst, argentina, mexico, advisory, foreign, debate, controversial, reference.

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Zonder onderwerpscode: wereldeconomie, ontwikkelingsproblematiek

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper provides a new argument for “shock” versus “gradualism” in the implementation of trade policies. In the simple context of a small open economy with rational expectations, we consider the comparative welfare effects of eliminating an import tariff either immediately as an unanticipated shock, or gradually over a preannounced length of time. The gradualist policy introduces a distortion in consumption-accumulation decisions and generates welfare costs. And if the gradual change is extended over “too long” a period, these costs may exceed the long-run benefits of liberalization.

Investments: Commodities --- Exports and Imports --- Macroeconomics --- Taxation --- Open Economy Macroeconomics --- Trade Policy --- International Trade Organizations --- Macroeconomics: Consumption --- Saving --- Wealth --- International Investment --- Long-term Capital Movements --- Commodity Markets --- Public finance & taxation --- International economics --- Investment & securities --- Consumption --- Tariffs --- Trade liberalization --- Foreign assets --- Commodities --- Economics --- Tariff --- Commercial policy --- Investments, Foreign --- Commercial products

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper examines the behavior of indebtedness, consumption, and asset prices in a small open economy in which the foreign real interest rate depends not only on an exogenous world interest rate and on indebtedness, but also on the value of the capital stock, viewed as an implicit “collateral,” and hence on the price of capital. The paper finds that the collateral effect magnifies the intensity of shocks to the economy and the duration of their impact. The collateral effect also generates additional distortions that could lead to overborrowing. The paper discusses the policy responses to these distortions.

Exports and Imports --- Macroeconomics --- Taxation --- Industries: Financial Services --- Business Fluctuations --- Cycles --- International Lending and Debt Problems --- International Financial Markets --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Macroeconomics: Consumption --- Saving --- Wealth --- Tax Evasion and Avoidance --- Price Level --- Inflation --- Deflation --- Finance --- International economics --- Public finance & taxation --- Collateral --- Debt burden --- Consumption --- Tax arrears management --- Asset prices --- Financial institutions --- External debt --- National accounts --- Revenue administration --- Prices --- Loans --- Debts, External --- Economics --- Tax administration and procedure --- United States