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Attracting capital and foreign exchange flows is crucial for developing countries. Yet, these flows could lead to real exchange rate appreciation and may thus have detrimental effects on competitiveness, jeopardizing exports and growth. This paper investigates this dilemma by comparing the impact of six types of capital and foreign exchange flows on real exchange rate behavior in a sample of 57 developing countries covering Africa, Europe, Asia, Latin America, and the Middle East. The results reveal that portfolio investments, foreign borrowing, aid, and income lead to real exchange rate appreciation, while remittances have disparate effects across regions. Foreign direct investments have no effect on the real exchange rate, contributing to resolve the above dilemma.

Foreign exchange --- Capital movements --- Exports and Imports --- Foreign Exchange --- 'Panel Data Models --- Spatio-temporal Models' --- Open Economy Macroeconomics --- International Investment --- Long-term Capital Movements --- Current Account Adjustment --- Short-term Capital Movements --- Currency --- International economics --- Finance --- Real effective exchange rates --- Capital flows --- Foreign direct investment --- Portfolio investment --- Balance of payments --- Investments, Foreign --- Portfolio management --- Cabo Verde --- Panel Data Models --- Spatio-temporal Models

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As part of the Regional Harmonization Project on External Sector Statistics (RHPESS) developed by the Central America, Panama, Dominican Republic Regional Technical Assistance Center (CAPTAC-DR), a technical assistance (TA) mission on Balance of Payments (BP) and International Investment Position (IIP) visited Santo Domingo, Dominican Republic, during April 27–May 1, 2015. The purpose of the TA mission was to advise the Central Bank of the Dominican Republic (BCRD), the institution responsible for compiling BP, IIP, and external debt statistics (EDS), on further improving the collection, compilation, and dissemination of the external sector statistics (ESS). The BCRD disseminates quarterly BP and IIP, following the guidelines of the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6). Quarterly IIP is disseminated semi-annually, and BP is compiled and disseminated quarterly.

Computer Programs: Other --- Current Account Adjustment --- Data Collection and Data Estimation Methodology --- Debts, External --- Econometrics & economic statistics --- Economic statistics --- Exports and Imports --- External debt --- External sector statistics --- Finance --- Foreign direct investment --- International economics --- International investment position --- International Investment --- International Lending and Debt Problems --- Investments, Foreign --- Long-term Capital Movements --- Portfolio investment --- Portfolio management --- Short-term Capital Movements --- Statistics --- Dominican Republic

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Between 1991 and 1999, capital flows to 25 transition economies in Europe and the former Soviet Union differed widely in terms of overall levels and the share and composition of private flows. With some exceptions (notably Russia), the main form of private inflows was foreign direct investment. Portfolio investment was volatile and concentrated in a handful of countries. Regressions show that direct investment can be well explained in terms of economic fundamentals, whereas the presence of a financial market infrastructure and a property-rights indicator are the only explanatory variables that seem to have had a robust effect on portfolio investment.

Exports and Imports --- Finance: General --- International Investment --- Long-term Capital Movements --- Current Account Adjustment --- Short-term Capital Movements --- Financial Aspects of Economic Integration --- Socialist Systems and Transitional Economies: General --- Comparative Economic Systems: General --- General Financial Markets: General (includes Measurement and Data) --- Finance --- International economics --- Foreign direct investment --- Portfolio investment --- Capital flows --- Securities markets --- Capital inflows --- Balance of payments --- Financial markets --- Investments, Foreign --- Portfolio management --- Capital movements --- Capital market --- Russian Federation

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This paper reviews the progress made by the Tunisian authorities in their efforts to liberalize the capital account and highlights the potential benefits of implementing the remaining reforms in this area. It also analyzes the developments within a unified analytical framework, provides tentative insights regarding priorities for the government’s growth strategy ahead, and discusses the impact of ongoing labor market reforms and investment promotion policies.

Exports and Imports --- Finance: General --- Labor --- Macroeconomics --- Production and Operations Management --- Current Account Adjustment --- Short-term Capital Movements --- International Investment --- Long-term Capital Movements --- International Financial Markets --- Labor Economics: General --- Demand and Supply of Labor: General --- International economics --- Finance --- Labour --- income economics --- Capital account liberalization --- Foreign direct investment --- Currency markets --- Portfolio investment --- Capital account --- Balance of payments --- Financial markets --- Investments, Foreign --- Foreign exchange market --- Portfolio management --- Labor economics --- Tunisia --- Income economics

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This chapter is the collection of eight papers on different aspects of the first 10 years of economic transition. Transition issues have appeared initially quite controversial. There have been controversies on the speed of reforms, privatization methods, the role and organization of government, the kind of financial system needed, etc. Although these controversies often have been ideological, they also reflect to a large extent the initial ignorance and unpreparedness of the economics profession with respect to the large. Resident representatives in transforming economies have had a unique opportunity to witness and participate in one of the most interesting and challenging events of the economics profession in the past 50 years: the transformation of centrally planned economies into market-based systems. The job is intellectually fascinating, frequently extremely rewarding, occasionally frustrating, however, never boring. The decline in cash revenue in Russia has been the key macroeconomic policy failure of the transition. This paper argues that the fall in cash compliance emerged when money printing was replaced with a method of budget financing that did not, in the short run, compromise the government's goals of low inflation, a stable exchange rate, and low interest rates, but which ultimately has led the government into a low cash revenue trap.

Balance of payments --- Business and Economics --- Capital movements --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Contracting Out --- Currencies --- Current Account Adjustment --- Deflation --- Economic sectors --- Exports and Imports --- Finance --- Foreign direct investment --- Government and the Monetary System --- Inflation --- International economics --- International Investment --- Investments, Foreign --- Long-term Capital Movements --- Macroeconomics --- Monetary economics --- Monetary Systems --- Money and Monetary Policy --- Money --- Payment Systems --- Portfolio investment --- Portfolio management --- Price Level --- Prices --- Privatization --- Public Finance --- Regimes --- Short-term Capital Movements --- Standards --- Russian Federation