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This paper creates an index of capital controls to analyze the determinants of capital flows to Brazil, accounting for the endogeneity of capital controls by considering a government that sets controls in response to capital flows. It finds that the government reacts strongly to capital flows by increasing controls on inflows during booms and relaxing them in moments of distress. The paper estimates a vector autoregression with capital flows, controls, and interest differentials. It shows that controls have been temporarily effective in altering levels and composition of capital flows but have had no sustained effects in the long run.

Exports and Imports --- Current Account Adjustment --- Short-term Capital Movements --- Open Economy Macroeconomics --- International Investment --- Long-term Capital Movements --- International economics --- Capital flows --- Capital controls --- Capital inflows --- Capital outflows --- Private capital flows --- Balance of payments --- Capital movements --- Brazil

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This paper studies the determinants of private capital flows to developing countries during the last two episodes of large inflows, the late 1970s-early 1980s and the 1990s. The paper also tests for contagion effects in capital flows among recipient countries, and tries to identify specific channels through which such effects can occur. It tests for neighborhood effects, trade-related effects, and for contagion based on the countries having similar macroeconomic indicators. The results show strong evidence for the first two effects during the 1990s, and indicate that the third effect varies depending on the type of capital flow.

Exports and Imports --- International Finance: General --- Macroeconomic Aspects of International Trade and Finance: General --- International Financial Markets --- International Investment --- Long-term Capital Movements --- Trade: General --- International economics --- Finance --- Private capital flows --- Capital flows --- Capital inflows --- Foreign direct investment --- Exports --- Balance of payments --- International trade --- Capital movements --- Investments, Foreign --- Brazil

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This paper reviews the causes, consequences, and policy responses to large capital flows in several emerging markets. It opens by studying recent patterns of capital flows, and then discusses the causes of capital flows. Emphasis is given to the reasons behind the capital inflow episode in the 1990s, the major reversals, and the volatility observed in these flows. The paper goes on to examine the consequences of capital inflows and the pros and cons of alternative policy responses. It concludes with policy lessons derived from country experiences.

Exports and Imports --- Foreign Exchange --- Current Account Adjustment --- Short-term Capital Movements --- Open Economy Macroeconomics --- International Investment --- Long-term Capital Movements --- International economics --- Currency --- Foreign exchange --- Capital inflows --- Capital flows --- Real exchange rates --- Capital controls --- Private capital flows --- Balance of payments --- Capital movements --- Chile

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Dans un contexte marqué par des mutations de l'environnement économique international, cet ouvrage traite des raisons d'être des financements du FMI et des relations existantes entre ces concours et la fonction de surveillance qu'exerce l'institution lorsqu'elle s'applique à éviter et corriger les déséquilibres de balance des paiements des pays membres. Il analyse les circonstances dans lesquelles le financement du FMI continue de jouer un rôle important, présente les enseignements que l'on peut tirer du rôle du FMI dans la crise financière mexicaine, et à aborde la nécessité future des ressources du FMI.

Balance of payments assistance --- Balance of payments need --- Balance of payments --- Capital movements --- Currency --- Current Account Adjustment --- Exchange rates --- Exports and Imports --- Foreign Exchange --- Foreign exchange --- Government and the Monetary System --- International economics --- International finance --- International Investment --- International monetary system --- Long-term Capital Movements --- Monetary economics --- Monetary Systems --- Money and Monetary Policy --- Payment Systems --- Private capital flows --- Regimes --- Short-term Capital Movements --- Standards --- Mexico

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This chapter discusses various aspects of financial crises and emerging market trade. The current global financial crisis and the sharp reduction in trade flows have raised questions about the extent to which access to capital affects the ability of companies to produce and sell exports and to buy imports. The results presented in this chapter imply that financial conditions play a significant, however, not dominant role in stimulating trade volumes among emerging market countries. Estimates presented in this paper suggest that the combination of zero net private capital flows to emerging markets and a domestic banking crisis could lower import volume growth by between 5 and 6 percent on impact, with a slightly lower effect on export volumes. It is also important to recognize that trade finance is not the only form of credit with implications for trade volumes. Conditions in credit markets more generally, including for working capital and long-term investment financing also have an impact on international trade, including through their impact on industrial production more generally. As such, it is probably sensible for policymakers to support credit flows in general rather than to focus specifically on increasing trade finance.

Banks and Banking --- Exports and Imports --- International Investment --- Long-term Capital Movements --- Trade: General --- Financial Crises --- Macroeconomic Aspects of International Trade and Finance: General --- International economics --- Economic & financial crises & disasters --- Private capital flows --- Banking crises --- Imports --- Exports --- Trade finance --- Balance of payments --- Financial crises --- International trade --- Capital movements --- International finance --- Argentina