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Capital Flight and Capital Controls in Developing Countries

Author: Gerald A. Epstein

Publisher: Edward Elgar Publishing

Published: 2005-01-01

Total Pages: 368

ISBN-13: 9781781008058

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Capital flight - the unrecorded export of capital from developing countries - often represents a significant cost for developing countries. It also poses a puzzle for standard economic theory, which would predict that poorer countries be importers of capital due to its scarcity. This situation is often reversed, however, with capital fleeing poorer countries for wealthier, capital-abundant locales. Using a common methodology for a set of case studies on the size, causes and consequences of capital flight in developing countries, the contributors address the extent of capital flight, its effects, and what can be done to reverse it. Case studies of Brazil, China, Chile, South Africa, Thailand, Turkey and the Middle East provide rich descriptions of the capital flight phenomena in a variety of contexts. The volume includes a detailed description of capital flight estimation methods, a chapter surveying the impact of financial liberalization, and several chapters on controls designed to solve the capital flight problem. The first book devoted to the careful calculation of capital flight and its historical and policy context, this volume will be of great interest to students and scholars in the areas of international finance and economic development.

Book Synopsis Capital Flight and Capital Controls in Developing Countries by : Gerald A. Epstein

Download or read book Capital Flight and Capital Controls in Developing Countries written by Gerald A. Epstein and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital flight - the unrecorded export of capital from developing countries - often represents a significant cost for developing countries. It also poses a puzzle for standard economic theory, which would predict that poorer countries be importers of capital due to its scarcity. This situation is often reversed, however, with capital fleeing poorer countries for wealthier, capital-abundant locales. Using a common methodology for a set of case studies on the size, causes and consequences of capital flight in developing countries, the contributors address the extent of capital flight, its effects, and what can be done to reverse it. Case studies of Brazil, China, Chile, South Africa, Thailand, Turkey and the Middle East provide rich descriptions of the capital flight phenomena in a variety of contexts. The volume includes a detailed description of capital flight estimation methods, a chapter surveying the impact of financial liberalization, and several chapters on controls designed to solve the capital flight problem. The first book devoted to the careful calculation of capital flight and its historical and policy context, this volume will be of great interest to students and scholars in the areas of international finance and economic development.

Capital Controls

Author: Ms.Inci Ötker

Publisher: International Monetary Fund

Published: 2000-05-17

Total Pages: 135

ISBN-13: 1557758743

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This paper examines country experiences with the use and liberalization of capital controls to develop a deeper understanding of the role of capital controls in coping with volatile capital flows, as well as the issues surrounding their liberalization. Detailed analyses of country cases aim to shed light on the motivations to limit capital flows; the role the controls may have played in coping with particular situations, including in financial crises and in limiting short-term inflows; the nature and design of the controls; and their effectivenes and potential costs. The paper also examines the link between prudential policies and capital controls and illstrates the ways in which better prudential practices and accelerated financial reforms could address the risks in cross-border capital transactions.

Book Synopsis Capital Controls by : Ms.Inci Ötker

Download or read book Capital Controls written by Ms.Inci Ötker and published by International Monetary Fund. This book was released on 2000-05-17 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines country experiences with the use and liberalization of capital controls to develop a deeper understanding of the role of capital controls in coping with volatile capital flows, as well as the issues surrounding their liberalization. Detailed analyses of country cases aim to shed light on the motivations to limit capital flows; the role the controls may have played in coping with particular situations, including in financial crises and in limiting short-term inflows; the nature and design of the controls; and their effectivenes and potential costs. The paper also examines the link between prudential policies and capital controls and illstrates the ways in which better prudential practices and accelerated financial reforms could address the risks in cross-border capital transactions.

Capital Account Regimes and the Developing Countries

Author: Gerald K. Helleiner

Publisher: Springer

Published: 2016-07-27

Total Pages: 247

ISBN-13: 1349150711

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An authoritative assessment of the debate over the role of volatile private capital flows and their impact on developing countries. The book outlines the long history of concern about these issues, going back to preparations for the Bretton Woods agreement. It assesses their acceleration with the growth of international capital and looks at key case studies from Latin America, Asia and Africa to assess the possibilities and problems for national and international policy responses.

Book Synopsis Capital Account Regimes and the Developing Countries by : Gerald K. Helleiner

Download or read book Capital Account Regimes and the Developing Countries written by Gerald K. Helleiner and published by Springer. This book was released on 2016-07-27 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative assessment of the debate over the role of volatile private capital flows and their impact on developing countries. The book outlines the long history of concern about these issues, going back to preparations for the Bretton Woods agreement. It assesses their acceleration with the growth of international capital and looks at key case studies from Latin America, Asia and Africa to assess the possibilities and problems for national and international policy responses.

Opening the Capital Account

Author: James A. Hanson

Publisher: World Bank Publications

Published: 1992

Total Pages: 48

ISBN-13:

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Book Synopsis Opening the Capital Account by : James A. Hanson

Download or read book Opening the Capital Account written by James A. Hanson and published by World Bank Publications. This book was released on 1992 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Capital Flight from Africa

Author: Simeon Ibidayo Ajayi

Publisher: Oxford University Press, USA

Published: 2015

Total Pages: 455

ISBN-13: 0198718551

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A comprehensive thematic analysis of capital flight from Africa, it covers the role of safe havens, offshore financial centres, and banking secrecy in facilitating illicit financial flows and provides rich insights to policy makers interested in designing strategies to address the problems of capital flight and illicit financial flows.

Book Synopsis Capital Flight from Africa by : Simeon Ibidayo Ajayi

Download or read book Capital Flight from Africa written by Simeon Ibidayo Ajayi and published by Oxford University Press, USA. This book was released on 2015 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive thematic analysis of capital flight from Africa, it covers the role of safe havens, offshore financial centres, and banking secrecy in facilitating illicit financial flows and provides rich insights to policy makers interested in designing strategies to address the problems of capital flight and illicit financial flows.

Economic Effects and Structural Determinants of Capital Controls

Author: Mr.Vittorio Grilli

Publisher: International Monetary Fund

Published: 1995-03

Total Pages: 54

ISBN-13:

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This paper studies determinants and effects of capital controls using a panel of 61 developed and developing countries. The results suggest that capital account restrictions are more likely to be in place in countries with low income, a large share of government, and where the central bank is not independent. Other determinants of controls include the exchange rate regime, current account imbalances and the degree of openness of the economy. We also find that capital controls and other foreign exchange restrictions are associated with higher inflation and lower real interest rates. We do not find any robust correlation between our measures of controls and the rate of growth, although there is evidence that countries with large black market premia grow more slowly.

Book Synopsis Economic Effects and Structural Determinants of Capital Controls by : Mr.Vittorio Grilli

Download or read book Economic Effects and Structural Determinants of Capital Controls written by Mr.Vittorio Grilli and published by International Monetary Fund. This book was released on 1995-03 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies determinants and effects of capital controls using a panel of 61 developed and developing countries. The results suggest that capital account restrictions are more likely to be in place in countries with low income, a large share of government, and where the central bank is not independent. Other determinants of controls include the exchange rate regime, current account imbalances and the degree of openness of the economy. We also find that capital controls and other foreign exchange restrictions are associated with higher inflation and lower real interest rates. We do not find any robust correlation between our measures of controls and the rate of growth, although there is evidence that countries with large black market premia grow more slowly.

Risk and Capital Flight in Developing Countries

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1990-07-01

Total Pages: 26

ISBN-13: 1451962894

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The risks of large capital losses on the domestic assets of developing countries resulting from expropriation, inflation, or devaluations are identified as the major causes of capital flight. The combination of large foreign loans and capital flight from developing countries during the 1970s and early 1980s reflected different perceptions of domestic residents and foreign lenders regarding the risks of holding domestic assets. However, the debt crisis reduced these differences in perceived risks, and resulted in a decline of foreign loans coupled with continuation of capital flight. If sound macroeconomic and structural policies can reduce those risks, they can also stem capital flight.

Book Synopsis Risk and Capital Flight in Developing Countries by : International Monetary Fund

Download or read book Risk and Capital Flight in Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 1990-07-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The risks of large capital losses on the domestic assets of developing countries resulting from expropriation, inflation, or devaluations are identified as the major causes of capital flight. The combination of large foreign loans and capital flight from developing countries during the 1970s and early 1980s reflected different perceptions of domestic residents and foreign lenders regarding the risks of holding domestic assets. However, the debt crisis reduced these differences in perceived risks, and resulted in a decline of foreign loans coupled with continuation of capital flight. If sound macroeconomic and structural policies can reduce those risks, they can also stem capital flight.

Capital Controls, Exchange Rates, and Monetary Policy in the World Economy

Author: Sebastian Edwards

Publisher: Cambridge University Press

Published: 1997-06-13

Total Pages: 452

ISBN-13: 9780521597111

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The essays collected in this volume discuss the impact of increased capital mobility on macroeconomic performance.

Book Synopsis Capital Controls, Exchange Rates, and Monetary Policy in the World Economy by : Sebastian Edwards

Download or read book Capital Controls, Exchange Rates, and Monetary Policy in the World Economy written by Sebastian Edwards and published by Cambridge University Press. This book was released on 1997-06-13 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays collected in this volume discuss the impact of increased capital mobility on macroeconomic performance.

The Impact of Controlson Capital Movementson the Private Capital Accounts of Countries' Balance of Payments

Author: Mr.R. B. Johnston

Publisher: International Monetary Fund

Published: 1994-07-01

Total Pages: 46

ISBN-13: 1451956207

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This paper reports research on the impact of controls on capital movements on the private capital accounts of countries’ balance of payments using data drawn from 52 countries for the period 1985-92. The results indicate that: (1) capital controls operated by developing countries have not been effective in insulating the private capital accounts of these countries’ balance of payments, and (2) capital controls operated by industrial countries significantly affected the structure of their capital flows mainly by inhibiting net foreign direct and portfolio investment outflows. The results, which are consistent with other observations, raise issues for the policy toward the maintenance and liberalization of controls on capital movements by developing countries.

Book Synopsis The Impact of Controlson Capital Movementson the Private Capital Accounts of Countries' Balance of Payments by : Mr.R. B. Johnston

Download or read book The Impact of Controlson Capital Movementson the Private Capital Accounts of Countries' Balance of Payments written by Mr.R. B. Johnston and published by International Monetary Fund. This book was released on 1994-07-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reports research on the impact of controls on capital movements on the private capital accounts of countries’ balance of payments using data drawn from 52 countries for the period 1985-92. The results indicate that: (1) capital controls operated by developing countries have not been effective in insulating the private capital accounts of these countries’ balance of payments, and (2) capital controls operated by industrial countries significantly affected the structure of their capital flows mainly by inhibiting net foreign direct and portfolio investment outflows. The results, which are consistent with other observations, raise issues for the policy toward the maintenance and liberalization of controls on capital movements by developing countries.