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Managing Capital Flows and Exchange Rates
Perspectives from the Pacific Basin

Editor: Reuven Glick, Federal Reserve Bank of San Francisco

Reuven Glick, Henning Bohn, Linda L. Tesar, Linda S. Goldberg, Michael Klein, Pierre-Richard Agénor, Alexander Hoffmaister, Theo S. Eicher, Stephen J. Turnovsky, Richard A. Meese, Andrew K. Rose, Peter Garber, Subir Lall, Jeffrey A. Frankel, Sergio L. Schmukler, Holger Wolf, Helmut Reisen, Ronald I. McKinnon, Huw Pill, Steven Kamin, Paul Wood, Kenneth Kletzer, Mark Spiegel, Carmen M. Reinhart, R. Todd Smith, Kevin Cowan, Jose De Gregorio

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Date Published: September 1998
availability: Available
format: Hardback
isbn: 9780521623230

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The essays in this volume examine the theoretical and policy issues associated with international capital flows and exchange rates for emerging markets in the Pacific Basin region. Emerging market countries in both Asia and Latin America offer a wide variety of examples for the comparative study of the implications of international capital flow surges and appropriate policy responses. The essays address four broad issues. First, they investigate the determinants of international capital flows, particularly the relative role of domestic and external factors in driving capital flows. Second, they inquire how predictable and contagious capital flow reversals and exchange rate crises are. Third, they explore what the domestic economic effects of capital inflows on emerging economies have been, and finally seek to suggest what are the appropriate responses by policymakers to capital inflow surges.
- Assessment of monetary flows and exchange rates, concentrating on Pacific Rim
- Internationally known contributors: R. Glick, P-R. Agénor, S. Turnovsky, P. Garber, J. Frankel, H. Reisen, R. McKinnon, K. Kletzer
- Coverage is both theoretical and empirical, emphasizing practical consequences for policy
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Product details
- Date Published: September 1998
- format: Hardback
- isbn: 9780521623230
- length: 526 pages
- dimensions: 237 x 162 x 35 mm
- weight: 0.8kg
- availability: Available
Table of Contents
1. Managing capital flows and exchange rates: overview Reuven Glick
Part I. Determinants of Capital Flows and Exchange Rates:
2. US portfolio investment in Asian capital markets Henning Bohn and Linda L. Tesar
3. FDI, trade, and real exchange rate linkages in developing countries Linda S. Goldberg and Michael Klein
4. Capital inflows and the real exchange rate: analytical framework and econometric evidence Pierre-Richard Agénor and Alexander Hoffmaister
5. Risk and financial development: a comparative case study of Mexico and Indonesia Theo S. Eicher and Stephen J. Turnovsky
Part II. Exchange Rate Crisis and Contagion:
6. Exchange rate instability: determinants and predictability Richard A. Meese and Andrew K. Rose
7. Derivative products in exchange rate crisis Peter Garber and Subir Lall
8. Crisis, contagion, and country funds: effects on East Asia and Latin America Jeffrey A. Frankel and Sergio L. Schmukler
9. Co-movements among emerging equity markets Holger Wolf
Part III. Effects of Capital Inflows:
10. Net capital inflows: how much to accept, how much to resist? Helmut Reisen
11. The overborrowing syndrome: are East Asian economies different? Ronald I. McKinnon and Huw Pill
12. Capital inflows, financial intermediation, and aggregate demand: empirical evidence from Mexico and other Pacific Basin countries Steven Kamin and Paul Wood
Part IV. Policy Responses to Capital Inflows:
13. Speculative capital inflows and exchange rates targeting in the Pacific Basin: theory and evidence Kenneth Kletzer and Mark Spiegel
14. Too much of a good thing: the macroeconomic effects of taxing capital inflows Carmen M. Reinhart and R. Todd Smith
15. Exchange rate policies and capital account management: Chile in the 1990s Kevin Cowen and Jose De Gregorio.
Look Inside
Editor
Reuven Glick, Federal Reserve Bank of San Francisco
Contributors
Reuven Glick, Henning Bohn, Linda L. Tesar, Linda S. Goldberg, Michael Klein, Pierre-Richard Agénor, Alexander Hoffmaister, Theo S. Eicher, Stephen J. Turnovsky, Richard A. Meese, Andrew K. Rose, Peter Garber, Subir Lall, Jeffrey A. Frankel, Sergio L. Schmukler, Holger Wolf, Helmut Reisen, Ronald I. McKinnon, Huw Pill, Steven Kamin, Paul Wood, Kenneth Kletzer, Mark Spiegel, Carmen M. Reinhart, R. Todd Smith, Kevin Cowan, Jose De Gregorio