Capital Controls and Capital Flows in Emerging Economies

by Edwards, Sebastian

• ISBN13: 9780226184975
• ISBN10: 0226184978
• Format: Hardcover
• Copyright: 2007-05-01
• Publisher: Univ of Chicago Pr

Summary

Some scholars argue that the free movement of capital across borders enhances welfare; others claim it represents a clear peril, especially for emerging nations. InCapital Controls and Capital Flows in Emerging Economies, an esteemed group of contributors examines both the advantages and the pitfalls of restricting capital mobility in these emerging nations. In the aftermath of the East Asian currency crises of 1997, the authors consider mechanisms that eight countries have used to control capital inflows and evaluate their effectiveness in altering the maturity of the resulting external debt and reducing macroeconomic vulnerability. This volume is essential reading for all those interested in emerging nations and the costs and benefits of restricting international capital flows.

Author Biography

Sebastian Edwards is the Henry Ford II Professor of International Business Economics at the Anderson Graduate School of Management at UCLA. He is the author and editor of several books, including Preventing Currency Crises and Capital Flows and the Emerging Economies, both published by the University of Chicago Press.
 
 
 

Table of Contents

Acknowledgments	p. ix
Introduction	p. 1
Capital Controls in the Emerging Countries: Analytical Issues and Cross-Country Evidence
Capital Flows in a Globalized World: The Role of Policies and Institutions	p. 19
Capital Controls, Sudden Stops, and Current Account Reversals	p. 73
Currency Mismatches, Debt Intolerance, and Original Sin: Why They Are Not the Same and Why It Matters	p. 121
The Microeconomic Evidence on Capital Controls: No Free Lunch	p. 171
The International Exposure of U.S. Banks: Europe and Latin America Compared	p. 203
Country Studies
International Borrowing, Capital Controls, and the Exchange Rate: Lessons from Chile	p. 241
International Borrowing and Macroeconomic Performance in Argentina	p. 297
Capital Flows and Controls in Brazil: What Have We Learned?	p. 349
The Chinese Approach to Capital Inflows: Patterns and Possible Explanations	p. 421
South Korea's Experience with International Capital Flows	p. 481
Malaysian Capital Controls: Macroeconomics and Institutions	p. 529
Capital Flows and Exchange Rate Volatility: Singapore's Experience	p. 575
India's Experience with Capital Flows: The Elusive Quest for a Sustainable Current Account Deficit	p. 609
Capital Controls: An Evaluation	p. 645
Contributors	p. 675
Author Index	p. 679
Subject Index	p. 685
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