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Conference Paper
Managing capital flows and exchange rates, perspectives from the Pacific Basin. Essays originally prepared for a conference sponsored by the Center for Pacific Basin Monetary and Economic Studies at the Federal Reserve Bank of San Francisco, held Sept. 26-27, 1996
Glick, Reuven (1996)
Proceedings

Report
A theoretical analysis of capital flight from debtor nations
Charrette, Susan M. (1991)
Research Paper , Paper 9113

Working Paper
Capital inflows, financial intermediation, and aggregate demand.
Kamin, Steven B.; Wood, Paul R. (1997)
In trying to explain the balance-of-payments and banking crises of 1994-95 that erupted in Mexico, observers have pointed to various effects of the substantial capital inflows that took place in the preceding half decade. It has been argued that these inflows contributed to rapid monetary growth, real appreciation of the peso, and the widening of Mexico's current account deficit. In addition, by making available credit for consumption loans at a time when investment spending in Mexico was not yet ready to grow rapidly, these inflows may have contributed to the fall in Mexico's savings rate. ; ...
International Finance Discussion Papers , Paper 583

Working Paper
Speculative capital inflows and exchange rate targeting in the Pacific Basin
Kletzer, Kenneth M.; Spiegel, Mark M. (1996)
This paper studies the process of capital inflow management and speculative inflows for countries pursuing the joint goals of monetary and exchange rate management. We introduce a sticky-price model with imperfect asset substitutability in which a central bank engages in costly sterilization to mitigate the influence of capital inflows on its policy targets. The costs of sterilization, often referred to as "quasi-fiscal costs" in the literature, reflect the loss experienced by the central bank by holding foreign securities whose nominal yields are inferior to those paid on domestic bonds. ...
Pacific Basin Working Paper Series , Paper 96-05

Working Paper
Explaining the global pattern of current account imbalances
Kamin, Steven B.; Gruber, Joseph W. (2005)
This paper assesses some of the explanations that have been put forward for the global pattern of current account imbalances that has emerged in recent years: in particular, the large U.S. current account deficit and the large surpluses of the Asian developing economies. Based on the approach developed by Chinn and Prasad (2003), we use data for 61 countries during 1982-2003 to estimate panel regression models for the ratio of the current account balance to GDP. We find that a model that includes as its explanatory variables the standard determinants of current accounts proposed in the ...
International Finance Discussion Papers , Paper 846

Journal Article
Capital in and out of China
Fu, Dong (2000-03)
Southwest Economy , Issue Mar , Pages 10, 12

Working Paper
The cyclical properties of disaggregated capital flows
Francis, Johanna L.; DePace, Pierangelo; Contessi, Silvio (2008)
We describe the second-moment properties of the components of international capital flows and their relationship (covariance and correlation) to business cycle variables of 22 emerging and OECD countries. Disaggregated flows have different volatility properties, with debt being the most volatile and FDI the least volatile. We show that (a) inward flows are procyclical, outward and net outward flows are countercyclical for most industrial and emerging countries while, for the G-7, both inward and outward flows are procyclical and net outflows are countercyclical; (b) inward FDI flows are ...
Working Papers , Paper 2008-041

Working Paper
The (non-)resiliency of foreign direct investment in the United States during the 2007-2009 financial crisis
De Pace, Pierangelo; Contessi, Silvio (2011)
We study the contraction of Foreign Direct Investment (FDI) flows in the United States during the recent financial crisis and show their unusual non-resiliency, which depends in part on the global nature of the economic recession, but also on the increases in the cost of financing FDI in the economies in which the flows originate. To formally study the effects of external financial conditions on FDI in the United States, we exploit the three dimensions of a panel of U.S. inward FDI flows organized by recipient U.S. industries, source countries, and years for the recorded flows. Changes in the ...
Working Papers , Paper 2011-037

Report
Capital flows & current account deficits in the 1990s: why did Latin America & East Asian countries respond differently?
Antzoulatos, Angelos A. (1996)
The return of private capital to highly indebted less-developed countries (LDCs) in the late 1980s was accompanied by widening current account deficits in the recipient countries, which were primarily attributed to a consumption boom in Latin America and an investment surge in East Asia. Interpreting the return as an increase in the external debt ceiling, the maximum amount that can be borrowed, this paper analyzes and compares the different response of the two regions using the conceptual framework of a borrowing-constrained agent. According to it, an increase in the debt ceiling can reduce ...
Research Paper , Paper 9610

Conference Paper
Capital inflows and the real exchange rate: analytical framework and econometric evidence
Agenor, Pierre-Richard; Hoffmaister, Alexander W. (1996)
Proceedings

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