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Journal Article
Viewing the current account deficit as a capital inflow
Higgins, Matthew; Klitgaard, Thomas (1998-12)
With the 1998 current account deficit approaching $225 billion, attention is again focusing on the deficit's impact on U.S. jobs. Although a high deficit does adversely affect employment in export- and import-competing industries, it also means that considerable foreign capital is flowing into the United States, supporting domestic investment spending that stimulates growth and creates jobs.
Current Issues in Economics and Finance , Volume 4 , Issue Dec

Journal Article
International capital movements: how shocking are they?
Fieleke, Norman S. (1996-03)
International linkages of national capital markets have strengthened in recent years, as many nations have relaxed restrictions over their financial markets and as technical advances have speeded communications. While some controls over capital movements remain, the degree of integration is impressive--and has been for years, well before it became fashionable to speak of "globalization." This article examines the volatility of capital movements relative to national outputs for 11 industrial countries.> The author finds that the volatility of capital flows appears to be no greater now than ...
New England Economic Review , Issue Mar , Pages 41-60

Journal Article
International capital transactions: should they be restricted?
Fieleke, Norman S. (1994-03)
Many countries have shifted toward freer markets in recent years. This shift is far from complete or free from backsliding, however. Moreover, a number of prominent economists contend that government restrictions should be maintained, or at least kept in reserve, for certain categories of transactions, such as international capital movements. In particular, it is sometimes argued that capital controls should be used to buttress the Exchange Rate Mechanism of the European Monetary System, which has been undermined by speculative attacks. ; Following a capsule summary of the recent use of ...
New England Economic Review , Issue Mar , Pages 27-39

Report
Capital account liberalization as a signal
Drazen, Allan; Bartolini, Leonardo (1996)
This paper presents a model in which a government's current capital controls policy signals future policies. Controls on capital outflows evolve in response to news on technology, contingent on government attitudes toward taxation of capital. When there is uncertainty over government types, a policy of liberal capital outflows sends a positive signal that may trigger a capital inflow. This prediction is consistent with the experience of several countries that have recently liberalized their capital accounts.
Staff Reports , Paper 11

Report
Monetary policy under sudden stops
Curdia, Vasco (2007)
This paper proposes a model to investigate the effects of monetary policy in an emerging market economy that experiences a sudden stop of capital inflows. The model features credit frictions, debt denominated in foreign currency, imported inputs, and households that have access to the international capital market only indirectly, through their ownership of leveraged firms. The sudden stop is modeled as a change in the perceptions of foreign lenders that brings about an increase in the cost of borrowing. I show that the higher the elasticity of foreign demand, the lower the contraction in ...
Staff Reports , Paper 278

Report
Why are Switzerland's foreign assets so low? The growing financial exposure of a small open economy
Stoffels, Nicolas; Tille, Cedric (2007)
Switzerland's international investment position shows a puzzling feature since 1999: Large and persistent current account surpluses have failed to boost the value of Swiss foreign assets. In this paper, we link this pattern to the substantial increase in the leveraging of Switzerland's international assets and liabilities over the last twenty years, which we document in detail. We estimate the impact of exchange rate and asset prices movements on Swiss net foreign assets, and show that they led to substantial valuations losses since 1999, accounting for between one-quarter and one-half of the ...
Staff Reports , Paper 283

Report
International capital flows
Van Wincoop, Eric; Tille, Cedric (2007)
The sharp increase in both gross and net international capital flows over the past two decades has prompted renewed interest in their determinants. Most existing theories of international capital flows are based on one-asset models, which have implications only for net capital flows, not for gross flows. Moreover, because there is no portfolio choice, these models allow no role for capital flows as a result of assets? changing expected returns and risk characteristics. In this paper, we develop a method for solving dynamic stochastic general equilibrium open-economy models with portfolio ...
Staff Reports , Paper 280

Monograph
Research papers on international integration of financial markets and U. S. monetary policy (contains Research papers 8710-8720)
anonymous (1987)
Monograph

Journal Article
Exploring the effects of capital movements on M1 and the economy
Wenninger, John; Klitgaard, Thomas (1987-07)
Quarterly Review , Volume 12 , Issue Sum

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

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