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Capital Flows and Economic Fluctuations

Capital Flows and Economic Fluctuations »

Source: Capital Flows and Economic Fluctuations : The Role of Commercial Banks in Transmitting Shocks

Volume/Issue: 2008/12

Series: IMF Working Papers

Author(s): Yong Sarah Zhou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2008

ISBN: 9781451868746

Keywords: banking, capital inflows, bank lending

This paper uses a general equilibrium model to examine the central role played by commercial banks in intermediating and amplifying the capital flow shocks to the local economy in the 1997 Asia financial crisis. It...

Comments: A Mixed Record for IMF Advice

Comments: A Mixed Record for IMF Advice »

Source: Reforming the International Monetary and Financial System

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2000

ISBN: 9781557758354

Keywords: moral hazard, capital flows, capital inflows, bonds, bond

Since Takatoshi Ito has mentioned that I invented the term “Washington consensus,” let me make it clear that I did not use it in the sense that he does, as a synonym for die-hard advocacy of liberalization....

Comments: Can the Right Balance Be Achieved?

Comments: Can the Right Balance Be Achieved? »

Source: Reforming the International Monetary and Financial System

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2000

ISBN: 9781557758354

Keywords: moral hazard, capital flows, capital inflows, bonds, bond

My remarks fall into four parts: the general framework of financing versus adjustment as we have hitherto understood it; what instruments are to be employed to attain the adjustment targets; the actual patte...

Comments: Emerging Market Crises: Origins and Remedies

Comments: Emerging Market Crises: Origins and Remedies »

Source: Reforming the International Monetary and Financial System

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2000

ISBN: 9781557758354

Keywords: moral hazard, capital flows, capital inflows, bonds, bond

Much of the discussion of what happened in Mexico, Russia, Brazil, and Asia cannot accept a simple proposition: the central reasons for currency crises are severe mismanagement of national balance sheets, ex...

Comments: Evaluating IMF Programs

Comments: Evaluating IMF Programs »

Source: Reforming the International Monetary and Financial System

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2000

ISBN: 9781557758354

Keywords: moral hazard, capital flows, capital inflows, bonds, bond

This is a very interesting and somewhat provocative paper. As with all of Takatoshi Ito’s papers, this one has a message; in this case, the message is twofold. First, that IMF advice to countries engulfed in...

Comments: Foreign Exchange Origins of Japan’s Liquidity Trap

Comments: Foreign Exchange Origins of Japan’s Liquidity Trap »

Source: Reforming the International Monetary and Financial System

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2000

ISBN: 9781557758354

Keywords: moral hazard, capital flows, capital inflows, bonds, bond

Excessive exchange rate fluctuations among the major currencies is the central concern of the paper by Benoît Cœuré and Jean Pisani-Ferry. Much of the motivation for the European Monetary Union was to elimin...

Comments: Ideas on Reforming the International Financial System

Comments: Ideas on Reforming the International Financial System »

Source: Reforming the International Monetary and Financial System

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2000

ISBN: 9781557758354

Keywords: moral hazard, capital flows, capital inflows, bonds, bond

At the outset I should make it clear that I belong to the “financial panic” camp. David Lipton does not seem to include himself in the IMF camp, although he gives the IMF high marks for its contribution to s...

Comments: Lessons from the Czech Experience

Comments: Lessons from the Czech Experience »

Source: Reforming the International Monetary and Financial System

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2000

ISBN: 9781557758354

Keywords: moral hazard, capital flows, capital inflows, bonds, bond

The Czech Republic’s recent history of economic transition is sure to attract attention from any researcher interested in the topic of boom-bust patterns of capital flows. The mid-1990s was a period of massi...

Comments: Let Exchange Rates Float

Comments: Let Exchange Rates Float »

Source: Reforming the International Monetary and Financial System

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2000

ISBN: 9781557758354

Keywords: moral hazard, capital flows, capital inflows, bonds, bond

When I agreed to discuss this paper, I thought I was signing on to rebut arguments for greater fixity among major exchange rates, such as target zones. But when the draft arrived, I found instead an intellig...

Comments: Mexico as a Benchmark Case

Comments: Mexico as a Benchmark Case »

Source: Reforming the International Monetary and Financial System

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2000

ISBN: 9781557758354

Keywords: moral hazard, capital flows, capital inflows, bonds, bond

Ito’s paper starts with the premise that the IMF’s programs for Asia have been a failure, without setting a benchmark for what a successful IMF program is. I would like to propose such a benchmark, the 1995...