4 edition of Currency crises, capital account liberalization, and selection bias found in the catalog.
Currency crises, capital account liberalization, and selection bias
|Statement||Reuven Glick, Xueyan Guo, and Michael Hutchison.|
|Series||FRBSF working paper ;, 2004-15, FRBSF working paper (Online) ;, #2004-15.|
|Contributions||Guo, Xueyan., Hutchison, Michael M., Federal Reserve Bank of San Francisco.|
|The Physical Object|
|LC Control Number||2005617131|
The essays here speak to this controversy. They provide historical,theoretical, empirical, and policy perspectives on capital flows. Theemphasis is on the connections between capital flows and crises, becausethis is where much of the controversy resides. the exchange rate regime must be taken into account in the assessing opportunities of capital account liberalization (Mongrué and Robert, , p). A series of papers treated, since the late, in the contextes of the southern Mediterranean and MENA countries, the links between capital account liberalization and exchange rate regime.
1 1. Introduction Recent years have witnessed a resurgence of intere st in financial development as a key driver of economic growth.1 At the same time, the effects of capital controls have taken center stage in a number of policy debates, especially in th e wake of the East Asian currency crises. 2 Hence, it appears appropriate to now direct analytical attention to the question of whether. crises.3 Given the potential importance of countries’ policies on capital account lib- eralization and the different lessons one might draw based on which articles one reads in this expanding literature, it seems an opportune time to review the evidence.
Capital Account Liberalization Share Quinn Code of Liberalization of Capital Movements Intensity of Capital Controls Correlation between Indicators Effectiveness of Capital Controls Timing Composition of Inward Capital Flows. 4. Theory & Evidence: Capital Account Liberalization and. Anatomy of a Currency Crisis Investors often attempt to withdraw their money en masse if there is an overall erosion in confidence of an economy's stability. This is referred to as capital : Brent Radcliffe.
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The paper measuring the effect and selection bias book capital account liberalization on currency crises while controlling for selection bias.
We also consider various robustness exercises. Section 6 discusses explanations for our findings and concludes the paper.
Matching Methodology The advantage of matching methods is that they address the problem of non-random. main results of the paper measuring the effect of capital account liberalization on currency crises while controlling for selection bias.
Section 6 concludes the paper and draws policy implications. Matching Methodology The advantage of matching methods is that they address the problem of non-randomCited by: Xueyan Guo & Reuven Glick & Michael M.
Hutchison, "Currency crises, capital account liberalization, and selection bias," Working Paper SeriesFederal Reserve Bank of San Francisco, revised Reuven Glick & Xueyan Guo & Michael Hutchison, "Currency Crises, Capital Account Liberalization, and Selection Bias," EPRU Working Paper SeriesEconomic.
Reuven Glick & Xueyan Guo & Michael M. Hutchison, "Currency crises, capital account liberalization, and selection bias," Working Paper SeriesFederal Reserve Bank of San Francisco, revised Handle: RePEc:fip:fedfwp Currency Crises, Capital Account Liberalization, and Selection Bias Article in SSRN Electronic Journal January with 67 Reads How we measure 'reads'.
This paper empirically analyzes the effects of exchange rate regimes and capital account liberalization policies on the occurrence of currency crises in 21 countries over the period of – We examine the changes of the likelihood of currency crises under the Cited by: 6.
A capital account liberalization is a decision by a country’s government to move from a closed capital account regime, where capital may not move freely in and out of the country, to an open capital account system in which capital can enter and leave at will. Our results suggest that, after controlling for sample selection bias, countries with liberalized capital accounts experience a lower likelihood of currency crises.
Capital Account Liberalization, Selection Bias, and Growth by Katy Bergstrom June control for sample selection bias, as the countries that choose to liberalize may not be random. increase a countrys vulnerability to adverse external shocks and currency crises.
Glick and Hutchison () and Glick, Guo and Hutchison ( This paper empirically examines whether de facto exchange rate regimes affect the occurrence of currency crises in 84 countries over the – period by using the probit model. We employ the de facto classification of Reinhart and Rogoff () that allows us to estimate the impact of relatively long-lived exchange rate regimes on currency crises with much greater by: capital account liberalization remains fundamentally unresolved.
Since Rodrik (), who found no correlation between capital account liberalization and growth, large amounts of computer time have been spent on efforts to identify or discredit 1 The locus classicus of Bretton Woods II is Dooley, Folkerts-Landau and Garber ().File Size: KB.
Current Account Reversals and Currency Crises The latest waves of currency crises referred to above have brought ex- planations of crises based on multiple equilibria or on contagion effects to the forefront (on the former see, e.g., Eichengreen, Rose, and Wyplosz ; Jeanne and Masson ; among others; on the latter, Eichengreen.
currency. Starting in and by the end ofthe process of capital account liberalization was completed; capital flows were fully liberalized in the external accounts. This reversed the major exchange rate trends that prevailed till then, the cumulative appreciation of the real exchange rate amounted to no less than 20% during of a banking crisis and a currency crisis, so called the twin crises (Section 4); (b) herd behavior and its relationship to capital flight and speculative attacks (Section 5).
Capital account liberalization - orderly, properly sequence, and befitting the individual circumstances of countries- is an inevitable step for all countries wishing to realize the benefits of the globalized economy. This paper reviews the theories behind capital account liberalization and examines the dangers associated with free capital flows.
Currency Crises, Capital Account Liberalization, and Selection Bias UC Santa Cruz International Economics Working Paper No. Number of pages: 31 Posted: 02 Jul Search tips.
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countries that pursued liberalization have faced huge currency crises due to premature liberalization. Some economists expect that imposing capital restrictions could create bad economic fundamentals: i.e., misallocating financial resources, which would eventually lead an economy to crisis.
Some recent empirical analyses, however, have found that. Financial Crises: Revisiting Capital Account Liberalization.
Anis Chowdhury and Iyanatul Islam It is now well recognized that financial liberalization – domestic financial sector deregulation and opening of capital account of the balance of payments – played a.
alization, including capital account liber-alization, has played a significant role in crises to raise serious questions about whether and under what conditions such liberalization— particularly capital account liberalization—will be beneficial rather than harmful.
At the theoretical level. capital account liberalization is a deci-sion by a country’s government to move from a closed capital account regime, where capital may not move freely in and out of the country, to an open capital account system in which capital can enter and leave at will.
Broadly speaking, there are two starkly dif-ferent views about the wisdom of capitalCited by: Econ International Finance, University of Oklahoma Fall 2 5.
Major References Dornbusch, R. () Open Economy Macroeconomics, Basic Books, Inc. Publishers, New York. Agénor, Pierre and Montiel, Peter (/) Development Macroeconomics, Princeton University Press (2nd / 3rd Ed.). Obstfeld, M. and Rogoff, K. () Foundations of International Macroeconomics, MIT Size: KB.capital account liberalization is a deci-sion by a country’s government to move from a closed capital account regime, where capital may not move freely in and out of the country, to an open capital account system in which capital can enter and leave at will.
Broadly speaking, there are two starkly dif-ferent views about the wisdom of capital.