Página 1 dos resultados de 5133 itens digitais encontrados em 0.009 segundos
- Biblioteca Digitais de Teses e Dissertações da USP
- Instituto Universitário de Lisboa
- ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração
- Banco Mundial
- World Bank, Washington, DC
- Universidade Nacional da Austrália
- Washington, DC
- World Bank, Washington DC
- Universidad de Chile. Facultad de Economía y Negocios
- Mais Publicadores...
Capital estrangeiro e energia elétrica no Brasil: estudo sobre as empresas fornecedoras de equipamentos para o setor elétrico; Foreign capital and electrical energy in Brazil: a study about suppliers companies to electrical sector
Fonte: Biblioteca Digitais de Teses e Dissertações da USP
Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado
Formato: application/pdf
Publicado em 26/03/2015
PT
Relevância na Pesquisa
66.3%
#Capital estrangeiro#Electrical sector#Equipment Industry#Foreign capital#Indústria de equipamentos#Multinacionais#Multinationals#Setor elétrico
Esta dissertação trata da indústria fornecedora de equipamentos para o setor elétrico nacional, com recorte específico para a geração de energia. A partir do contexto de formação do setor de serviços, busca-se estabelecer a trajetória da formação da estrutura de demanda para estes equipamentos. Enfatiza-se a presença do capital estrangeiro neste processo, inicialmente no setor de serviços e mais a frente atuando no setor industrial. Apresenta-se as principais características desta indústria, com destaque para a concentração existente e o favorecimento das empresas multinacionais. A análise é feita sob a perspectiva da oferta e da demanda.; This thesis is about industries which provide equipment to national electrical sector, with specific focus on energy generation. From formation context of service sector, we search to establish the formation's trajectory of demands structure for these equipments. Emphasize the presence of foreign capital in this process, at first in service sector and later at industrial sector. Presents this industry main characteristics, prominence to the existing concentration and advantages for multinational companies. The analysis is made in the supply and demand perspective.
Link permanente para citações:
A study on supervision over foreign banks in China
Fonte: Instituto Universitário de Lisboa
Publicador: Instituto Universitário de Lisboa
Tipo: Dissertação de Mestrado
Publicado em //2008
ENG
Relevância na Pesquisa
56.55%
#Supervisory legal system#Foreign-funded banks#Internal control#RMB Business Management#Supervisão de bancos#Bancos de capital estrangeiro#Market Access of Foreign-capital Banks#Acesso ao mercado de capitais#Controlo interno
Master in International Management / JEL Classification: E44 G18; The five-year transitional period after China’s entry into WTO has expired. To fulfil her promise of opening up the financial service market, China has cancelled all the restrictions on
the scope of business and regional access for foreign-funded banks. Although the State
Council has enacted the recently revised «Regulation of the People’s Republic of China on the Administration of Foreign-funded Banks» and the «Rules for Implementing the Regulations
of the People’s Republic of China on Administration of Foreign-funded Banks» as the main legal document on regulating foreign-funded banks, and, as obvious, flaw is unavoidable. And we must improve the supervisory legal system of foreign-funded banks in China to dissolve the risk arising by the entry of foreign-funded banks. This research work analyses and discuss the practical impact of the current legislation for supervision of foreign-capital banks,
supervision of market access of foreign-capital banks, the supervision on RMB business management in foreign capital banks and the legal system for internal control of foreign banks.
In the end of the dissertation, the improvement towards the perfection supervision of the foreign banks in PRC will be emphasized with respect to the new opening situation.; O período de transição concedido à República Popular da China (RPC) na sua admissão na
Organização Mundial do Comércio (OMC) já caducara. Segundo os compromissos de
admissão na OMC...
Link permanente para citações:
The foreign capital flows and the behavior of stock prices at BM&FBovespa
Fonte: ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração
Publicador: ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração
Tipo: Artigo de Revista Científica
Formato: text/html
Publicado em 01/03/2014
EN
Relevância na Pesquisa
56.29%
#foreign investment#stock price impact#econometric models#BM &#FBovespa#2008 global financial crisis
The main purpose of this article is to investigate alternative explanations for the impact of foreign capital flows on Ibovespa returns, including: trend chasing, information contribution and mutual feedback. Daily data of the period between 2005 and 2012 are analyzed using simultaneous equation models which are estimated by ordinary least squares (OLS). Several exogenous market variables are included as determinants of returns and capital flows. The research results present that only the information contribution hypothesis is supported by the analysis. Besides, it also shows that the 2008 global financial crisis had no significant effect on the interaction of market returns with foreign capital flows.
Link permanente para citações:
Gross Capital Flows : Dynamics and Crises
Fonte: Banco Mundial
Publicador: Banco Mundial
Relevância na Pesquisa
46.58%
#ACCOUNTING#ASSET PRICING#ASYMMETRIC INFORMATION#BALANCE OF PAYMENT#BALANCE OF PAYMENTS#BANK LIQUIDITY#BANK LOANS#BANKING CRISES#BOND#BUSINESS CYCLE#BUSINESS CYCLES
This paper analyzes the joint behavior
of international capital flows by foreign and domestic
agents -- gross capital flows -- over the business cycle and
during financial crises. The authors show that gross capital
flows are very large and volatile, especially relative to
net capital flows. When foreigners invest in a country,
domestic agents tend to invest abroad, and vice versa. Gross
capital flows are also pro-cyclical, with foreigners
investing more in the country and domestic agents investing
more abroad during expansions. During crises, especially
during severe ones, there is retrenchment, that is, a
reduction in both capital inflows by foreigners and capital
outflows by domestic agents. This evidence sheds light on
the nature of shocks driving capital flows and helps
discriminate among existing theories. The findings seem
consistent with shocks that affect foreign and domestic
agents asymmetrically, such as sovereign risk and asymmetric information.
Link permanente para citações:
Does Foreign Portfolio Investment Reach Small Listed Firms?
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Relevância na Pesquisa
46.58%
#ACCESS TO BANK#ACCESS TO CAPITAL#ACCESS TO FINANCE#ACCESS TO FINANCING#ACCOUNTING#AGGREGATE DEMAND#ALLOCATION OF CAPITAL#AMOUNT OF CAPITAL#AMOUNT OF CREDIT#AMOUNT OF DEBT#ASSET VALUES
Using a unique dataset, the author
examines the impact of foreign portfolio investment on the
capital issuance behavior of small listed firms. The author
finds that foreign portfolio investment is associated with
an increased probability of small firm security issuance in
all nations, regardless of property rights development.
Evidence suggests the mechanism by which this occurs is a
freeing up of capital in domestic markets when large firms
utilize the foreign investment directly. Debt levels in
nations where property rights are more developed increase,
suggesting that foreign portfolio investment may reach small
firms through the banking channel as well as capital markets
in these nations.
Link permanente para citações:
Foreign Direct Investment in Latin America during the Emergence of China and India : Stylized Facts
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Relevância na Pesquisa
56.47%
#AVERAGE EXCHANGE RATE#BOOK VALUES#CALCULATIONS#CAPITAL FORMATION#CAPITAL STOCKS#CENTRAL AMERICA#CENTRAL AMERICAN#CORPORATIONS#CURRENCY#DEVELOPING COUNTRIES#DEVELOPMENT BANK
In spite of the growing concerns about
foreign direct investment being diverted from Latin America
to China and India, the best available data show that Latin
America has performed relatively well since 1997. Foreign
capital stocks from OECD countries and the United States
in particular in China and India are still far from those
in the largest Latin American economies. The evidence shows
that foreign capital stocks in China increased more than in
Latin America during 1990-1997, but not as much since 1997.
In fact, Latin America has actually performed better than
China since 1997 given its lack of relative growth. The
growth of foreign capital stocks in India was more stable
than in China. Nonetheless, after controlling for shocks
emanating from the source countries and bilateral distance
between source and host countries, this paper finds a
significant change in foreign capital stocks relative to
China between 1990 and 1997, but no change relative to India.
Link permanente para citações:
Ride the Wild Surf : An Investigation of the Drivers of Surges in Capital Inflows
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
56.55%
#ACCOUNTING#ADVANCED COUNTRIES#ADVANCED ECONOMIES#ASSET POSITION#ASSET PRICE#ASSET PRICES#ASYMMETRIC INFORMATION#BALANCE OF PAYMENTS#BALANCE SHEETS#BANK POLICY#BANKING CRISES
Over the past 15 years, gross inflows to
industrial and developing countries have enjoyed a wild
ride. After reaching record highs in the run-up to the
global financial crisis, they collapsed dramatically in
2008-09. As signs of global recovery reappeared, capital
inflows resumed although at different speeds. The recovery
in flows was faster and sharper in developing countries.
This paper aims at understanding the (domestic and external)
drivers of these surges in gross inflows using quarterly
data for 67 countries from 1975 to 2010. It finds that
domestic and external factors have significant explanatory
power in driving surges of inflows. This finding holds for
the sample of industrial countries whereas domestic factors
play a significantly larger role in explaining surges to
developing countries. Zooming into the findings shows that:
(a) financial booms tend to attract massive capital inflows,
(b) surges to either industrial or developing countries are
driven by regional contagion, and (c) strong growth and
natural resource abundance are keys to attract inflows of
foreign capital into developing countries.
Link permanente para citações:
Unconventional Monetary Policy Normalization in High-Income Countries : Implications for Emerging Market Capital Flows and Crisis Risks
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
56.55%
#ACCOUNTING#AGRICULTURAL COMMODITY#ASSET PRICE#ASSET PRICES#BALANCE OF PAYMENT#BALANCE OF PAYMENTS#BALANCE SHEET#BANK BALANCE SHEETS#BANK LENDING#BANK LOANS#BANKING CRISES
As the recovery in high-income countries
firms amid a gradual withdrawal of extraordinary monetary
stimulus, developing countries can expect stronger demand
for their exports as global trade regains momentum, but also
rising interest rates and potentially weaker capital
inflows. This paper assesses the implications of a
normalization of policy and activity in high-income
countries for financial flows and crisis risks in developing
countries. In the most likely scenario, a relatively orderly
process of normalization would imply a slowdown in capital
inflows amounting to 0.6 percent of developing-country GDP
between 2013 and 2016, driven in particular by weaker
portfolio investments. However, the risk of more abrupt
adjustments remains significant, especially if increased
market volatility accompanies the unwinding of unprecedented
central bank interventions. According to simulations, abrupt
changes in market expectations, resulting in global bond
yields increasing by 100 to 200 basis points within a couple
of quarters...
Link permanente para citações:
The Relative Restrictiveness of Australia's Foreign Investment Environment to its Major Investors
Fonte: Universidade Nacional da Austrália
Publicador: Universidade Nacional da Austrália
Tipo: Relatório
Relevância na Pesquisa
56.4%
Any perceived or real restriction on the foreign investment environment will have a direct negative
effect on a country's ability to encourage high levels of overseas capital. While there is a concurrent need for host governments to protect their national interest, if it wishes to attract high foreign
capital and its various advantages of increased growth, specialisation and competition, it must
actively work to limit any barrier or minimise perception of restriction. Two of the most important
characteristics for an accessible and open foreign investment policy, argued by the OECD Policy
Framework for Investment, are non-discriminatory treatment and transparency which can be
infused across legislation, regulations, policy and perception of policy to signify to current and
prospective investors its attitude to foreign investment.
There have been several developments in the global economy which have affected Australia's foreign investment framework, in particular the rise of China and Sovereign Wealth Funds (SWFs) as well as the Global Financial Crisis. Australia's policy, especially towards SWFs has been negatively perceived in many cases which thus calls for a review of its restrictiveness compared to its major investors. By quantitatively and qualitatively judging Australia against to its major investors...
Link permanente para citações:
Substitution between Foreign Capital in China, India, the Rest of the World, and Latin America: Much Ado about Nothing?; Journal of Economic Integration
Fonte: Banco Mundial
Publicador: Banco Mundial
Tipo: Journal Article; Journal Article
EN
Relevância na Pesquisa
56.32%
#Multinational Firms#International Business F230#Economic Development: Financial Markets#Saving and Capital Investment#Corporate Finance and Governance O160#International Linkages to Development#Role of International Organizations O190#Socialist Systems and Transitional Economies: Factor and Product Markets#Industry Studies#Population P230#Socialist Institutions and Their Transitions: International Trade, Finance, Investment, and Aid P330
This paper explores the impact of the emergence of China and India on Foreign Capital Stocks (FCS) in other economies. Using bilateral FCS data from 1990-2003 and drawing from the Knowledge-Capital Model of multinational enterprises to control for fundamental determinants of FCS across countries, the evidence suggests that the impact of foreign capital in China and India on other countries' FCS has been positive. This finding is robust across different specifications and estimation techniques. There is surprisingly weak evidence of substitution in manufacturing FCS away from Central America/Mexico in favor of China, and from Southern Cone countries to India, but these findings are not robust to the use of alternative estimation techniques. In sum, fears of a global competition for FDI seem misplaced, and policymakers concerned about attracting foreign investors should focus their efforts on the fundamentals determinants of FDI.
Link permanente para citações:
Foreign Capital Utilization in China : Prospects and Future Strategy
Fonte: Beijing
Publicador: Beijing
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
56.5%
#ACCELERATED DEPRECIATION#AGRICULTURE#BANK LENDING#BID#BOND MARKETS#BONDS#CAPITAL INFLOWS#CAPITAL INVESTMENT#CAPITAL MARKET#CAPITAL MOVEMENTS#COMMODITIES
China has been among the world's
largest recipients of foreign direct investment (FDI).
Nonetheless, at the time China is moving into its eleventh
five-year plan period, four issues with FDI to China are
becoming increasingly recognized by policy makers:
geographic concentration, excessive reliance on investment
in export-oriented manufacturing, under-investment in
higher-technology industries, and heavy reliance on fiscal
incentives to attract FDI. This report seeks to analyze
these and provide benefit from international experience in
suggesting policies. In addition to this introduction, the
paper includes the following chapters: external environment,
FDI in China, maintaining an attractive investment climate,
leveling the playing field in taxation, improving the
composition of FDI, and non-FDI capital flows liberalization
and risk management.
Link permanente para citações:
Trends and Determinants of Foreign Direct Investment in South Asia
Fonte: Washington, DC
Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Poverty Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
46.58%
#ACCOUNTING#ADVANCED ECONOMIES#ARBITRATION#BANK LENDING#BENEFICIARY#BOND#BRANCH OFFICE#BRANCH OFFICES#BUSINESS CYCLE#CAPITAL ACCOUNT#CAPITAL ACCOUNT RESTRICTIONS
Like many other developing countries,
South Asian nations have been experiencing increased Foreign
Direct Investment (FDI) inflows over the past decade as
developing countries get a larger share of cross-border
investments once sent to developed countries. Nonetheless,
South Asia's FDI inflows remain the lowest relative to
Gross Domestic Product (GDP) among developing country
regions. Over the next 20 years, more than one million new
workers will be entering the South Asian labor market each
month as the region's youth bulge matures and seeks
employment. To absorb these workers and provide higher
living standards and reduce poverty, South Asian countries
will have to rely on more than just public investment. This
report looks into the historical patterns of FDI in South
Asia, examines its sectoral composition, and evaluates
current policies and policy options that may help create an
environment for increasing FDI flows. The launching point
for this study is the substantial empirical literature that
suggests that FDI is associated with growth...
Link permanente para citações:
Does "Good Government" Draw Foreign Capital? Explaining China's Exceptional Foreign Direct Investment Inflow
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
56.46%
#ACTIONS#AGENCY PROBLEMS#BENCHMARK#BENCHMARKS#BUREAUCRACY#CAPITAL FLOWS#CAPITAL MARKET#CAPITAL MARKETS#CODES#CONTRACTUAL ARRANGEMENTS#CORRUPTION
China is now the world's largest
destination of foreign direct investment (FDI), despite
assessments highlighting its institutional deficiencies. But
this FDI inflow corresponds closely to predicted FDI flows
into China from a model that predicts FDI inflow based on
government quality indicators and controls and is estimated
across a sample of other weak-institution countries. The
only real discrepancy is that, if government quality is
measured by constraints on executive power, China receives
somewhat more FDI than the model predicts. This might
reflect an underestimation of the strength of these
constraints in China, a unique institutional setting for FDI
operations, FDI based on expected future institutional
improvements, or a unique Chinese model of development. The
authors conclude that Ockham's razor disfavors the
last. They also note that FDI may be elevated because
Chinese institutions protect foreign firms better than
domestic ones.
Link permanente para citações:
Converting and Transferring Currency : Benchmarking Foreign Exchange Restrictions to Foreign Direct Investment Across Economies
Fonte: World Bank, Washington DC
Publicador: World Bank, Washington DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
EN_US
Relevância na Pesquisa
46.62%
#authorization requirements#balance of payments#bank account#bank accounts#barrier#capital account#capital account liberalization#capital account openness#capital account transactions#capital accounts#capital controls
The ease of converting and transferring currency is a crucial consideration for firms investing in a foreign economy. The Converting and Transferring Currency data and indicators measure foreign exchange restrictions most relevant for foreign direct investment across economies to identify common policies and benchmark the restrictiveness of economies' foreign exchange regimes. Of 98 economies included in the analysis, 53 economies maintain generally unrestricted foreign exchange regimes for foreign direct investment. But 24 economies impose moderate to heavy restrictions across most transactions covered by the Converting and Transferring Currency indicators, with another 21 economies imposing administrative or procedural requirements. All high-income economies measured by the Converting and Transferring Currency data maintain unrestricted foreign exchange regimes for foreign direct investment, and the two poorest regions of South Asia and Sub-Saharan Africa are the most restrictive regions on average. Still, there is significant variation in restrictiveness across economies at similar income levels: 38 percent of low-income and lower-middle-income economies impose moderate to heavy restrictions on transactions covered by the Converting and Transferring Currency data...
Link permanente para citações:
Substitution between Foreign Capital in China, India, the Rest of the World, and Latin America : Much Ado about Nothing?
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
66.52%
#ABSOLUTE VALUE#ACCOUNTING#AGRICULTURE#BENCHMARK#BENCHMARK SPECIFICATION#BILATERAL TRADE#BILATERAL TRADE DATA#CAPITAL STOCKS#CENTRAL AMERICA#CENTRAL AMERICAN#CONSUMER PRICE INDEX
This paper explores the impact of the
emergence of China and India on foreign capital stocks in
other economies. Using bilateral data from 1990-2003 and
drawing from the knowledge-capital model of the
multinational enterprises to control for fundamental
determinants of foreign capital stocks across countries, the
evidence suggests that the impact of foreign capital in
China and India on other countries' foreign capital
stocks has been positive. This finding is robust to the use
of ordinary least squares, Poisson, and negative binomial
estimators; to the inclusion of time and country-pair fixed
effects; to the inclusion of natural-resource endowments;
and to the use of the sum of foreign capital stocks in Hong
Kong (China) and mainland China instead of using only the
latter's foreign capital stocks. There is surprisingly
weak evidence of substitution in manufacturing foreign
capital stocks away from Central America and Mexico in favor
of China, and from the Southern Cone countries to India, but
these findings are not robust to the use of alternative
estimation techniques.
Link permanente para citações:
Portfolio Preferences of Foreign Institutional Ivestors
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
56.48%
#ACCOUNTING#ACCOUNTING POLICIES#ACCOUNTING PRACTICES#ACCOUNTING STANDARDS#ASSET TURNOVER#ASSETS#AUDITORS#BALANCE SHEET#BENCHMARK#BONDS#CAPITAL MARKETS
The authors examine the relationship
between foreign investment and the attributes of emerging
market countries and firms in which investment is made.
Their findings indicate that countries with higher levels of
economic development and floating exchange rate regimes tend
to have greater ability to obtain foreign capital. After
controlling for the country's level of economic
development, they find that firms in countries with stronger
shareholder rights and legal framework attract more foreign
capital. The authors also find that foreign institutions
allocate more of their assets to firms with better corporate
governance after controlling for other country and firm
attributes. The main firm-level measures of corporate
governance are derived from accounting quality variables.
Their results imply that steps can be taken both at the
country and the firm level to create an environment
conducive to foreign portfolio investment. The analysis is
based on a unique dataset consisting of equity positions of
U.S. mutual funds in emerging markets.
Link permanente para citações:
Attracting Foreign Direct Investment : What Can South Asia's Lack of Success Teach Other Developing Countries?
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.59%
#ACCOUNTING#ADVANCED ECONOMIES#AVERAGING#BALANCE OF PAYMENTS#BANK LENDING#BARRIERS#BOND#BUDGETS#BUSINESS CYCLE#BUSINESS ENVIRONMENTS#CAPITAL ACCOUNT
Like many other developing countries,
South Asian nations have been experiencing increased foreign
direct investment inflows over the past decade as developing
countries get a larger share of cross-border investments
that were once sent to developed countries. Nonetheless,
South Asia's inflows of foreign direct investment
remain the lowest relative to gross domestic product among
developing country regions. Why are South Asia's
foreign direct investment inflows so low and what lessons
can be drawn for developing countries as a whole? The
analysis in this paper uses a novel empirical model that
accounts for possible trends in convergence in the ratio of
foreign direct investment to gross domestic product between
countries and cross-sectional data for 78 countries from
2000 to 2011. The sample contains 52 developing countries.
The analysis finds that two key factors are at work -- high
overall regulatory restrictions on foreign direct investment
and specific restrictions placed on doing business with
other countries. These factors include overall trade
restrictiveness...
Link permanente para citações:
Enticing Investors : To Make a Serious Dent in Poverty, Africa Must Attract More Foreign Capital
Fonte: Washington, DC
Publicador: Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
Relevância na Pesquisa
66.44%
#BALANCE SHEETS#BIDDERS#BONDS#BORROWING COSTS#BUSINESS COMMUNITY#BUSINESS ENVIRONMENT#CENTRAL BANK#CENTRAL BANK BILLS#COMMODITY#COMMODITY PRICE#COMMODITY PRICES
The nearly 750 million people who live
in sub-Saharan Africa (SSA) are among the world's
poorest. To foster the economic growth required to create
jobs, raise living standards, and hasten development, SSA
nations need to attract more foreign capital, which, by
enhancing imported technology and the transfer of know-how,
has proved instrumental in raising productivity in many countries.
Link permanente para citações:
Short and Long-Run Integration : Do Capital Controls Matter?
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.58%
#AMERICAN DEPOSITORY RECEIPTS#ARBITRAGE#ASSET MARKETS#ASYMMETRIC INFORMATION#AUCTIONS#AUTHORIZED BANKS#AUTONOMOUS MONETARY POLICY#AUTONOMY#BALANCE OF PAYMENTS#BANK DEPOSITS#BANKING CRISIS
The authors study whether capital
controls affect the link between domestic and foreign stock
market prices and interest rates. To examine the
characteristics of international market integration and the
effects of capital controls in the short and long run, they
apply band-pass filter techniques to data from six emerging
economics during the 1990s. They find that markets seem to
be linked more at longer horizons. Equity prices seem to be
more connected internationally than interest rates. They
also find little evidence that controls effectively segment
domestic markets from foreign markets. And when they do, the
effects seem to be short-lived. Moreover, the effects of
controls on outflows do not seem to differ from those of
controls on inflows. For example, controls on outflows in
Venezuela during the 1994 crisis, and unremunerated reserve
requirements in Chile and Colombia during a capital-inflow
episode, seem to have shielded domestic markets at the most
at very high frequencies. The degree of financial
sophistication does not seem to affect the authors'
conclusion on the insulation provided by capital controls.
True...
Link permanente para citações:
Managing capital inflows in Chile
Fonte: Universidad de Chile. Facultad de Economía y Negocios
Publicador: Universidad de Chile. Facultad de Economía y Negocios
Tipo: Artículo de revista
EN
Relevância na Pesquisa
56.38%
This paper characterizes the surge of foreign capital inflows into Chile in the 1990s, it describes the policies to deal with these inflows, and analyzes the results of the policy mix used in terms of effectiveness with which flows were managed and effects on growth and investment. About 60 per cent of the flows have been foreign direct investment (FDI), the remainder being a mix of portfolio inflows, short-term credit, and longer-term borrowing, basically by banks and large domestic firms. The policies adopted have included the imposition of an unremunerated reserve requirement on all financial inflows (excluding FDI), active sterilized intervention on foreign exchange markets to prevent undue appreciation of the peso, and the use of a sliding exchange rate band. These policies appear to have prevented an even larger surge of foreign capital, have kept real exchange rate appreciation within bounds, and are partly responsible for the country’s positive growth performance. However; they have tended to lose effectiveness since late-1995, when capital inflows accelerated. The Chilean experience points to the need to face sharp temporary surges in capital inflows with a mix of policy tools rather than with a single instrument.
Link permanente para citações: