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3 edition of International borrowing, capital controls and the exchange rate found in the catalog.

International borrowing, capital controls and the exchange rate

Kevin Cowan

International borrowing, capital controls and the exchange rate

lessons from Chile

by Kevin Cowan

  • 395 Want to read
  • 30 Currently reading

Published by National Bureau of Economic Research in Cambridge, Mass .
Written in English

    Subjects:
  • Fiscal policy -- Chile,
  • Chile -- Economic conditions -- 1988-

  • Edition Notes

    StatementKevin Cowan, José De Gregorio.
    SeriesNBER working paper series -- working paper 11382., Working paper series (National Bureau of Economic Research) -- working paper no. 11382.
    ContributionsDe Gregorio, Jose., National Bureau of Economic Research.
    The Physical Object
    Pagination47, [18] p. :
    Number of Pages47
    ID Numbers
    Open LibraryOL17626950M
    OCLC/WorldCa60705855

    Additionally, issues related to the measurement of openness, monetary control, optimal exchange rates regimes, sequencing of reforms, and real exchange rate dynamics under different degrees of capital mobility are carefully analyzed; areas covered include Europe, the Cited by: Get this from a library! International Borrowing, Capital Controls and the Exchange Rate: Lessons from Chile. [Kevin Cowan; Jose De Gregorio] -- This paper analyzes the Chilean experience with capital flows. We discuss the role played by capital controls, financial regulations and the exchange rate regime. The focus is on the period after.

    buying assets (lending) denominated in the high-interest rate currency, and selling assets (borrowing) in the low-interest rate currency Why may a "black market" develop in nations in which government has imposed capital controls. Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences: International Borrowing, Capital Controls, and the Exchange Rate: Lessons from Chile.

    Capital Controls in Greece. The possibility that Greece might need capital controls was widely discussed from the time of its first bailout, in 16 But Greece managed to avoid capital controls – until the renewed crisis in Like Cyprus, Greece is a member of the euro, and therefore cannot produce its own currency. A large country imposes capital controls that prohibit foreign borrowing and lending by domestic residents. The country is currently running a capital and financial account surplus. The imposition of the capital controls will cause A) net exports to decrease. B) real domestic interest rates to rise. C) real world interest rates to rise.


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International borrowing, capital controls and the exchange rate by Kevin Cowan Download PDF EPUB FB2

International Borrowing, Capital Controls, and the Exchange Rate: Lessons from Chile Kevin Cowan, José De Gregorio. Chapter in NBER book Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences (), Sebastian Edwards, editor (p.

- ) Conference held December Published: International Borrowing, Capital Controls, and the Exchange Rate: Lessons from Chile, Kevin Cowan, José De Gregorio. in Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences, Edwards.

Users who downloaded this paper also downloaded* these. and international borrowing. As we argue, the exchange rate regime is the key, and the examination of the effects of exchange rate regimes on debt inflows in the 90s are discussed in section 5, whilst section 6 focuses on currency mismatches.

Section 7 discusses the implications for Chile of the recently signed free trade agreement with the by: "International Borrowing, Capital Controls and the Exchange Rate: Lessons from Chile," NBER Working PapersNational Bureau of Economic Research, Inc.

Kevin Cowan & Jose De Gregorio, "International Borrowing, Capital Controls and the Exchange Rate: Lessons from Chile," Working Papers Central Bank of ChileCentral Bank of Chile. International Borrowing, Capital Controls and the Exchange Rate: Lessons from Chile "Money, Credit, and Banking""This book is a 'must' for anybody interested in development economies and the.

Downloadable. Author(s): Kevin Cowan & Jose De Gregorio. Abstract: This paper analyzes the Chilean experience with capital flows. We discuss the role played by capital controls, financial regulations and the exchange rate regime.

The focus is on the period afterthe period when Chile returned to international capital markets. We also discuss the early 80s, where a currency collapse. Rigid exchange rates induce vulnerabilities, which may lead to sharp capital account reversals. We also discuss three important characteristics of the Chilean experience since the 90s.

The first is the fact that most international borrowing is done directly by corporations and it Author: Kevin Cowan and Jose De Gregorio. maintaining exchange rate stability, providing greater monetary policy autonomy, or preserving domestic macroeconomic and financial stability.

Much attention has been given in the literature to differentials between domestic and international in-terest rates, as capital controls tend to create a wedge between domestic and external financial.

Journal of International Economics 20 () North-Holland CAPITAL CONTROLS, THE DUAL EXCHANGE RATE, AND DEVALUATION Maurice OBSTFELD* Columbia University, New York, NYUSA National Bureau of Economic Research Received Octoberrevised version received April This paper re-examines the effect of devaluation under capital-account restrictions, adding Cited by: But for Greece, although capital controls hampered international trade, they were preferable to a disorderly exit from the euro and were necessary to preserve it.

Read Article How China's Capital Controls Help Manage its Foreign Exchange Rate. China's recent controls have principally affected domestic businesses and households. International Borrowing, Capital Controls, and the Exchange Rate International Borrowing, Capital Controls, and the Exchange Rate.

Lessons from Chile. Chapter: (p) 6 International Borrowing, Capital Controls, and the Exchange Rate Source: Capital Controls and Capital Flows in Emerging Economies Author(s): Kevin Cowan José De Gregorio.

-In a fixed exchange rate regime, an expansionary fiscal policy is effective by stimulating spending, as long as the parallel expansionary monetary policy keeps exchange rates stable. In a fixed exchange rate regime, an expansionary monetary policy is effective by stimulating spending; it has no impact on the currency value or trade balance.

Capital Flows and Exchange Rates in the Pre-Controls Era Following the turmoil in global markets in mid, the peso appreciated significantly in the second half of the year.

3 The peso recovered steadily from July through December, appreciating. International Borrowing, Capital Controls, and the Exchange Rate: Lessons from Chile Kevin Cowan and José De Gregorio 7. International Borrowing and Macroeconomic Performance in Argentina Kathryn M.

Dominguez and Linda L. Tesar Comment: Nicolas Magud 8. Capital Flows and Controls in Brazil: What Have We Learned. For much of history, in fact, controlling the cross-border flow of money and the associated exchange rate has been a key element of economic management in many countries.

1 In the post-World War II Bretton Woods system, capital controls were essential to maintaining the system’s fixed exchange capital controls were progressively weakened, 2 fixed exchange rates proved hard to maintain.

targeting the real exchange rate always dominate capital controls in welfare terms. In fact, while the tax on borrowing can be used to replicate the constrained-e cient allocation, with either one of the two consumption taxes it is possible to achieve the unconstrained allocation.

Capital Controls: Gates versus Walls GDP, and exchange rates. A key distinction is made between long-standing Long-term international borrowing and lending offers several distinct. Restricting the movement of capital can affect the exchange rate of a country’s currency.

Limiting inflows puts downward pressure on the exchange rate, while limiting outflows puts upwards pressure on it. Thus, if a country’s goal is to maintain the exchange rate within a narrow range, capital controls may be effective tools.

NBER Program(s):International Trade and Investment, International Finance and Macroeconomics. The motives of a small country for borrowing to purchase capital equipment on international markets are studied.

The country produces tradable capital and a nontradable consumption good and borrows or lends capital to achieve higher levels of welfare. International borrowing, capital controls and the exchange rate.

Cambridge, Mass.: National Bureau of Economic Research, © (OCoLC) Material Type: Internet resource: Document Type: Book, Internet Resource: All Authors / Contributors: Kevin Cowan; Jose De Gregorio; National Bureau of Economic Research.

Exchange Rates with Volatile Capital Flows Emmanuel Farhi Harvard University Iván Werning MIT October We consider a standard New Keynesian model of a small open economy with nom-inal rigidities and study optimal capital controls.

Consistent with the Mundellian view, we find that the exchange rate regime is key. However, in contrast with theFile Size: KB.Get this from a library! International borrowing, capital controls and the exchange rate: lessons from Chile.

[Kevin Cowan; Jose De Gregorio; National Bureau of Economic Research.] -- "This paper analyzes the Chilean experience with capital flows. We discuss the role played by capital controls, financial regulations and the exchange rate regime.extensively in the literature. Capital controls can be—and often are—used as a tool to manage exchange rate fl uctuations.

This paper investigates whether countries can benefi t from using such a tool. We develop a welfare-based analysis of whether (or, in fact, how) countries should tax international borrowing.