By Sebastian Edwards
This volume's essays, written by way of famous teachers and coverage analysts, speak about the influence of elevated capital mobility on macroeconomic functionality. The authors spotlight the main sufficient how one can deal with the transition from a semi-closed economic system to a semi-open one. also, matters on the topic of the dimension of openness, financial regulate, optimum trade charges regimes, sequencing of reforms, and actual trade fee dynamics lower than various levels of capital mobility are rigorously analyzed; components lined contain Europe, the Asian Pacific area, and Latin the United States.
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Additional info for Capital Controls, Exchange Rates, and Monetary Policy in the World Economy
To counter these alarming trends, the minister of finance, Domingo F. Cavallo, announced, on October 28, 1992, tax and subsidy measures to stimulate exports, partly reversing the free-market deregulation plan he had introduced in March 1990. By November 1992, there has been a flight from the peso and interest rates on short-term peso loans were up to more than 50 percent. These examples raise questions about the usefulness of increased capital imports as part of a stabilization program. Capital imports are neither good nor bad in themselves: They finance an excess of domestic spending Stabilization policies in semi-open economies 27 over income and, in principle, allow a country to achieve economic objectives sooner than would otherwise be possible; on the other hand, they also increase a country's net external debt.
1989c). Latin American Debt and the Transfer Problem: Introduction. In Brock, Connolly, and Gonzalez-Vega (1989): 1-17. (1990). The International Distribution of Saving: Past, Present and Future. Rivista di Politica Economica 80, no. 10 (September): 5-56. (1991a). The Great Exchange Rate Controversy: Trade Balances and the International Monetary System. ), International Adjustment and Financing: The Lessons of 1985-1991. : Institute for International Economics, 187-239. (1991b). The Overvalued Canadian Dollar.
3) a, b, c, and d denote "statistically significant" at the 99, 95, 90, and 85 percent levels, respectively. The dependent variable is the log of bilateral trade. 2. Exchange rate volatility and bilateral trade (instrumental variable estimation) Volat GNPs GNP/cap Dist Adj WH EEC EAEC APEC adj. E. 06 1985 1990 Notes: (1) All the variables except the dummies are in logarithm; all the regressions have an intercept for which the estimate is not reported here. (2) Standard errors are below the coefficient estimates.
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