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Record Nr. |
UNINA9910955167103321 |
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Autore |
Saborowski Christian |
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Titolo |
Capital Inflows and the Real Exchange Rate : : Can Financial Development Cure the Dutch Disease? / / Christian Saborowski |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2009 |
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ISBN |
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9786612842429 |
9781462337620 |
1462337627 |
9781452715773 |
1452715777 |
9781282842427 |
1282842420 |
9781451871678 |
1451871678 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (44 p.) |
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Collana |
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Disciplina |
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Soggetti |
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Capital movements |
Foreign exchange rates |
Balance of payments |
Capital inflows |
Currency |
Current Account Adjustment |
Exports and Imports |
Finance |
Finance: General |
Financial Markets and the Macroeconomy |
Financial markets |
Financial sector development |
Financial services industry |
Foreign direct investment |
Foreign Exchange |
Foreign exchange |
General Financial Markets: General (includes Measurement and Data) |
International economics |
International Investment |
Investments, Foreign |
Long-term Capital Movements |
Multiple or Simultaneous Equation Models: Models with Panel Data |
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Real exchange rates |
Short-term Capital Movements |
Stock exchanges |
Stock markets |
United Kingdom |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; I. Introduction; II. Literature Review; III. Empirical Approach; IV. Econometric Methodology; V. Estimation Results; A. Financial Market Development; B. Capital Market Development; VI. Robustness; VII. Discussion; Tables; 1. The Impact of FDI and OCI on the Real Exchange Rate; 2A. Liquid Liabilities and the Impact of FDI Inflows on the Real Exchange Rate; 2B. Private Credit and the Impact of FDI Inflows on the Real Exchange Rate; 2C. Stock Market Size and the Impact of FDI Inflows on the Real Exchange Rate; 2D. Stock Market Activity and the Impact of FDI Inflows on the Real |
3A. Robustness: Additional Variables in Liquid Liabilities Regression 3B. Robustness: Additional Variables in Stock Market Size Regression; 3C. Robustness: Additional Variables in Stock Market Activity Regression; 4A: Robustness: Excluding One Income Group at a Time in Liquid Liabilities Regression; 4B: Robustness: Excluding One Income Group at a Time in Market Size Regression; 4C: Robustness: Excluding One Income Group at a Time in Market Activity Regression; 5A. Robustness: Excluding One Region at a Time in Liquid Liabilities Regression |
5B. Robustness: Excluding One Region at a Time in Stock Market SIZE Regression 5C. Robustness: Excluding One Region at a Time in Stock Market Activity Regression; Appendixes; I. List of Countries; Appendix Tables; 5. List of 84 Countries Used for the Analysis; II. Definitions and Sources of Variables; 6. Definitions and Sources of Variables; III. Summary of Statistics; 7A. Summary Statistics (1997-2006); 7B. Composition of Capital Inflows (1990-2006); IV. Sample of Correlations; 8. Sample Correlations (1997-2006); References |
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Sommario/riassunto |
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This paper argues that, in improving the efficient allocation of resources, financial sector development could dampen the appreciation effect of capital inflows. Using dynamic panel data techniques, the paper finds that the exchange rate appreciation effect of FDI inflows is indeed attenuated when financial and capital markets are larger and more active. The main implication of these results is that one of the main dangers associated with large capital inflows in emerging markets-the destabilization of macroeconomic management due to a sizeable appreciation of the real exchange rate-can be mitigated partly by developing a deep financial sector. |
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