06500oam 22012974 450 991095516710332120250426110707.0978661284242997814623376201462337627978145271577314527157779781282842427128284242097814518716781451871678(CKB)3170000000054603(EBL)1608164(SSID)ssj0000940083(PQKBManifestationID)11600619(PQKBTitleCode)TC0000940083(PQKBWorkID)10948459(PQKB)10470871(OCoLC)465443263(MiAaPQ)EBC1608164(IMF)WPIEE2009020(IMF)WPIEA2009020WPIEA2009020(EXLCZ)99317000000005460320020129d2009 uf 0engurcn|||||||||txtccrCapital Inflows and the Real Exchange Rate : Can Financial Development Cure the Dutch Disease? /Christian Saborowski1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (44 p.)IMF Working PapersDescription based upon print version of record.9781451916034 1451916035 Includes bibliographical references.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 Real3A. 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 Regression5B. 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); ReferencesThis 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.IMF Working Papers; Working Paper ;No. 2009/020Capital movementsForeign exchange ratesBalance of paymentsimfCapital inflowsimfCapital movementsimfCurrencyimfCurrent Account AdjustmentimfExports and ImportsimfFinanceimfFinance: GeneralimfFinancial Markets and the MacroeconomyimfFinancial marketsimfFinancial sector developmentimfFinancial services industryimfForeign direct investmentimfForeign ExchangeimfForeign exchangeimfGeneral Financial Markets: General (includes Measurement and Data)imfInternational economicsimfInternational InvestmentimfInvestments, ForeignimfLong-term Capital MovementsimfMultiple or Simultaneous Equation Models: Models with Panel DataimfReal exchange ratesimfShort-term Capital MovementsimfStock exchangesimfStock marketsimfUnited KingdomimfCapital movements.Foreign exchange rates.Balance of paymentsCapital inflowsCapital movementsCurrencyCurrent Account AdjustmentExports and ImportsFinanceFinance: GeneralFinancial Markets and the MacroeconomyFinancial marketsFinancial sector developmentFinancial services industryForeign direct investmentForeign ExchangeForeign exchangeGeneral Financial Markets: General (includes Measurement and Data)International economicsInternational InvestmentInvestments, ForeignLong-term Capital MovementsMultiple or Simultaneous Equation Models: Models with Panel DataReal exchange ratesShort-term Capital MovementsStock exchangesStock markets332.042;332.042091724Saborowski Christian1205326DcWaIMFBOOK9910955167103321Capital Inflows and the Real Exchange Rate4372593UNINA