LEADER 06301oam 22012134 450 001 9910812622203321 005 20240402050942.0 010 $a1-4623-3762-7 010 $a1-4527-1577-7 010 $a1-282-84242-0 010 $a9786612842429 010 $a1-4518-7167-8 035 $a(CKB)3170000000054603 035 $a(EBL)1608164 035 $a(SSID)ssj0000940083 035 $a(PQKBManifestationID)11600619 035 $a(PQKBTitleCode)TC0000940083 035 $a(PQKBWorkID)10948459 035 $a(PQKB)10470871 035 $a(OCoLC)465443263 035 $a(MiAaPQ)EBC1608164 035 $a(IMF)WPIEE2009020 035 $a(EXLCZ)993170000000054603 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCapital Inflows and the Real Exchange Rate : $eCan Financial Development Cure the Dutch Disease? /$fChristian Saborowski 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (44 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1603-5 320 $aIncludes bibliographical references. 327 $aContents; 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 327 $a3A. 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 327 $a5B. 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 330 3 $aThis paper argues that, in improving the efficient allocation of resources, financial sector development could dampen the appreciation effect of capital inflows. Using dynamic panel data techniques, the paper finds that the exchange rate appreciation effect of FDI inflows is indeed attenuated when financial and capital markets are larger and more active. The main implication of these results is that one of the main dangers associated with large capital inflows in emerging markets-the destabilization of macroeconomic management due to a sizeable appreciation of the real exchange rate-can be mitigated partly by developing a deep financial sector. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/020 606 $aCapital movements 606 $aForeign exchange rates 606 $aExports and Imports$2imf 606 $aFinance: General$2imf 606 $aForeign Exchange$2imf 606 $aMultiple or Simultaneous Equation Models: Models with Panel Data$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aFinance$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aInternational economics$2imf 606 $aForeign direct investment$2imf 606 $aReal exchange rates$2imf 606 $aCapital inflows$2imf 606 $aFinancial sector development$2imf 606 $aStock markets$2imf 606 $aBalance of payments$2imf 606 $aFinancial markets$2imf 606 $aInvestments, Foreign$2imf 606 $aCapital movements$2imf 606 $aFinancial services industry$2imf 606 $aStock exchanges$2imf 607 $aUnited Kingdom$2imf 615 0$aCapital movements. 615 0$aForeign exchange rates. 615 7$aExports and Imports 615 7$aFinance: General 615 7$aForeign Exchange 615 7$aMultiple or Simultaneous Equation Models: Models with Panel Data 615 7$aFinancial Markets and the Macroeconomy 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aFinance 615 7$aCurrency 615 7$aForeign exchange 615 7$aInternational economics 615 7$aForeign direct investment 615 7$aReal exchange rates 615 7$aCapital inflows 615 7$aFinancial sector development 615 7$aStock markets 615 7$aBalance of payments 615 7$aFinancial markets 615 7$aInvestments, Foreign 615 7$aCapital movements 615 7$aFinancial services industry 615 7$aStock exchanges 676 $a332.042;332.042091724 700 $aSaborowski$b Christian$01205326 801 0$bDcWaIMF 906 $aBOOK 912 $a9910812622203321 996 $aCapital Inflows and the Real Exchange Rate$94122486 997 $aUNINA