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Capital Inflows and the Real Exchange Rate : : Can Financial Development Cure the Dutch Disease? / / Christian Saborowski



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Autore: Saborowski Christian Visualizza persona
Titolo: Capital Inflows and the Real Exchange Rate : : Can Financial Development Cure the Dutch Disease? / / Christian Saborowski Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2009
Descrizione fisica: 1 online resource (44 p.)
Soggetto topico: Capital movements
Foreign exchange rates
Exports and Imports
Finance: General
Foreign Exchange
Multiple or Simultaneous Equation Models: Models with Panel Data
Financial Markets and the Macroeconomy
Current Account Adjustment
Short-term Capital Movements
International Investment
Long-term Capital Movements
General Financial Markets: General (includes Measurement and Data)
Finance
Currency
Foreign exchange
International economics
Foreign direct investment
Real exchange rates
Capital inflows
Financial sector development
Stock markets
Balance of payments
Financial markets
Investments, Foreign
Financial services industry
Stock exchanges
Soggetto geografico: United Kingdom
Note generali: Description based upon print version of record.
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: 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
Sommario/riassunto: 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.
Titolo autorizzato: Capital Inflows and the Real Exchange Rate  Visualizza cluster
ISBN: 1-4623-3762-7
1-4527-1577-7
1-282-84242-0
9786612842429
1-4518-7167-8
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910788241303321
Lo trovi qui: Univ. Federico II
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Serie: IMF Working Papers; Working Paper ; ; No. 2009/020