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  • Agénor, Pierre-Richard  (2)
  • David, Antonio C.  (2)
  • Washington, D.C : The World Bank  (4)
  • Currencies and Exchange Rates  (4)
  • 1
    Online Resource
    Online Resource
    Are Price-Based Capital Account Regulations Effective In Developing Countries ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (27 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: David, Antonio C Are Price-Based Capital Account Regulations Effective In Developing Countries ?
    Keywords: Asset Price ; Balance Sheets ; Bank Policy ; Banks and Banking Reform ; Boom-Bust Cycle ; Capital Account ; Capital Flows ; Capital Flows ; Capital Inflows ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Economies ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Liberal ; International Economics & Trade ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Asset Price ; Balance Sheets ; Bank Policy ; Banks and Banking Reform ; Boom-Bust Cycle ; Capital Account ; Capital Flows ; Capital Flows ; Capital Inflows ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Economies ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Liberal ; International Economics & Trade ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Asset Price ; Balance Sheets ; Bank Policy ; Banks and Banking Reform ; Boom-Bust Cycle ; Capital Account ; Capital Flows ; Capital Flows ; Capital Inflows ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Economies ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Liberal ; International Economics & Trade ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: The author evaluates the effectiveness of policy measures adopted by Chile and Colombia, aiming to mitigate the deleterious effects of pro-cyclical capital flows. In the case of Chile, according to his Generalized Method of Moments (GMM) analysis, capital controls succeeded in reducing net short-term capital flows but did not affect long-term flows. As far as Colombia is concerned, the regulations were capable of affecting total flows and also long-term ones. In addition, the co-integration models indicate that the regulations did not have a direct effect on the real exchange rate in the Chilean case. Nonetheless, the model used for Colombia did detect a direct impact of the capital controls on the real exchange rate. Therefore, the results do not seem to support the idea that those regulations were easily evaded
    URL: Volltext  (Deutschlandweit zugänglich)
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    Online Resource
    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Controls On Capital Inflows And External Shocks (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (26 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: David, Antonio C Controls On Capital Inflows And External Shocks
    Keywords: Bank Policy ; Capital Account ; Capital Flows ; Capital Inflows ; Credit Expansion ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Domestic Interest Rates ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Financial Shocks ; Interest ; International Rates ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Bank Policy ; Capital Account ; Capital Flows ; Capital Inflows ; Credit Expansion ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Domestic Interest Rates ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Financial Shocks ; Interest ; International Rates ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Bank Policy ; Capital Account ; Capital Flows ; Capital Inflows ; Credit Expansion ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Domestic Interest Rates ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Financial Shocks ; Interest ; International Rates ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: The author attempts to analyze whether price-based controls on capital inflows are successful in insulating economies against external shocks. He presents results from vector auto regressive (VAR) models that indicate that Chile and Colombia, countries that adopted controls on capital inflows, seem to have been relatively well insulated against external disturbances. Subsequently, he uses the auto regressive distributed lag (ARDL) approach to co-integration to isolate the effects of the capital controls on the pass-through of external disturbances to domestic interest rates in those economies. The author concludes that there is evidence that the capital controls allowed for greater policy autonomy
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    Disinflation and the Supply Side (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Pizzati, Lodovico Disinflation and the Supply Side
    Keywords: Aggregate Demand ; Assets ; Capital ; Capital Markets ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Devaluation ; Economic Theory and Research ; Elasticity ; Elasticity Of Substitution ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Goods ; Interest ; Investment ; Macroeconomics and Economic Growth ; Money ; Open Economy ; Private Sector Development ; Production ; Recession ; Stock ; Supply ; Wages ; Wealth ; Aggregate Demand ; Assets ; Capital ; Capital Markets ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Devaluation ; Economic Theory and Research ; Elasticity ; Elasticity Of Substitution ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Goods ; Interest ; Investment ; Macroeconomics and Economic Growth ; Money ; Open Economy ; Private Sector Development ; Production ; Recession ; Stock ; Supply ; Wages ; Wealth
    Abstract: March 2000 - What role do supply-side factors play in the dynamics of output and absorption in exchange rate-based stabilization programs? Agénor and Pizzati study the dynamics of output, consumption, and real wages induced by a disinflation program based on permanent and temporary reductions in the nominal devaluation rate. They use an intertemporal optimizing model of a small open economy in which domestic households face imperfect world capital markets, the labor supply is endogenous, and wages are flexible. The model predicts that, with a constant capital stock and no investment, there is an initial reduction in real wages and output expands. Consumption falls on impact but increases afterward. In addition, with a temporary shock, a current account deficit emerges and, later, a recession sets in, as documented in various studies. With endogenous capital accumulation, numerical simulations show that the model can also predict a boom in investment. This paper is a product of the Economic Policy and Poverty Reduction Division, World Bank Institute. The authors may be contacted at pagenorworldbank.org and lpizzati@worldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
  • 4
    Online Resource
    Online Resource
    The Credit Crunch in East Asia : What Can Bank Excess Liquid Assets Tell Us? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Agénor, Pierre-Richard The Credit Crunch in East Asia
    Keywords: Bank Cred Bank Lending ; Bank Loans ; Banks and Banking Reform ; Central Bank ; Commercial Banks ; Credit Rationing ; Currencies and Exchange Rates ; Debt Markets ; Demand For Cred Domestic Cred Finance ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Fiscal Policies ; Future ; Interest ; Interest Rates ; Law and Development ; Liquid Assets ; Liquidity ; Macroeconomics and Economic Growth ; Monetary Fund ; Private Sector Development ; Profits ; Reserves ; Risk Of Default ; Settlement of Investment Disputes ; Working Capital ; Bank Cred Bank Lending ; Bank Loans ; Banks and Banking Reform ; Central Bank ; Commercial Banks ; Credit Rationing ; Currencies and Exchange Rates ; Debt Markets ; Demand For Cred Domestic Cred Finance ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Fiscal Policies ; Future ; Interest ; Interest Rates ; Law and Development ; Liquid Assets ; Liquidity ; Macroeconomics and Economic Growth ; Monetary Fund ; Private Sector Development ; Profits ; Reserves ; Risk Of Default ; Settlement of Investment Disputes ; Working Capital
    Abstract: November 2000 - A two-step approach is used to assess the extent to which the credit crunch in East Asia was supply- or demand-driven. The results for Thailand suggest that the contraction in bank lending that accompanied the crisis was the result of supply factors. Agénor, Aizenman, and Hoffmaister propose a two-step approach for assessing the extent to which the fall in credit in crisis-stricken East Asian countries was a supply- or demand-induced phenomenon. The first step involves estimating a demand function for excess liquid assets held by commercial banks. The second step involves establishing dynamic projections for the periods after the crisis and assessing whether or not residuals are large enough to be viewed as indicators of an “involuntary” accumulation of excess reserves. The results for Thailand suggest that the contraction in bank lending that accompanied the crisis was the result of supply factors. Thai firms (presumably small and medium-size ones) faced binding constraints in getting access to credit markets after the crisis. This paper—a product of the Economic Policy and Poverty Reduction Division, World Bank Institute—is part of a larger effort in the institute to understand the macroeconomic effects of credit market imperfections. Pierre-Richard Agénor may be contacted at pagenorworldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
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