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  • Loayza, Norman  (3)
  • David, Antonio C.  (2)
  • Washington, D.C : The World Bank  (5)
  • Currencies and Exchange Rates  (5)
  • 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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    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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  • 3
    Online Resource
    Online Resource
    External Sustainability : A Stock Equilibrium Perspective (2000)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (48 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Loayza, Norman External Sustainability
    Keywords: Assets ; Capital Controls ; Central Bank ; Currencies and Exchange Rates ; Current Account ; Current Account Deficits ; Current Account Imbalances ; Current Account Surplus ; Debt Markets ; Domestic Investors ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Equilibrium Condition ; External Deficits ; External Position ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Foreign Asset ; Foreign Asset Positions ; Imbalances ; Investment Opportunities ; Investment and Investment Climate ; Long-Run Equilibrium ; Macroeconomics and Economic Growth ; Private Sector Development ; Risk ; Risks ; Assets ; Capital Controls ; Central Bank ; Currencies and Exchange Rates ; Current Account ; Current Account Deficits ; Current Account Imbalances ; Current Account Surplus ; Debt Markets ; Domestic Investors ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Equilibrium Condition ; External Deficits ; External Position ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Foreign Asset ; Foreign Asset Positions ; Imbalances ; Investment Opportunities ; Investment and Investment Climate ; Long-Run Equilibrium ; Macroeconomics and Economic Growth ; Private Sector Development ; Risk ; Risks ; Assets ; Capital Controls ; Central Bank ; Currencies and Exchange Rates ; Current Account ; Current Account Deficits ; Current Account Imbalances ; Current Account Surplus ; Debt Markets ; Domestic Investors ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Equilibrium Condition ; External Deficits ; External Position ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Foreign Asset ; Foreign Asset Positions ; Imbalances ; Investment Opportunities ; Investment and Investment Climate ; Long-Run Equilibrium ; Macroeconomics and Economic Growth ; Private Sector Development ; Risk ; Risks
    Abstract: The 1994 crisis in Mexico, developments in East Asia, and persistent turmoil in world financial markets have dramatized the role of external imbalances in macroeconomic crises. Some believe that the current account should be kept from rising beyond a sustainable level, some that a current account surplus is the only solid external position. Can those rules of thumb be justified analytically? - Calderón, Loayza, and Servén consider external sustainability from the perspective of equilibrium in net foreign asset positions. Under their approach, an external situation is sustainable if it is consistent with international and domestic investors' achieving their desired portfolio allocation across countries. They develop a reduced-form model of net foreign asset positions whose long-run equilibrium condition expresses the ratio of net foreign assets to the total wealth of domestic residents as a negative function of investment returns in the country relative to the rest of the world, a positive function of investment risk, and an inverse function of the ratio of foreign-owned to domestically owned wealth. To estimate this equilibrium condition, the authors use a newly constructed data set of foreign asset and liability stocks for a large group of industrial and developing countries, from the 1960s to the present. They also develop summary measures of country returns and risks. Their econometric methodology is an application of the Pooled Mean Group estimator recently developed by Pesaran, Shin, and Smith (1999), which allows for unrestricted cross-country heterogeneity in short-term dynamics while imposing a common long-run specification. The estimation results lend considerable support to the model, especially when applied to countries with low capital controls or high or upper-middle income. The results for countries with high capital controls and, especially, lower-income countries are less supportive of the stock equilibrium model. As a byproduct of the model's estimation, the authors obtain estimates of the long-run equilibrium ratios of net foreign assets to wealth, conditional on the observed values of the country's relative returns, risks, and wealth. Then, for a selected group of industrial and developing countries, they evaluate the extent to which actual ratios diverge from their long-run counterparts - and hence the sustainability of current net foreign asset positions. This paper - a product of the Poverty Reduction and Economic Management Unit, Latin America and the Caribbean Region - is part of a larger effort to assess the sustainability of the external accounts of the major countries in the region. The authors may be contacted at nloayzacondor.bcentral.cl or lserven@worldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 4
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    Online Resource
    Determinants of Current Account Deficits in Developing Countries (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Loayza, Norman Determinants of Current Account Deficits in Developing Countries
    Keywords: Buffer ; Business Cycle ; Central Bank ; Consumption ; Cross-Country Studies ; Currencies and Exchange Rates ; Current Account ; Current Account Balance ; Current Account Defic Current Account Deficits ; Current Account Position ; Debt Markets ; Demand ; Economy ; Emerging Markets ; Explanatory Variables ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Interest Rates ; International Economics ; International Economics & Trade ; Macroeconomic Management ; Macroeconomic Variables ; Macroeconomics and Economic Growth ; National Income ; Private Saving ; Private Sector Development ; Surplus ; World Economy ; Buffer ; Business Cycle ; Central Bank ; Consumption ; Cross-Country Studies ; Currencies and Exchange Rates ; Current Account ; Current Account Balance ; Current Account Defic Current Account Deficits ; Current Account Position ; Debt Markets ; Demand ; Economy ; Emerging Markets ; Explanatory Variables ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Interest Rates ; International Economics ; International Economics & Trade ; Macroeconomic Management ; Macroeconomic Variables ; Macroeconomics and Economic Growth ; National Income ; Private Saving ; Private Sector Development ; Surplus ; World Economy
    Abstract: July 2000 - In developing countries, increases in current account deficits tend to be associated with a rise in domestic output growth and shocks that increase the terms of trade and cause the real exchange rate to appreciate. Higher savings rates, higher growth rates in industrial economies, and higher international interest rates tend to have the opposite effect. Calderón, Chong, and Loayza examine the empirical links between current account deficits and a broad set of economic variables proposed in the literature. To accomplish this, they complement and extend previous research by using a large, consistent set of macroeconomic data on public and private domestic savings, external savings, and national income variables; focusing on developing economies by drawing on a panel data set for 44 developing countries and annual information for the period 1966-95; adopting a reduced-form approach rather than holding to a particular structural model; distinguishing between within-country and cross-country effects; and employing a class of estimators that controls for the problems of simultaneity and reverse causation. Among their findings: · Current account deficits in developing countries are moderately persistent. · A rise in domestic output growth generates a larger current account deficit. · Increases in savings rates have a positive effect on the current account. · Shocks that increase the terms of trade or cause the real exchange rate to appreciate are linked with higher current account deficits. · Either higher growth rates in industrial economies or higher international interest rates reduce the current account deficit in developing economies. This paper-a product of the Regional Studies Program, Latin America and the Caribbean Region-is part of an effort in the region to understand the determinants of external sustainability. The authors may be contacted at crcntroi.cc.rochester.edu, achong@worldbank.org, or nloayza@condor.bcentral.cl
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 5
    Online Resource
    Online Resource
    What Drives Private Saving around the World? (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: Loayza, Norman What Drives Private Saving around the World?
    Keywords: Capital Gains ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Demographic ; Developing Countries ; Developing Country ; Disposable Income ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Policy ; Housing Lending ; Income ; Inequality ; Inflation Episodes ; Interest ; Interest Rate ; Interest Rates ; Liberalization ; Macroeconomics and Economic Growth ; Pension ; Pension System ; Poverty Reduction ; Prices ; Private Saving ; Private Sector Development ; Pro-Poor Growth ; Public Policies ; Trade ; Capital Gains ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Demographic ; Developing Countries ; Developing Country ; Disposable Income ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Policy ; Housing Lending ; Income ; Inequality ; Inflation Episodes ; Interest ; Interest Rate ; Interest Rates ; Liberalization ; Macroeconomics and Economic Growth ; Pension ; Pension System ; Poverty Reduction ; Prices ; Private Saving ; Private Sector Development ; Pro-Poor Growth ; Public Policies ; Trade
    Abstract: March 2000 - Saving rates vary considerably across countries and over time. Policies that spur development are an indirect but effective way to raise private saving rates - which rise with the level and growth rate of real per capita income. Loayza, Schmidt-Hebbel, and Servén investigate the policy and nonpolicy factors behind saving disparities, using a large panel data set and an encompassing approach including several relevant determinants of private saving. They extend the literature in several dimensions by: · Using the largest data set on aggregate saving assembled to date. · Using panel instrumental variable techniques to correct for endogeneity and heterogeneity. · Performing robustness checks on changes in estimation procedures, data samples, and model specification. Their main empirical findings: · Private saving rates show considerable inertia (are highly serially correlated even after controlling for other relevant factors). · Private saving rates rise with the level and growth rate of real per capita income. So policies that spur development are an indirect but effective way to raise private saving rates. · Predictions of the life-cycle hypothesis are supported in that dependency ratios generally have a negative effect on private saving rates. · The precautionary motive for saving is supported by the finding that inflation - conventionally taken as a summary measure of macroeconomic volatility - has a positive impact on private saving, holding other facts constant. · Fiscal policy is a moderately effective tool for raising national saving. · The direct effects of financial liberalization are largely detrimental to private saving rates. Greater availability of credit reduces the private saving rate; financial depth and higher real interest rates do not increase saving. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to understand the determinants of saving in developing countries. The study was funded by the Bank's Research Support Budget under the research project Saving in the World: Puzzles and Policies (RPO 681-36). The authors may be contacted at nloayzaworldbank.org or lserven@worldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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