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  • 1
    Online Resource
    Online Resource
    Pension Funds, Capital Controls and Macroeconomic Stability (1994)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 36 p. , 21 x 29.7cm
    Series Statement: OECD Development Centre Working Papers no.98
    Keywords: Development
    Abstract: The paper discusses the pros and cons of liberalising foreign investment of pension assets in developing countries, with particular reference to Chile. The positive part of the paper examines the impact on macroeconomic policy of a small country's opening its equity market for investment; the investment strategies of, and the restrictions imposed upon, privately-managed pension funds; and the specific British experience with portfolio diversification after the dismantling of capital controls in 1979. The normative part, while finding only a weak case for regulating foreign pension investment (loss of savings, domestic capital markets), discusses various techniques of such regulation ...
    DOI: 10.1787/834630363647
    URL: Volltext
    URL: lizenzpflichtig
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    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Vers la liberté des mouvements de capitaux (1992)
    Paris : OECD Publishing
    Details
    Language: French
    Pages: 29 p. , 21 x 29.7cm
    Series Statement: Cahiers de politique économique du Centre de Développement de l'OCDE no.4
    Parallel Title: Parallelausg. Towards Capital Account Convertibility
    Keywords: Development
    Abstract: . Les pays en développement les plus avancés sont incités de façon toujours pressante à supprimer les contrôles des mouvements de capitaux ; mais les expériences diverses de libéralisation montrent que les réformes doivent être élaborées avec soin pour améliorer l'efficacité économique et la croissance sans compromettre la stabilité. . Il est recommandé de procéder à une suppression graduelle de ces contrôles en prenant appui sur le progrès des réformes fiscales, la gestion du taux de change, le renforcement de la concurrence, et de la surveillance du système bancaire et la résolution des problèmes internes posés par les créances bancaires douteuses.
    DOI: 10.1787/304644858187
    URL: Volltext
    URL: lizenzpflichtig
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    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    Towards Capital Account Convertibility (1992)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 28 p. , 21 x 29.7cm
    Series Statement: OECD Development Centre Policy Briefs no.4
    Parallel Title: Parallelausg. Vers la liberté des mouvements de capitaux
    Keywords: Development
    Abstract: • Advanced developing countries are increasingly encouraged to remove existing capital controls, but mixed experiences with capital account opening caution that reform must be carefully designed to increase efficiency and growth without compromising stability • A gradual dismantling of capital controls is recommended, based on progress made in tax reform, exchange rate management, enforcement of bank competition and supervision, and solving domestic banks' bad-loan problems
    DOI: 10.1787/332312815187
    URL: Volltext
    URL: lizenzpflichtig
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    MPI Ethno. Forsch.
  • 4
    Online Resource
    Online Resource
    Time-Varying Estimates on the Openness of the Capital Account in Korea and Taiwan (1991)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 25 p. , 21 x 29.7cm
    Series Statement: OECD Development Centre Working Papers no.42
    Keywords: Development ; Chinese Taipei ; Korea, Republic of
    Abstract: How open are the capital accounts in Korea and Taiwan? Has there been a trend towards more financial openness during the 1980s? This paper aims at answering both questions by estimating a model of interest determination first outlined by Edwards and Khan, in an extension suggested by Haque and Montiel. Use is made of a time-varying parameter estimation based on the Kalman filter technique, instead of the usual constant parameter estimation. The findings indicate a low degree of capital mobility for both Korea and Taiwan, and no trend towards more financial openness (except recently in Taiwan's interbank market). The dismantling of capital controls and of internal financial restrictions is thus likely to impose an important loss of monetary autonomy in both countries ...
    DOI: 10.1787/424740140426
    URL: Volltext
    URL: lizenzpflichtig
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    MPI Ethno. Forsch.
  • 5
    Online Resource
    Online Resource
    Debt Overhang, Liquidity Constraints and Adjustment Incentives (1990)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 33 p. , 21 x 29.7cm
    Series Statement: OECD Development Centre Working Papers no.32
    Keywords: Development
    Abstract: Investment in most heavily indebted countries has been weak since 1982. The widely accepted debt overhang proposition interprets the investment drop as a moral hazard problem: a heavy debt burden raises the incentive to consume, because the marginal benefit of investment would go to the creditor. This paper develops several hypotheses on optimal reactions of a credit-constrained debtor country on an increase in debt, on variations in the credit constraint, on changes in interest rates, and contrasts these with the predictions stemming from the debt overhang proposition. Empirical specifications of conventional investment functions and consumption functions (along the Permanent Income Hypothesis) lead to reject the debt overhang proposition, but find that the switch from positive to negative external transfers to the debtor countries is an important explanation for their investment drop. The major policy conclusion is that the 1989 shift in international debt management (the Brady ...
    DOI: 10.1787/356147450736
    URL: Volltext
    URL: lizenzpflichtig
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  • 6
    Online Resource
    Online Resource
    Tax Revenue Implications of the Real Exchange Rate : Econometric Evidence from Korea and Mexico (1990)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 31 p. , 21 x 29.7cm
    Series Statement: OECD Development Centre Working Papers no.12
    Keywords: Development ; Korea, Republic of ; Mexico
    Abstract: The variety of channels through which devaluation of the exchange rate impacts on real tax receipts, calls for empirical clarification. This paper should be seen as a first attempt towards empirical evidence. It establishes the causal relationships between the real exchange rate and real tax receipts. A causality test rejects the hypothesis of unidirectional causality running from taxes to the exchange rate. The causal inferences from the Sims test allow to use the real exchange rate as an exogenous determinant in a simple simultaneous equation model. The model endogenises tax yields and tax bases to allow for a test of the significance and relevance of the exchange rate to explain variations in real tax receipts. An important insight results from the distinction of the direct (price) effect and indirect (output) effect of changes in the real exchange rate on tax receipts. A double-logarithmic version of the model with (seasonally adjusted) quarterly data is estimated for Korea and ...
    DOI: 10.1787/171303142365
    URL: Volltext
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    MPI Ethno. Forsch.
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