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Journal Article
Capital flows and international payments
anonymous (1962-03)
Federal Reserve Bulletin , Issue Mar , Pages 271-278

Working Paper
Sterilization of capital inflows through the banking sector: evidence from Asia
Spiegel, Mark M. (1995)
This paper develops an open-economy version of the Bernanke-Blinder model which indicates that sterilization efforts through increases in reserve requirements will have limited impact if viable financial alternatives to the commercial banking sector exists. We then examine the capital inflow surge experiences of seven developing Asian nations. Our analysis yields three stylized conclusions: First, the timing of capital inflow surges indicates a causal role for both domestic and foreign factors. Second, there is little general rule as to the most effective sterilization instrument. Finally, ...
Pacific Basin Working Paper Series , Paper 95-06

Journal Article
Upstream capital flows: why emerging markets send savings to advanced economies
Cociuba, Simona E. (2011)
Emerging market economic growth during the global recovery has exceeded performance in advanced economies. This differential has triggered a rush of private capital inflows to the emerging markets from investors seeking to maximize returns. While capital flows typically benefit receiving economies, sudden surges or stops may pose challenges for economic development.[1] The recent revival of private inflows has put pressure on prices and currencies of some emerging economies, leading them to impose capital controls. Moreover, some observers have argued that accommodative monetary policies in ...
Economic Letter , Volume 6

Working Paper
Sterilization costs and exchange rate targeting
Kletzer, Kenneth M.; Spiegel, Mark M. (1999)
This paper examines the movements of exchange rates and capital flows in an environment where an optimizing central bank pursuing the joint goals of inflation and output targeting engages in costly sterilization activities. Our results predict that when faced with increased sterilization costs, the central bank will choose to limit its sterilization activities allowing target variables, such as the nominal exchange rate, to adjust. ; We then test the predictions of a linearized version of the saddle-path solution to the model for a cross-country panel of developing countries. We use IV, GMM ...
Pacific Basin Working Paper Series , Paper 99-03

Report
Why are Switzerland's foreign assets so low? The growing financial exposure of a small open economy
Tille, Cedric; Stoffels, Nicolas (2007)
Switzerland's international investment position shows a puzzling feature since 1999: Large and persistent current account surpluses have failed to boost the value of Swiss foreign assets. In this paper, we link this pattern to the substantial increase in the leveraging of Switzerland's international assets and liabilities over the last twenty years, which we document in detail. We estimate the impact of exchange rate and asset prices movements on Swiss net foreign assets, and show that they led to substantial valuations losses since 1999, accounting for between one-quarter and one-half of the ...
Staff Reports , Paper 283

Journal Article
Capital flight, external debt, and domestic policies
Kletzer, Kenneth M.; Dooley, Michael P. (1994)
The international debt crisis of 1982 revealed that unrecorded private capital outflows from developing countries occurred simultaneously with borrowing from international commercial banks. Current interest in capital flight has been generated by the possibility that the resurgence of private capital inflows to these countries may be limited to the return of flight capital. A simple public finance model shows that simultaneous capital outflows and inflows can be explained as the result of private international arbitrage of domestic policies. The paper discusses the welfare consequences of ...
Economic Review

Working Paper
Cross-board listings, capital controls, and equity flows to emerging markets
Warnock, Francis E.; Edison, Hali J. (2003)
We analyze capital flows to emerging markets in a framework that incorporates two quantitative measures of financial integration, the intensity of capital controls and the extent of cross-border listings, while controlling for traditional global (push) and country-specific (pull) factors. Two important results emerge. First, the cross-listing of an emerging market firm on a U.S. exchange is an important but short-lived capital flows event, suggesting that the cross-listed stock is in effect a new security that U.S. investors quickly bring into their portfolios. Second, the effect of financial ...
International Finance Discussion Papers , Paper 770

Journal Article
The U.S. as a debtor country: causes, prospects, and policy implications
Meyer, Stephen A. (1989-11)
Business Review , Issue Nov , Pages 19-31

Speech
Reaping the full benefits of financial openness : a speech at the Bank of Finland 200th Anniversary Conference, Helsinki, Finland, May 6, 2011
Yellen, Janet L. (2011)
a speech at the the Bank of Finland 200th Anniversary Conference, Helsinki, Finland, May 6, 2011
Speech , Paper 569

Conference Paper
Major themes in changing banking and financial markets
Weatherstone, Dennis (1994)
Proceedings

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