Dynamic Capital Mobility in Pacific Basin Developing Countries: Estimation and Policy Implications
Summary:
This paper estimates empirically the changing degree of capital mobility in several Pacific Basin countries that have pursued financial liberalization in recent years. Tracing the impact of the liberalization process on the capital account, the paper also examines the implications for monetary policy operating in this changing economic environment. Empirical estimates support an overall finding of increased capital mobility in the region over the past decade. However, country experiences, with the exception of Singapore, have been more episodic--oscillating between periods of high and low financial openness--rather than uniform in regards to changing capital mobility.
Series:
Working Paper No. 1991/115
Subject:
Balance of payments Capital controls Currency markets Exchange rates Financial integration Financial markets Financial services Foreign exchange Interest rate parity
Notes:
Also published in Staff Papers, Vol. 39, No. 3, September 1992.
English
Publication Date:
November 1, 1991
ISBN/ISSN:
9781451853834/1018-5941
Stock No:
WPIEA1151991
Pages:
50
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