Large Capital Flows: A Survey of the Causes, Consequences, and Policy Responses

López-Mejía, Alejandro

doi:10.2139/ssrn.880544

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B Exchange Rate Regime and The Real Exchange Rate1

A Vulnerability Buildup1

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2000

2011

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Cited by 20 publications

(2 citation statements)

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“…Exchange rate flexibility ensures that monetary policy is somewhat independent of capital inflows. By introducing uncertainty, a more flexible exchange rate could discourage short-term speculative flows and reduce financial system vulnerability, particularly when supervision and regulation are poor (Calvo, Leiderman, and Reinhart, 1996;Lopez-Mejia, 1999). Hence, a flexible exchange rate regime would penalize the capital flows that generate the most real appreciation.…”

Section: B Exchange Rate Regime and The Real Exchange Ratementioning

confidence: 99%

Capital Flows, Exchange Rate Flexibility, and the Real Exchange Rate

2011

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Section: B Exchange Rate Regime and The Real Exchange Ratementioning

confidence: 99%

Capital Flows, Exchange Rate Flexibility, and the Real Exchange Rate

2011

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“…Volatile capital inflows can increase vulnerability to crisis. Capital inflows have accelerated sharply in recent years (Lopez-Mejia, 1999 andAdams et aI., 1998; Figure 1, middle panel). Further, their volatility has increased in line with the shift in external financing from international banks to other private sources (Figure I, bottom panel).…”

Section: A Vulnerability Buildupmentioning

confidence: 99%

The Corporate Sector Dynamics of Systemic Financial Crises

Stone

2000

IMF Working Papers

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The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMP or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. WP/OOll14This paper puts together a set of stylized facts of the corporate sector dynamics of systemic financial crises based on recent crisis episodes with a view to identifying the key issues and their policy implications. The evidence suggests that corporate crisis dynamics arc triggered by a cutoff of capital inflows and are amplified into an historically severe recession by exchange rate depreciation, high interest rates, and current account adjustment. The adverse consequences of these dynamics can be forestalled and assuaged by policies that improve monitoring of the corporate sector and boost nonbank sources of corporate financing.

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U.S. multinationals and the home bias puzzle: an empirical analysis

Salehizadeh

2003

Global Finance Journal

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Large Capital Flows: A Survey of the Causes, Consequences, and Policy Responses

Cited by 20 publications

References 13 publications

Capital Flows, Exchange Rate Flexibility, and the Real Exchange Rate

Capital Flows, Exchange Rate Flexibility, and the Real Exchange Rate

The Corporate Sector Dynamics of Systemic Financial Crises

U.S. multinationals and the home bias puzzle: an empirical analysis

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