Liberalizing Capital Movements:Some Analytical Issues: Aspects analytiques

Milesi-Ferretti, Gian-Maria; Detragiache, Enrica; Tweedie, Alex. R.; Mussa, Michael; Eichengreen, Barry; Dell’Ariccia, Giovanni

doi:10.5089/9781557758309.051

Cited by 3 publications

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“…A PNCJ é dada por: 43 Mais precisamente, a razão entre a taxa de crescimento das exportações e a elasticidade-renda das importações, a chamada Lei de Thirlwall. 44 Há uma vasta literatura que trata dos benefícios e riscos da liberalização financeira externa, como Bresser-Pereira e Nakano ( 2003), Carvalho e Sicsú (2004), Davidson (1998), Eichengreen et al, 1999e Fischer (2002 . 45 Esse risco é contrabalanceado pela formação de ativos externos pelos residentes.…”

Section: Ajuste Do Balanço De Pagamentos No Modelo Mundell-flemingunclassified

Sistema monetário internacional em uma perspectiva de economia política internacional

Sampaio¹

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Agradeço à Cecília, que durante o doutorado deixou de ser minha namorada para ser minha esposa, que foi minha maior incentivadora e sempre acreditou tanto em mim, uma grande companheira em todo esse processo, principalmente no solitário e rigoroso inverno canadense. Agradeço toda minha família, pelo apoio de sempre e por fazer dos fins de semana em Poços momentos tão divertidos e agradáveis.

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Section: Ajuste Do Balanço De Pagamentos No Modelo Mundell-flemingunclassified

Sistema monetário internacional em uma perspectiva de economia política internacional

Sampaio¹

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Cyclicality of the banking sector performance and macro environment in the Czech republic, Slovakia and Slovenia

Festić¹,

Romih²

2008

Prague Economic Papers

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Ab stract:An ex po sure to mac ro eco nomic risk fac tors across banks is a source of sys temic risk that in flu ences the bank ing sec tor per for mance. In this pa per, we pres ent some ev i dence on mac ro eco nomic vari ables af fect ing the non-per form ing loans (NPL) ra tio in the Czech Re pub lic, Slovakia and Slovenia. The GDP growth might have im proved bor row ers' abil ity to serve their bank loans in Slovenia, mean while the ac cel er at ing NPL ra tio dy nam ics has failed to sup port the hy poth e sis that the GDP growth fos ters an im prove ment in the NPL ra tio in the case of Slovakia. Mean while de cel er a tion in the NPL ra tio on ex port im pulses has sup ported a procyclical the ory in the Czech Re pub lic, Slovakia and Slovenia. The re sponse of non-per form ing loans to in fla tion sup ports the hy poth e sis about the low er ing in fla tion that de cel er ates the NPL ra tio. Sav ings have ac cel er ated the NPL ra tio in the case of Slovakia and Slovenia. The bank ing sec tor per for mance is pos si bly re flect ing a fa vour able as sess ment of the eco nomic growth and an in creas ing in debt ed ness of pri vate sec tor could be come causes of concern if the macroeconomic environment should develop less favourably.

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An Assessment of the Effectiveness of Central Bank Sterilization on Capital Inflows in Nigeria

Jume

2021

CBN-JAS

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This paper assesses the monetary policy response of the Central Bank of Nigeria (CBN) to increases in capital inflows into Nigeria using monthly time series data from January 2009 to December 2017. It presents an econometric assessment of the degree to which the CBN sterilizes net foreign assets (NFA) in response to the capital flows, using Autoregressive Distributed Lag (ARDL) bounds testing approach. The long run sterilization coefficient obtained suggests that the CBN successfully offset 95per cent of capital inflows in the period of analysis. Against the background of rising financial instability in Nigeria, the study illustrates how sterilization has not adequately tackled the major risks of capital inflows which resulted in asset price bubbles and bursts, equity capital inflows reversal, banking crisis, and currency depreciation which contributed, partly, to the economic recession in 2016. The paper argues that effective policy response to capital inflows must adequately address the major downside risks of capital inflows in the short and medium terms through some clearly defined capital flows management and macro-prudential measures.

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Liberalizing Capital Movements:Some Analytical Issues: Aspects analytiques

Cited by 3 publications

References 0 publications

Sistema monetário internacional em uma perspectiva de economia política internacional

Sistema monetário internacional em uma perspectiva de economia política internacional

Cyclicality of the banking sector performance and macro environment in the Czech republic, Slovakia and Slovenia

An Assessment of the Effectiveness of Central Bank Sterilization on Capital Inflows in Nigeria

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