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2 edition of Excessive volatility in capital flows found in the catalog.

Excessive volatility in capital flows

Olivier Jeanne

Excessive volatility in capital flows

a Pigouvian taxation approach

by Olivier Jeanne

  • 300 Want to read
  • 11 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English


Edition Notes

StatementOlivier Jeanne, Anton Korinek
SeriesNBER working paper series -- working paper 15927, Working paper series (National Bureau of Economic Research : Online) -- working paper no. 15927.
ContributionsKorinek, Anton, National Bureau of Economic Research
Classifications
LC ClassificationsHB1
The Physical Object
FormatElectronic resource
ID Numbers
Open LibraryOL24571445M
LC Control Number2010655971

of volatility of private capital flows. In light of this increased volatility, countries have resorted in some instances to the introduction of controver- sial capital controls, taxes, and other barriers to asset trading (see, e.g., Chile’s taxes and timing restrictions on short-term capital flows, and the.   Capital flow volatility is a concern for macroeconomic and financial stability. Nonetheless, literature is scarce in this topic. Our paper sheds light on this issue in two dimensions. First, using quarterly data for 65 countries over the period QQ1, we construct three measures of volatility, for total capital flows and key instruments.

  3. How can we measure capital flow volatility? Approximating capital flow volatility is not straightforward. Neumann et al. () and IMF () make use of the standard deviation of capital flows over a rolling window of annual data. This approximation of the volatility of capital inflows for country i in year t, σ it, is given by this expression (1) σ it = 1 n ∑ k = t-(n-1) t (flow ik.   This means that the management and regulation of capital flows is necessary because their inherent volatility can trigger a financial instability cycle for recipient economies: a surge in capital flows leads to a currency appreciation, an improved balance sheet of borrowers, easier credit conditions, an increase in non-tradable prices and.

  Excessive volatility in international capital flows has raised questions about the efficacy of self-oriented monetary policies and the benefits of flexible exchange rates under inflation targeting. We offer some further empirical evidence on the international transmission of US monetary policy shocks to emerging market economies. The excessive volatility in international capital flows undermined the efficacy of self-oriented monetary policies and the benefits of flexible exchange rate under inflation targeting. The US monetary policy shocks tends to generate a contraction in emerging markets, as well as a fall in both in- and out-flows of capital: a global retrenchment.


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Excessive volatility in capital flows by Olivier Jeanne Download PDF EPUB FB2

1 day ago  Recent market volatility has underlined how fickle international capital flows can be, and how important it is for emerging economies to have an adequate system of macroprudential policies in place.

Excessive volatility in capital flows book controls that protect recipient countries from excessively risky types of flows are a crucial ingredient of such a system. This column motivates capital controls. (PDF) Excessive volatility in capital flows: A pigouvian taxation approach | Anton Korinek - ABSTRACT This paper analyzes prudential controls on capital flows to emerging markets from the perspective of a Pigouvian tax that addresses externalities associated with the deleveraging cycle.

It presents a model in which restricting capital. Excessive volatility in capital flows: a Pigouvian taxation approach. [Olivier Jeanne; Anton Korinek; National Bureau of Economic Research.] -- This paper analyzes prudential controls on capital flows to emerging markets from the perspective of a Pigouvian tax that addresses externalities associated with the deleveraging cycle.

It presents a. "Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach," Working Paper Series WP, Peterson Institute for International Economics. Olivier Jeanne & Anton Korinek, " Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach," NBER Working PapersNational Bureau of Economic Research, Inc.

Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach Olivier Jeanne, Anton Korinek. NBER Working Paper No. Issued in April NBER Program(s):International Finance and Macroeconomics, Monetary Economics, Economic Fluctuations and Growth.

Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach This paper analyzes prudential controls on capital flows to emerging markets from the perspective of a Pigouvian tax that addresses externalities associated with the deleveraging cycle. CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): This paper presents a welfare case for prudential controls on capital ows to emerging markets as a form of Pigouvian taxation that aims to reduce the externalities associated with the deleveraging cycle.

We argue that restricting capital in ows during boom times reduces the potential out ows during busts. Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach By OLIVIER JEANNE AND ANTON KORINEK This paper presents a welfare case for prudential controls on capital ows to emerging markets as a form of Pigouvian taxation that aims to reduce the externalities associated with the deleveraging cycle.

We argue that restricting capital inows during boom. CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): This paper analyzes prudential controls on capital flows to emerging markets from the perspective of a Pigouvian tax that addresses externalities associated with the deleveraging cycle.

It presents a model in which restricting capital inflows during boom times reduces the potential outflows during busts. Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach.

Olivier Jeanne. Anton Korinek. American Economic Review. vol.no. 2, May. At the same time, capital flows have contributed to excessive credit expansions and systemic risk in several cases. Moreover, when capital flows reverse, it can lead to heightened macroeconomic volatility and can adversely affect financial.

Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach This book is a review on the economic theories of systemic risks in the financial market and the topics in constructing the.

In our model, capital controls reduce macroeconomic volatility and increase standard measures of consumer welfare. Suggested Citation: Suggested Citation Jeanne, Olivier and Korinek, Anton, Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach (April ). Self-Oriented Monetary Policy, Global Financial Markets and Excess Volatility of International Capital Flows Ryan Banerjee, Michael B.

Devereux, and Giovanni Lombardo NBER Working Paper No. November JEL No. E3,E5,F3,F5,G1 ABSTRACT This paper explores the nature of macroeconomic spillovers from advanced economies to emerging. By Alejandro L pez-Mej a: Large capital inflows can bring considerable economic benefits to developing countries but, if not properly managed, can also cause economies to overheat, increase exchange rate volatility, and lead eventually to large outflows.

Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach Olivier Jeanne and Anton Korinek NBER Working Paper No. April JEL No. F3,F32,F34,G01,G15,G18,H21 ABSTRACT This paper analyzes prudential controls on capital flows to emerging markets from the perspective of a Pigouvian tax that addresses externalities associated with the deleveraging cycle.

Mark Carney, governor of the Bank of England, speaking with Mr Tharman at the IMF and World Bank meetings in Bali earlier this month.

A report by a Gappointed group calls for an enhanced global financial safety net to ensure that countries are well protected against excessive capital-flow volatility. Volatility represents how large an asset's prices swing around the mean price - it is a statistical measure of its dispersion of returns.

There are several ways to measure volatility, including. Capital flows entail the path that money travels through corporations, governments or other entities for the purpose of investment, trade or business production.

Volatility in. Read "Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach, American Economic Review" on DeepDyve, the largest online rental service for scholarly research with thousands of academic publications available at your fingertips.

Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach. [Olivier Jeanne; Anton Korinek] -- This paper analyzes prudential controls on capital flows to emerging markets from the perspective of a Pigouvian tax that addresses externalities associated with the deleveraging cycle.

It presents a.1. Volatility, Herding and Financial Sector Inefficiency. The heart of the problem has been – and is very likely to be in the future – the extreme volatility of private capital flows to emerging market countries. Market psychology shifted suddenly from euphoria to panic.Managing capital flows 5.

Surely, capital flows are important to meet the investment needs of EMEs. Problems arise when the flows are largely in excess of the economy’s absorptive capacity and also when they are highly speculative in nature. EMEs have responded to managing the adverse macro impact of volatile capital flows through a variety.