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  • 1
    Online Resource
    Online Resource
    Cambridge, Mass : MIT Press
    UID:
    b3kat_BV035414001
    Format: 1 Online-Ressource , Illustrationen , 24 cm
    Edition: Online_Ausgabe Boulder, Colo NetLibrary 2003 E-Books von NetLibrary Sonstige Standardnummer des Gesamttitels: 22382847
    ISBN: 0585446733
    Note: Includes bibliographical references (p. [337]-361) and index , I. Background. 1.Introduction --2.A century of capital flows --II. Capital account liberalization. 3.Capital account liberalization: what do the cross-country studies tell us? --4.When does capital account liberalization help more than it hurts? /withCarlos ArtetaandCharles Wyplosz --III. Crises. 5.Exchange market mayhem : the antecedents and aftermath of speculative attacks /withAndrew RoseandCharles Wyplosz --6.Contagious currency crises /withAndrew RoseandCharles Wyplosz --7.The Baring crisis in a Mexican mirror --8.The EMS crisis in retrospect --9.Understanding Asia's crisis --IV. Policy implications. 10.Capital controls : capital idea or capital folly? --11.Taming capital flows.
    Additional Edition: Reproduktion von Eichengreen, Barry, 1952- Capital flows and crises 2003
    Language: English
    Subjects: Economics
    RVK:
    Keywords: Internationale Kapitalbewegung ; Wirtschaftskrise ; Internationale Finanzpolitik
    Author information: Eichengreen, Barry 1952-
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  • 2
    UID:
    b3kat_BV040617001
    Format: 1 Online-Ressource (1 online resource (22 p.))
    Edition: Online-Ausgabe World Bank E-Library Archive Sonstige Standardnummer des Gesamttitels: 041181-4
    Content: June 2000 - Collective action clauses raise borrowing costs for low-rated borrowers and lower them for high-rated borrowers. This result holds for all developing country bonds and also for the subset of sovereign bond issuers. It is easy to say that the International Monetary Fund should not resort to financial rescue for countries in crisis; this is hard to do when there is no alternative. That is where collective action clauses come in. Collective action clauses are designed to facilitate debt restructuring by the principals - borrowers and lenders - with minimal intervention by international financial institutions. Despite much discussion of this option, there has been little action. Issuers of bonds fear that collective action clauses would raise borrowing costs. Eichengreen and Mody update earlier findings about the impact of collective action clauses on borrowing costs. It has been argued that only in the past year or so have investors focused on the presence of these provisions and that, given the international financial institutions' newfound resolve to bail in investors, they now regard these clauses with trepidation. Extending their data to 1999, Eichengreen and Mody find no evidence of such changes but rather the same pattern as before: Collective action clauses raise the costs of borrowing for low-rated issuers but reduce them for issuers with good credit ratings. Their results hold both for the full set of bonds and for bonds issued only by sovereigns. They argue that these results should reassure those who regard collective action clauses as an important element in the campaign to strengthen international financial architecture. This paper - a product of the Development Prospects Group - is part of a larger effort in the group to analyze international capital flows. The study was funded by the Bank's Research Support Budget under the research project.
    Content: [Fortsetzung 1. Abstract] Pricing of Bonds and Bank Loans in the Market for Developing Country Debt. The authors may be contacted at eichengr@econ.berkeley.edu or amody@worldbank.org
    Note: Weitere Ausgabe: Eichengreen, Barry: Would Collective Action Clauses Raise Borrowing Costs?
    Additional Edition: Reproduktion von Eichengreen, Barry Would Collective Action Clauses Raise Borrowing Costs? 1999
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 3
    UID:
    b3kat_BV040616796
    Format: 1 Online-Ressource (43 p) , 28 cm
    Edition: Online-Ausgabe World Bank E-Library Archive Sonstige Standardnummer des Gesamttitels: 041181-4
    Series Statement: Policy research working paper 2155
    Note: "August 1999"--Cover. - Includes bibliographical references (p. 42-43) , Erscheinungsjahr in Vorlageform:[1999] , Weitere Ausgabe: Eichengreen, Barry J: Lending booms, reserves, and the sustainability of short-term debts
    Additional Edition: Reproduktion von Eichengreen, Barry J. Lending booms, reserves, and the sustainability of short-term debts 1999
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 4
    Online Resource
    Online Resource
    Cambridge, Mass : MIT Press
    UID:
    gbv_086189301
    Format: 1 online resource (viii, 377 pages) , Illustrationen
    ISBN: 9780262272186 , 0262272180 , 0585446733 , 9780585446738
    Series Statement: EBSCOhost eBook Collection
    Content: I. Background. 1 Introduction -- 2 A century of capital flows -- II. Capital account liberalization. 3 Capital account liberalization : what do the cross-country studies tell us? -- 4 When does capital account liberalization help more than it hurts? with Carlos Arteta and Charles Wyplosz -- III. Crises. 5 Exchange market mayhem : the antecedents and aftermath of speculative attacks with Andrew Rose and Charles Wyplosz -- 6 Contagious currency crises with Andrew Rose and Charles Wyplosz -- 7 The Baring crisis in a Mexican mirror -- 8 The EMS crisis in retrospect -- 9 Understanding Asia's crisis -- IV. Policy implications. 10 Capital controls : capital idea or capital folly? -- 11 Taming capital flows
    Note: Description based on print version record , Includes bibliographical references (p. [337]-361) and index , Capital flows and crises , I. Background. 1.Introduction --2.A century of capital flows --II. Capital account liberalization. 3.Capital account liberalization : what do the cross-country studies tell us? --4.When does capital account liberalization help more than it hurts? /withCarlos ArtetaandCharles Wyplosz --III. Crises. 5.Exchange market mayhem : the antecedents and aftermath of speculative attacks /withAndrew RoseandCharles Wyplosz --6.Contagious currency crises /withAndrew RoseandCharles Wyplosz --7.The Baring crisis in a Mexican mirror --8.The EMS crisis in retrospect --9.Understanding Asia's crisis --IV. Policy implications. 10.Capital controls : capital idea or capital folly? --11.Taming capital flows. , I. Background. 1.Introduction2.A century of capital flowsII. Capital account liberalization. 3.Capital account liberalization : what do the cross-country studies tell us?4.When does capital account liberalization help more than it hurts?with , III. Crises. 5.Exchange market mayhem : the antecedents and aftermath of speculative attackswith , 6.Contagious currency criseswith , 7.The Baring crisis in a Mexican mirror8.The EMS crisis in retrospect9.Understanding Asia's crisisIV. Policy implications. 10.Capital controls : capital idea or capital folly?11.Taming capital flows.
    Additional Edition: ISBN 0262050676
    Additional Edition: Print version Capital flows and crises
    Language: English
    Keywords: Internationale Kapitalbewegung ; Wirtschaftskrise ; Internationale Finanzpolitik ; Internationale Kapitalbewegung ; Wirtschaftskrise ; Internationale Finanzpolitik ; Liberalisierung ; Electronic books. ; Electronic books ; Electronic books
    URL: Volltext  (Deutschlandweit zugänglich)
    URL: Volltext  (Deutschlandweit zugänglich)
    Author information: Eichengreen, Barry 1952-
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  • 5
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    UID:
    b3kat_BV048269424
    Format: 1 Online-Ressource (37 p)
    Series Statement: World Bank E-Library Archive
    Content: The recent reversal of capital flows to emerging markets has pointed up the continuing relevance of the sudden stop problem. This paper analyzes the sudden stops in capital flows to emerging markets since 1991. It shows that the frequency and duration of sudden stops have remained largely unchanged, but that the relative importance of different factors in their incidence has changed. In particular, global factors appear to have become more important relative to country-specific characteristics and policies. Sudden stops now tend to affect different parts of the world simultaneously rather than bunching regionally. Stronger macroeconomic and financial frameworks have allowed policy makers to respond more flexibly, but these more flexible responses have not guaranteed insulation or mitigated the impact of the phenomenon. These findings suggest that the challenge of understanding and coping with capital-flow volatility is far from fully met
    Additional Edition: Erscheint auch als Druck-Ausgabe Eichengreen, Barry Managing Sudden Stops Washington, D.C : The World Bank, 2016
    Language: English
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 6
    UID:
    b3kat_BV048269237
    Format: 1 Online-Ressource (29 p)
    Series Statement: World Bank E-Library Archive
    Content: According to conventional wisdom, capital flows are fickle. Focusing on emerging markets, this paper asks whether this conventional wisdom still holds in the contemporary world. The results show that, despite recent structural and regulatory changes, much of it survives. FDI inflows are more stable than non-FDI inflows. Within non-FDI inflows, portfolio debt and bank-intermediated flows remain the most volatile. While FDI inflows are driven mainly by pull factors, portfolio debt and equity are driven mainly by push factors; and bank-intermediated flows are driven by a combination of push and pull factors. But capital outflows from emerging markets behave differently. FDI outflows from emerging markets have grown and become significantly more volatile. There is similarly an increase in the volatility of bank-intermediated capital outflows from emerging markets. The findings underscore that outflows from emerging markets, both FDI and bank-related flows, have come to play a growing role and warrant greater attention from analysts and policy makers
    Additional Edition: Erscheint auch als Druck-Ausgabe Eichengreen, Barry Are Capital Flows Fickle? Increasingly? And Does the Answer Still Depend on Type? Washington, D.C : The World Bank, 2017
    Language: English
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 7
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    UID:
    b3kat_BV048267940
    Format: 1 Online-Ressource
    Series Statement: World Development Report Background Papers
    Content: The Marshall Plan is invoked whenever policy makers contemplate large-scale foreign aid. A cursory Google search turns up 'A Marshall Plan for Africa,' 'A Marshall Plan for Haiti,' 'A Marshall Plan for Eastern Europe,' and 'A Marshall Plan for the East.' The foreign aid program officially known as the European Recovery Program (ERP), but forever associated with the name of Secretary of State George C. Marshall, is widely regarded as a singular success. Over the four years from 1948 through 1951, the United States transferred
    Language: English
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 8
    UID:
    b3kat_BV048266177
    Format: 1 Online-Ressource (27 p)
    Content: In May 2013, Federal Reserve officials first began to talk of the possibility of tapering their security purchases. This tapering talk had a sharp negative impact on emerging markets. Different countries, however, were affected very differently. This paper uses data on exchange rates, foreign reserves and equity prices between April and August 2013 to analyze who was hit and why. It finds that emerging markets that allowed the real exchange rate to appreciate and the current account deficit to widen during the prior period of quantitative easing saw the sharpest impact. Better fundamentals (the budget deficit, the public debt, the level of reserves, or the rate of economic growth) did not provide insulation. A more important determinant of the differential impact was the size of the country's financial market: countries with larger markets experienced more pressure on the exchange rate, foreign reserves, and equity prices. This is interpreted as showing that investors are better able to rebalance their portfolios when the target country has a relatively large and liquid financial market
    Additional Edition: Eichengreen, Barry Tapering Talk
    Language: English
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 9
    UID:
    b3kat_BV048266057
    Format: 1 Online-Ressource (38 p)
    Content: This paper considers the determinants of exports of modern services and traditional services. It considers the growth of export volumes as well as export surges, that is, the periods of rapid sustained export growth. It asks whether the determinants of export growth rates and export surges differ between merchandise, traditional services, and modern services and whether developing countries are different. It confirm the importance of the real exchange rate for export growth. The paper finds that the effect of the real exchange rate is even stronger for exports of services than for exports of goods and that it is especially strong for exports of modern services. The results suggest that in the course of their development, as developing countries shift from exporting commodities and merchandise to exporting traditional and modern services, appropriate policies toward the real exchange rate become even more important
    Additional Edition: Eichengreen, Barry The Real Exchange Rate and Export Growth
    Language: English
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 10
    UID:
    b3kat_BV048266504
    Format: 1 Online-Ressource (47 p)
    Content: The "tapering talk" starting on May 22, 2013, when Federal Reserve Chairman Ben Bernanke first spoke of the possibility of the U.S. central bank reducing its security purchases, had a sharp negative impact on emerging markets. India was among those hardest hit. The rupee depreciated by 18 percent at one point, causing concerns that the country was heading toward a financial crisis. This paper contends that India was adversely impacted because it had received large capital flows in prior years and had large and liquid financial markets that were a convenient target for investors seeking to rebalance away from emerging markets. In addition, India's macroeconomic conditions had weakened in prior years, which rendered the economy vulnerable to capital outflows and limited the policy room for maneuver. The paper finds that the measures adopted to handle the impact of the tapering talk were not effective in stabilizing the financial markets and restoring confidence, implying that there may not be any easy choices when a country is caught in the midst of rebalancing of global portfolios. The authors suggest putting in place a medium-term policy framework that limits vulnerabilities in advance, while maximizing the policy space for responding to shocks. Elements of such a framework include a sound fiscal balance, sustainable current account deficit, and environment conducive to investment. In addition, India should continue to encourage relatively stable longer-term flows and discourage volatile short-term flows, hold a larger stock of reserves, avoid excessive appreciation of the exchange rate through interventions with the use of reserves and macroprudential policy, and prepare the banks and firms to handle greater exchange rate volatility
    Additional Edition: Basu, Kaushik From Tapering to Tightening
    Language: English
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext  (Deutschlandweit zugänglich)
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