Description
Book SynopsisManaging Capital Flows provides analyses designed to help policymakers develop a framework for managing capital flows that is consistent with prudent macroeconomic and financial sector stability.
While capital inflows can provide emerging market economies with significant benefits in pursuing economic development and growth, they can also pose serious policy challenges for macroeconomic management and financial sector supervision. The expert contributors cover a wide range of issues related to managing capital flows and analyze the experience of emerging Asian economies in dealing with surges in capital inflows. They also discuss possible policy measures to manage capital flows while remaining consistent with the goals of macroeconomic and financial sector stability. Building on this analysis, the book presents options for workable national policies and regional policy cooperation, particularly in exchange rate management.
Containing chapters that bring in international experiences relevant to Asia and other emerging market economies, this insightful book will appeal to policymakers in governments and financial institutions as well as public and private finance experts. It will also be of great interest to advanced students and academic researchers in finance.
Trade Review‘This is a good reference work to identify the slow but steady paradigm shift in thinking about the role of the State in handling hot money flows across international boundaries. It should appeal to both policymakers and students in economics, banking and finance in the search for workable national policies in an increasingly global and interlinked economy.’ -- Herb Thompson, Journal of Contemporary Asia
‘Managing Capital Flows
is an invaluable contribution to international economic studies shelves and highly recommended especially for college library collections and economic policymakers’ reading lists.’ -- The Midwest Book Review
‘Restraints on hot money flows are respectable again, if only because of near zero short-term interest rates in the United States and Japan. This volume focuses mainly on Asian economies through overviews and nine specific country studies. It is an invaluable reference work on how governments use ever-changing rules governing banks as well as equity and portfolio investments to insulate their monetary systems from international hot money inflows.’ -- Ronald I. McKinnon, Stanford University, US
Table of ContentsContents: Preface Masahiro Kawai Introduction Masahiro Kawai and Mario B. Lamberte PART I: MANAGING CAPITAL FLOWS IN EMERGING ASIA AND REVIEW OF THE LITERATURE 1. Managing Capital Flows: Emerging Asia’s Experiences, Policy Issues and Challenges Masahiro Kawai and Mario B. Lamberte 2. A Survey of the Literature on Managing Capital Inflows Masahiro Kawai and Shinji Takagi PART II: PERSPECTIVE PAPERS 3. Central Banks and Capital Flows Stephen Grenville 4. Managing Large Capital Inflows: Taking Stock of International Experiences Susan Schadler 5. Managing Recent Hot Money Inflows in Asia Robert N. McCauley 6. Crises, Capital Controls and Financial Integration Eduardo Levy-Yeyati, Sergio L. Schmukler and Neeltje van Horen 7. Managing Capital Flows: Experiences from Central and Eastern Europe Jürgen von Hagen and Iulia Siedschlag PART III: COUNTRY STUDIES 8. Managing Capital Flows: The Case of the People’s Republic of China Yongding Yu 9. Managing Capital Flows: The Case of India Ajay Shah and Ila Patnaik 10. Managing Capital Flows: The Case of Indonesia Ira S. Titiheruw and Raymond Atje 11. Managing Capital Flows: The Case of the Republic of Korea Soyoung Kim and Doo Yong Yang 12. Managing Capital Flows: The Case of Malaysia Kee Kuan Foong 13. Managing Capital Flows: The Case of the Philippines Josef T. Yap 14. Managing Capital Flows: The Case of Singapore Hwee Kwan Chow 15. Managing Capital Flows: The Case of Thailand Kanit Sangsubhan 16. Managing Capital Flows: The Case of Viet Nam Tri Thanh Vo and Chi Quang Pham Index
