Reinhart, Carmen (2006): What is next for financial globalization: Some perspective gained from the experience of capital flows to emerging market economies.
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From Hume’s discussion of the specie-flow mechanism under the gold standard to the Keynes-Ohlin debate on the transfer problem associated with German reparations after the First World War, understanding the flow of capital across national borders has been central to international economics. My work on the topic has focused mainly on the flow of funds between rich and poor countries.
|Item Type:||MPRA Paper|
|Original Title:||What is next for financial globalization: Some perspective gained from the experience of capital flows to emerging market economies|
|Keywords:||capital flows financial crises international interest rates|
|Subjects:||F - International Economics > F3 - International Finance > F32 - Current Account Adjustment ; Short-Term Capital Movements
F - International Economics > F2 - International Factor Movements and International Business > F21 - International Investment ; Long-Term Capital Movements
|Depositing User:||Carmen Reinhart|
|Date Deposited:||14. Feb 2009 14:37|
|Last Modified:||13. Feb 2013 01:57|
Ariyoshi, Akira, Karl Habermeier, Bernard Laurens, Inci Okter-Robe, Jorge Canales- Kriljenko, and Anderi Kirilenko, “Capital Controls: Country Experiences with Their Use and Liberalization”, International Monetary Fund Occasional Paper 190, 2000.
Guillermo A. Calvo, Leonardo Leiderman, and Carmen M. Reinhart, “Inflows of Capital to Developing Countries in the 1990s,” Journal of Economic Perspectives, Spring 1996, vol 10, no. 2, pp. 123-139.
Calvo, Guillermo and Carmen Reinhart, “When Capital Inflows Come to a Sudden Stop: Consequences and Policy Options” in Peter Kenen and Alexandre Swoboda, eds. Reforming the International Monetary and Financial System, (Washington DC: International Monetary Fund, 2000), 175-201.
Calvo, Guillermo A. and Carmen M. Reinhart, “Fear of Floating,” Quarterly Journal of Economics, Vol. CXVII No. 2, May 2002, 379-408.
Chanda, Areendam, “The Influence of Capital Controls on Long Run Growth: Where and How Much?” Mimeograph, North Carolina State University, September 2003.
De Gregorio, José, Sebastian Edwards, and Rodrigo Valdés, “Controls on Capital Inflows: Do They Work?” Journal of Development Economics, Vol. 3 No. 1, 2000, 59-83.
Desai, Mihir, Fritz Foley, and James Hanes, “Capital Controls, Liberalizations, and Foreign Direct Investment”, National Bureau of Economic Research Working Paper 10337, March 2004. Dornbusch, Rudi, “Malaysia: Was It Different?” National Bureau of Economic Research Working Paper 8325, June 2001.
Edwards, Sebastian, “How Effective Are Controls on Capital Inflows? An Evaluation of Chile’s Experience,” Mimeograph, UCLA, June 1999.
Edwards, Sebastian, “How Effective are Capital Controls?” Journal of Economic Perspectives Vol. 13 No.4, Fall 1999, 65-84.
Edwards, Sebastian and Roberto Rigobon, “Capital Controls, Managed Exchange Rates, and External Vulnerability,” Mimeograph, UCLA, February 2004.
Forbes, Kristen, “One Cost of the Chilean Capital Controls: Increased Financial Constraints for Smaller Trade Firms”, National Bureau of Economic Research Working Paper 9777, June 2003.
Edison, Hali and Carmen Reinhart, “Stopping Hot Money: On the Use of Capital Controls during Financial Crises”, Journal of Development Economics, Vol. 66 No. 2 December 2001, 533-553.
Edison, Hali, Michael Klein, Licca Ricci, and Torsten Slok, “Capital Account Liberalization and Economic Performance: Survey and Synthesis”, International Monetary Fund Working Paper 02/120, July 2002.
Johnson, Simon, and Todd Mitton, “ Cronyism and Capital Controls: The Case of Malaysia,” Journal of Financial Economics, 2003.
Johnston, Barry. and Natalia Tamirisia, “Why do Countries Use Capital Controls?”, International Monetary Fund Working Paper 98/181, December 1998.
Kaminsky, Graciela, and Carmen Reinhart, “Financial Crises in Asia and Latin America: Then and Now,” American Economic Review, Vol. 88, May 1998, 444-448.
Kaminksy, Graciela and Carmen Reinhart, “The Twin Crises: The Causes of Banking and Balance-of-Payment Problems,” American Economic Review, Vol. 89, No. 3, June 1999, 473-500.
Kaminsky, Graciela and Carmen Reinhart, ““The Center and the Periphery: The Globalization of Financial Shocks,” (with Graciela L. Kaminsky) NBER Working Paper 9479, February 2003 forthcoming in Carmen M. Reinhart, Carlos A. Végh and Andres Velasco eds. Capital Flows, Crisis, and Stabilization: Essays in Honor of Guillermo A. Calvo.
Kaminsky, Graciela, Carmen Reinhart, and Carlos Vègh, “The Unholy Trinity of Financial Contagion” (with Graciela L. Kaminsky and Carlos A. Végh), Journal of Economic Perspectives, Vol. 17 No. 4, Fall 2003, 51-74.
DeKaplan, Ethan and Dani Rodrik, “Did the Malaysian Capital Controls Work?” in S. Edwards and J. Frankel, eds., Preventing Currency Crises in Emerging Markets, (Chicago: University of Chicago Press for the NBER, 2002).
Labán, Raul M., and Felipe Larraín, “What determines Capital Inflows? An Empirical Analysis for Chile,” Faculty Research Working Paper Series R97-09, JFK School of Government, Harvard University, April 1997.
Labán, Raul M., and Felipe Larraín, “The Return of Private Capital to Chile in the 1990s: Causes, Effects, and Policy Reactions,” Faculty Research Working Paper Series R98-02, JFK School of Government, Harvard University, January 1998.
Le Fort, Guillermo and Carlos Budnevich, “Capital Account Regulations and Macroeconomic Policy: Two Latin Experiences,” Mimeograph, Banco Central de Chile, March 1996.
Lucas, Robert, “Why Doesn’t Capital Flow from Rich to Poor Countries,” American Economic Review, May 1990, 92-96.
Magud, Nicholas and Carmen Reinhart, “Capital Controls: An Evaluation” in Sebastian Edwards (ed.), International Capital Flows (Chicago: Chicago University Press for the NBER, forthcoming 2005).
Miniane, Jacques and John Rogers, “Capital Controls and the International Transmission of U.S. Money Shocks,” Board of Governors of the Federal Reserve, mimeograph, June 2004.
Montiel, Peter and Carmen M. Reinhart (1999), “Do Capital Controls and Macroeconomic Policies Influence the Volume and Composition of Capital Flows? Evidence from the 1990’s,” Journal of International Money and Finance, Vol. 18 No. 4, August, 619-635.
Nitithan Prapas, Isriya, Sunil Rongala, and Thomas D. Willett, “The Role of Capital Controls and Currency Regimes in the Asian Crisis, Mimeograph School of Politics and Economics Claremont Graduate University, August 2002.
Reinhart, Carmen and Vincent R. Reinhart “Some Lessons for Policy Makers Who Deal with the Mixed Blessing of Capital Inflows,” in Miles Kahler, ed. Capital Flows and Financial Crises, Council on Foreign Relations Book (Ithaca, NY: Cornell University Press, 1998), 93-127.
Reinhart, Carmen and Vincent R. Reinhart, “On the Use of Reserve Requirements in Dealing with the Capital-Flow Problem,” International Journal of Finance and Economics, Vol. 4 No.1, January 1999, 27-54.
Reinhart, Carmen and Vincent R. Reinhart, “What Hurts Most: G-3 Exchange Rate or Interest Rate Volatility?” in Sebastian Edwards and Jeffrey Frankel, eds. Preventing Currency Crises in Emerging Markets (Chicago: University of Chicago Press for the NBER, 2001), 73-99.
Reinhart, Carmen and Kenneth Rogoff, “Serial Default and the “Paradox” of Rich-to-Poor Capital Flows,” American Economic Review, Vol. 94, No. 2, May 2004, 53-59.
Reinhart, Carmen, Kenneth Rogoff, and Miguel Savastano, “Debt Intolerance,” Brookings Papers on Economic Activity, Spring 2003, 1-74.
Reinhart, Carmen and Todd Smith (1998), “Too Much of a Good Thing: The Macroeconomic Effects of Taxing Capital Inflows,” in Reuven Glick, ed. Managing Capital Flows and Exchange Rates: Perspectives from the Pacific Basin, (Cambridge: Cambridge University Press), 436-464.
Reinhart, Carmen and Todd Smith, “Temporary Controls on Capital Inflows”, Journal of International Economics, Vol. 57 No. 2, December 2002, 327-351.
Tamirisia, Natalia, “Do Macroeconomic Effects of Capital Controls Vary by Their Type? Evidence from Malaysia”, International Monetary Fund Working Paper 04/3, January 2004.
Tamirisia, Natalia, “The Malaysian Batik of Capital Controls,” International Monetary Fund, mimeograph 2004.
Ulan, Michael K. “Is a Chilean-Style Tax on Sort-Term Capital Inflows Stabilizing?” Open Economies Review, Vol. 11.
Valdés-Prieto, Salvador, and Marcelo Soto, “New Selective Capital Controls in Chile: Are They Effective? Mimeograph, Universidad Católica de Chile, September 1995.
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