Sterilization of capital inflows through the banking sector: evidence from Asia
Author
Abstract
Suggested Citation
Download full text from publisher
Other versions of this item:
- Mark M. Spiegel, 1995. "Sterilization of capital inflows through the banking sector: evidence from Asia," Pacific Basin Working Paper Series 95-06, Federal Reserve Bank of San Francisco.
References listed on IDEAS
- Chuhan, Punam & Claessens, Stijn & Mamingi, Nlandu, 1998. "Equity and bond flows to Latin America and Asia: the role of global and country factors," Journal of Development Economics, Elsevier, vol. 55(2), pages 439-463, April.
- Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1994.
"Capital Inflows to Latin America: The 1970s and 1990s,"
International Economic Association Series, in: Edmar L. Bacha (ed.), Economics in a Changing World, chapter 6, pages 123-148,
Palgrave Macmillan.
- Ms. Carmen Reinhart & Mr. Guillermo Calvo & Mr. Leonardo Leiderman, 1992. "Capital Inflows to Latin America: The 1970's and the 1990's," IMF Working Papers 1992/085, International Monetary Fund.
- Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1994. "Capital Inflows to Latin America: The 1970s and 1990s," MPRA Paper 8196, University Library of Munich, Germany.
- Reuven Glick & Ramon Moreno, 1994. "Capital flows and monetary policy in East Asia," Pacific Basin Working Paper Series 94-08, Federal Reserve Bank of San Francisco.
- Menzie Chinn & Michael Dooley, 1995. "National, regional and international capital markets: Measurement and implications for domestic financial fragility," International Finance 9508006, University Library of Munich, Germany.
- Bernanke, Ben S & Blinder, Alan S, 1988.
"Credit, Money, and Aggregate Demand,"
American Economic Review, American Economic Association, vol. 78(2), pages 435-439, May.
- Ben S. Bernanke & Alan S. Blinder, 1988. "Credit, Money, and Aggregate Demand," NBER Working Papers 2534, National Bureau of Economic Research, Inc.
- Ms. Carmen Reinhart & Mr. Mohsin S. Khan, 1995.
"Capital Flows in the APEC Region,"
IMF Occasional Papers
1995/015, International Monetary Fund.
- Reinhart, Carmen & Khan, Mohsin, 1995. "Capital Flows in the APEC Region," MPRA Paper 8200, University Library of Munich, Germany.
- Reinhart, Carmen & Khan, Mohsin, 1995. "Macroeconomic Management in APEC Economies: The Response to Capital Inflows," MPRA Paper 8148, University Library of Munich, Germany.
- Jeffrey A. Frankel, 1997.
"Sterilization of money inflows: Difficult (Calvo) or Easy (Reisen)?,"
Estudios de Economia, University of Chile, Department of Economics, vol. 24(2 Year 19), pages 263-285, December.
- Jeffrey A. Frankel., 1993. "Sterilization of Money Inflows: Difficult (Calvo) or Easy (Reisen)?," Center for International and Development Economics Research (CIDER) Working Papers C93-024, University of California at Berkeley.
- Mr. Jeffrey A. Frankel, 1994. "Sterilization of Money Inflows: Difficult (Calvo) or Easy (Reisen)?," IMF Working Papers 1994/159, International Monetary Fund.
- Frankel, Jeffrey A., 1993. "Sterilization of Money Inflows: Difficult (Calvo) or Easy (Reisen)?," Center for International and Development Economics Research (CIDER) Working Papers 233206, University of California-Berkeley, Department of Economics.
- Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1993.
"Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors,"
IMF Staff Papers, Palgrave Macmillan, vol. 40(1), pages 108-151, March.
- Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1993. "“Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," MPRA Paper 7125, University Library of Munich, Germany.
- Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1993. "Af1uencia de capital y apreciacion del tipo de cambio real en America Latina: E1 papel de los factores externos [Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of Ex," MPRA Paper 13681, University Library of Munich, Germany.
- Van Wijnbergen, S., 1983. "Interest rate management in LDC's," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 433-452, September.
- Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1993.
"Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors,"
IMF Staff Papers, Palgrave Macmillan, vol. 40(1), pages 108-151, March.
- Mr. Leonardo Leiderman & Ms. Carmen Reinhart & Mr. Guillermo Calvo, 1992. "Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," IMF Working Papers 1992/062, International Monetary Fund.
- Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1993. "“Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," MPRA Paper 7125, University Library of Munich, Germany.
- Chuhan, Punam & Claessens,Constantijn A. & Mamingi,, 1993. "Equity and bond flows to Asia and Latin America : the role of global and country factors," Policy Research Working Paper Series 1160, The World Bank.
- Kenneth B. Bercuson & Linda M. Koenig, 1993. "The Recent Surge in Capital Inflows to Three ASEAN Countries: Causes and Macroeconomic Impact," Occasional Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, number occ15, April.
- Lamberte, Mario B., 1994. "Managing Surges in Capital Inflows: The Philippines Case," Discussion Papers DP 1994-20, Philippine Institute for Development Studies.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Steven B. Kamin & Paul R. Wood, 1996. "Capital inflows, financial intermediation, and aggregate demand: empirical evidence from Mexico and other Pacific Basin countries," Proceedings, Federal Reserve Bank of San Francisco, pages 356-405.
- Menzie Chinn & Michael Dooley, 1995. "Asia-Pacific Capital Markets: Measurement of Integration and the Implications for Economic Activity," NBER Working Papers 5280, National Bureau of Economic Research, Inc.
- Ms. Renu Kohli, 2001. "Capital Flows and Their Macroeconomic Effects in India," IMF Working Papers 2001/192, International Monetary Fund.
- Chinn, Menzie-D & Dooley, Michael-P, 1997.
"Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration,"
Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 15(2), pages 81-103, December.
- Michael P. Dooley & Menzie Chinn, 1995. "Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration," NBER Working Papers 5347, National Bureau of Economic Research, Inc.
- Menzie D. Chinn & Kenneth M. Kletzer, 1999.
"International capital inflows, domestic financial intermediation and financial crises under imperfect information,"
Proceedings, Federal Reserve Bank of San Francisco, issue Sep.
- Menzie D. Chinn & Kenneth M. Kletzer, 2000. "International Capital Inflows, Domestic Financial Intermediation and Financial Crises under Imperfect Information," NBER Working Papers 7902, National Bureau of Economic Research, Inc.
- Jeffrey D. Sachs & Aaron Tornell & Andrés Velasco, 1996.
"Financial Crises in Emerging Markets: The Lessons from 1995,"
Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(1), pages 147-216.
- Jeffrey Sachs & Aaron Tornell & Andres Velasco, 1996. "Financial Crises in Emerging Markets: The Lessons from 1995," Harvard Institute of Economic Research Working Papers 1759, Harvard - Institute of Economic Research.
- Jeffrey Sachs & Aaron Tornell & Andres Velasco, 1996. "Financial Crises in Emerging Markets: The Lessons from 1995," NBER Working Papers 5576, National Bureau of Economic Research, Inc.
- Kletzer, Kenneth & Spiegel, Mark M., 2004.
"Sterilization costs and exchange rate targeting,"
Journal of International Money and Finance, Elsevier, vol. 23(6), pages 897-915, October.
- Kenneth M. Kletzer & Mark M. Spiegel, 1999. "Sterilization costs and exchange rate targeting," Pacific Basin Working Paper Series 99-03, Federal Reserve Bank of San Francisco.
- Keltzer, K. & Spiegel, M., 1999. "Sterilization Costs and Exchange Rate Targeting," Papers pb99-03, Economisch Institut voor het Midden en Kleinbedrijf-.
- Angelos A. Antzoulatos, 1996. "Capital flows & current account deficits in the 1990s: why did Latin America & East Asian countries respond differently?," Research Paper 9610, Federal Reserve Bank of New York.
- Pierre-Richard Agénor & Peter J. Montiel, 2006.
"Credit Market Imperfections and the Monetary Transmission Mechanism Part I: Fixed Exchange Rates,"
Centre for Growth and Business Cycle Research Discussion Paper Series
76, Economics, The University of Manchester.
- Pierre-Richard Agénor & Peter J. Montiel, 2006. "Credit Market Imperfections and the Monetary Transmission Mechanism Part I: Fixed Exchange Rates," Economics Discussion Paper Series 0628, Economics, The University of Manchester.
- Ramkishen S. Rajan & Reza Siregar & Iman Sugema, 2003. "Why was there a precrisis capital inflow boom in Southeast Asia?," Journal of International Development, John Wiley & Sons, Ltd., vol. 15(3), pages 265-283.
- Clara Garcia, 2004. "Capital Inflows, Policy Responses, and Their Ill Consequences: Thailand, Malaysia, and Indonesia in the Decade Before the Crises," Working Papers wp81, Political Economy Research Institute, University of Massachusetts at Amherst.
- Graham Bird & Ramkishen Rajan, 2002. "Optimal currency baskets and the third currency phenomenon: exchange rate policy in Southeast Asia," Journal of International Development, John Wiley & Sons, Ltd., vol. 14(8), pages 1053-1073.
- World Bank, 2008. "Turkey - Country Economic Memorandum : Volume 2. Sustaining High Growth, Selected Issues," World Bank Publications - Reports 8017, The World Bank Group.
- Robert Dekle & Kenneth Kletzer, 2002.
"Domestic Bank Regulation and Financial Crises: Theory and Empirical Evidence from East Asia,"
NBER Chapters, in: Preventing Currency Crises in Emerging Markets, pages 507-558,
National Bureau of Economic Research, Inc.
- Kenneth Kletzer & Mr. Robert Dekle, 2001. "Domestic Bank Regulation and Financial Crises: Theory and Empirical Evidence From East Asia," IMF Working Papers 2001/063, International Monetary Fund.
- Robert Dekle & Kenneth M. Kletzer, 2001. "Domestic Bank Regulation and Financial Crises: Theory and Empirical Evidence from East Asia," NBER Working Papers 8322, National Bureau of Economic Research, Inc.
- de Brouwer,Gordon, 1999. "Financial Integration in East Asia," Cambridge Books, Cambridge University Press, number 9780521651486, January.
- Joseph Bisignano, 1996. "Varieties of monetary operating procedures: balancing monetary objectives with market efficiency," BIS Working Papers 35, Bank for International Settlements.
- Renu Kohli, 2004. "The Transition from Official Aid to Private Capital Flows: Implications for a Developing Country," WIDER Working Paper Series RP2004-46, World Institute for Development Economic Research (UNU-WIDER).
- Lim Choon-Seng, 1999. "Extent and Efficacy of Monetary Sterilisation in the SEACEN Countries," Research Studies, South East Asian Central Banks (SEACEN) Research and Training Centre, number rp40, April.
- Mark M. Spiegel, 1995. "Raising reserve requirements in response to Asian capital inflow surges," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue dec1.
- Willett, Thomas D. & Keil, Manfred W. & Ahn, Young Seok, 2002. "Capital mobility for developing countries may not be so high," Journal of Development Economics, Elsevier, vol. 68(2), pages 421-434, August.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1996.
"Inflows of Capital to Developing Countries in the 1990s,"
Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 123-139, Spring.
- Calvo, Guillermo A. & Leiderman, Leonardo & Reinhart, Carmen M., 1994. "Inflows of Capital to Developing Countries in the 1990s: Causes and Effects," IDB Publications (Working Papers) 6291, Inter-American Development Bank.
- Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1996. "Inflows of capital to developing countries in the 1990s," MPRA Paper 13707, University Library of Munich, Germany.
- Leonardo Leiderman & Guillermo A. Calvo & Carmen Reinhart, 1994. "Inflows of Capital to Developing Countries in the 1990s: Causes and Effects," Research Department Publications 4002, Inter-American Development Bank, Research Department.
- Leonardo Leiderman & Guillermo A. Calvo & Carmen Reinhart, 1994. "Entradas de capitales a países en desarrollo en los años 90: causas y efectos," Research Department Publications 4003, Inter-American Development Bank, Research Department.
- Reinhart, C.M. & Dunaway, S., 1996.
"Dealing with Capital Inflows. Are There Any Lessons?,"
Research Paper
28, World Institute for Development Economics Research.
- Reinhart, Carmen & Calvo, Guillermo, 1999. "The Consequences and Management of Capital Inflows: Lessons for Sub-Saharan Africa," MPRA Paper 7901, University Library of Munich, Germany.
- Reinhart, Carmen & Reinhart, Vincent, 1998. "“Some Lessons for Policy Makers Who Deal with the Mixed Blessing of Capital Inflows,”," MPRA Paper 7123, University Library of Munich, Germany.
- Reinhart, Carmen & Dunnaway, Steve, 1996. "Dealing with capital inflows: Are there any lessons?," MPRA Paper 13764, University Library of Munich, Germany.
- Menzie Chinn & Michael Dooley, 1995. "Asia-Pacific Capital Markets: Measurement of Integration and the Implications for Economic Activity," NBER Working Papers 5280, National Bureau of Economic Research, Inc.
- Goldstein, Morris, 1995. "Coping with too much of a good thing : policy responses for large capital inflows in developing countries," Policy Research Working Paper Series 1507, The World Bank.
- Frankel, Jeffrey A & Okongwu, Chudozie, 1996.
"Liberalized Portfolio Capital Inflows in Emerging Markets: Sterilization, Expectations, and the Incompleteness of Interest Rate Convergence,"
International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 1(1), pages 1-23, January.
- Jeffrey A. Frankel and Chudozie Okongwu., 1995. "Liberalized Portfolio Capital Inflows in Emerging Markets: Sterilization, Expectations, and the Incompleteness of Interest Rate Convergence," Center for International and Development Economics Research (CIDER) Working Papers C95-054, University of California at Berkeley.
- Frankel, Jeffrey A. & Okongwu, Chudozie, 1995. "Liberalized Portfolio Capital Inflows in Emerging Markets: Sterilization, Expectations, and the Incompleteness of Interest Rate Convergence," Center for International and Development Economics Research (CIDER) Working Papers 233414, University of California-Berkeley, Department of Economics.
- Jeffrey A. Frankel & Chudozie Okongwu, 1995. "Liberalized portfolio capital inflows in emerging markets: sterilization, expectations and the incompleteness of interest rate convergence," Pacific Basin Working Paper Series 95-04, Federal Reserve Bank of San Francisco.
- Menzie D. Chinn & Michael P. Dooley, 1997. "Asia Pacific Capital Markets: Integration and Implications for Economic Activity," NBER Chapters, in: Regionalism versus Multilateral Trade Arrangements, pages 169-202, National Bureau of Economic Research, Inc.
- Fernandez-Arias, Eduardo & Montiel, Peter J., 1995. "The surge in capital inflows to developing countries : prospects and policy response," Policy Research Working Paper Series 1473, The World Bank.
- Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1994.
"The Capital Inflows Problem: Concepts And Issues,"
Contemporary Economic Policy, Western Economic Association International, vol. 12(3), pages 54-66, July.
- Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1993. "El problema de la afluencia de capital: Conceptos y temas [The Capital Inflows Problem: Concepts and Issues]," MPRA Paper 13682, University Library of Munich, Germany.
- Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1994. "The capital inflows problem: Concepts and issues," MPRA Paper 13902, University Library of Munich, Germany.
- Ms. Carmen Reinhart & Mr. Leonardo Leiderman & Mr. Guillermo Calvo, 1993. "The Capital Inflows Problem: Concepts and Issues," IMF Policy Discussion Papers 1993/010, International Monetary Fund.
- Steven B. Kamin & Paul R. Wood, 1997. "Capital inflows, financial intermediation, and aggregate demand," International Finance Discussion Papers 583, Board of Governors of the Federal Reserve System (U.S.).
- Menzie Chinn & Michael Dooley, 1995. "National, regional and international capital markets: Measurement and implications for domestic financial fragility," International Finance 9508006, University Library of Munich, Germany.
- Griffith-Jones, Stephany & Montes, Manuel F. & Nasution, Anwar (ed.), 2001. "Short-Term Capital Flows and Economic Crises," OUP Catalogue, Oxford University Press, number 9780198296867.
- Manuel F. Montes, 1996. "Country Responses to Massive Capital Flows," WIDER Working Paper Series wp-1996-121, World Institute for Development Economic Research (UNU-WIDER).
- Steven B. Kamin & Paul R. Wood, 1996. "Capital inflows, financial intermediation, and aggregate demand: empirical evidence from Mexico and other Pacific Basin countries," Proceedings, Federal Reserve Bank of San Francisco, pages 356-405.
- Gavin, Michael & Hausmann, Ricardo & Leiderman, Leonardo, 1995.
"The Macroeconomics of Capital Flows to Latin America: Experience and Policy Issues,"
IDB Publications (Working Papers)
6188, Inter-American Development Bank.
- Michael Gavin & Ricardo Hausmann & Leonardo Leiderman, 1995. "Macroeconomics of Capital Flows to Latin America: Experience and Policy Issues," Research Department Publications 4012, Inter-American Development Bank, Research Department.
- Koepke, Robin, 2015. "What Drives Capital Flows to Emerging Markets? A Survey of the Empirical Literature," MPRA Paper 62770, University Library of Munich, Germany.
- Clara Garcia, 2004. "Capital Inflows, Policy Responses, and Their Ill Consequences: Thailand, Malaysia, and Indonesia in the Decade Before the Crises," Working Papers wp81, Political Economy Research Institute, University of Massachusetts at Amherst.
- Jeffrey A. Frankel & Nouriel Roubini & Mervyn King & Robert Rubin & George Soros, 2003. "Industrial Country Policies," NBER Chapters, in: Economic and Financial Crises in Emerging Market Economies, pages 155-296, National Bureau of Economic Research, Inc.
- Carmen M. Reinhart & Vincent R. Reinhart, 2009.
"Capital Flow Bonanzas: An Encompassing View of the Past and Present,"
NBER Chapters, in: NBER International Seminar on Macroeconomics 2008, pages 9-62,
National Bureau of Economic Research, Inc.
- Carmen M. Reinhart & Vincent R. Reinhart, 2009. "Capital Flow Bonanzas: An Encompassing View of the Past and Present," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 5(1), pages 9-62.
- Reinhart, Vincent & Reinhart, Carmen, 2008. "Capital Flow Bonanzas: An Encompassing View of the Past and Present," CEPR Discussion Papers 6996, C.E.P.R. Discussion Papers.
- Carmen M. Reinhart & Vincent R. Reinhart, 2008. "Capital Flow Bonanzas: An Encompassing View of the Past and Present," NBER Working Papers 14321, National Bureau of Economic Research, Inc.
- Montes, M.F., 1996. "Country Responses to Massive Capital Flows," Research Paper 121, World Institute for Development Economics Research.
- Jeffrey A. Frankel and Sergio L. Shmukler., 1996.
"Country Fund Discounts, Asymmetric Information and the Mexican Crisis of 1994: Did Local Residents Turn Pessimistic Before International Investors?,"
Center for International and Development Economics Research (CIDER) Working Papers
C96-067, University of California at Berkeley.
- Frankel, Jeffrey A. & Shmukler, Sergio L., 1996. "Country Fund Discounts, Asymmetric Information and the Mexican Crisis of 1994: Did Local Residents Turn Pessimistic Before International Investors?," Center for International and Development Economics Research (CIDER) Working Papers 233431, University of California-Berkeley, Department of Economics.
- Jeffrey A. Frankel & Sergio L. Schmukler, 1996. "Country Fund Discounts, Asymmetric Information and the Mexican Crisis of 1994: Did Local Residents Turn Pessimistic Before International Investors?," NBER Working Papers 5714, National Bureau of Economic Research, Inc.
More about this item
Keywords
Capital movements; Bank reserves; Developing countries; Asia; Pacific Area;All these keywords.
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedfer:y:1995:p:17-34:n:3. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Federal Reserve Bank of San Francisco Research Library (email available below). General contact details of provider: https://edirc.repec.org/data/frbsfus.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.