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Liberalized Portfolio Capital Inflows in Emerging Markets: Sterilization, Expectations, and the Incompleteness of Interest Rate Convergence

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Cited by:

  1. Felipe Alarcón G. & Daniel Calvo C. & Pamela Jervis O., 2008. "Mercado de Cobertura Cambiaria y Tasa de Interés Local en Dólares," Notas de Investigación Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 11(2), pages 79-88, August.
  2. James Dean, 1996. "Recent capital flows to Asia Pacific countries: Trade‐offs and dilemmas," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 1(3), pages 287-317.
  3. José Osler Alzate Mahecha, 2013. "Sudden stops in emerging markets: How to minimize their impact on GDP?," Documentos CEDE 10547, Universidad de los Andes, Facultad de Economía, CEDE.
  4. Cavoli, Tony & Rajan, Ramkishen S., 2015. "Capital inflows and the interest premium problem: The effects of monetary sterilisation in selected Asian economies," International Review of Economics & Finance, Elsevier, vol. 39(C), pages 1-18.
  5. Bernanke, Ben S, 1983. "Nonmonetary Effects of the Financial Crisis in Propagation of the Great Depression," American Economic Review, American Economic Association, vol. 73(3), pages 257-276, June.
  6. Shigeto Kitano & Kenya Takaku, 2017. "Capital Controls and Financial Frictions in a Small Open Economy," Open Economies Review, Springer, vol. 28(4), pages 761-793, September.
  7. Agénor, Pierre-Richard & Hoffmaister, Alexander W. & Medeiros, Carlos, 2002. "Cyclical Fluctuations in Brazil's Real Exchange Rate: the Role of Domestic and External Factors (1988-95)," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 56(1), January.
  8. M. Buch, Claudia & Hanschel, Elke, 2000. "The Effectiveness of Capital Controls: The Case of Slovenia," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 15, pages 602-628.
  9. Ferreira, Alex Luiz & Leon-Ledesma, Miguel A., 2007. "Does the real interest parity hypothesis hold? Evidence for developed and emerging markets," Journal of International Money and Finance, Elsevier, vol. 26(3), pages 364-382, April.
  10. Zehri, Chokri, 2022. "Asymmetric impact of capital controls on international trade," The Journal of Economic Asymmetries, Elsevier, vol. 25(C).
  11. Jeffrey A. Frankel, 2010. "Monetary Policy in Emerging Markets: A Survey," NBER Working Papers 16125, National Bureau of Economic Research, Inc.
  12. Rashid, Abdul & Ling, Jeffrey, 2009. "Fundamentals and Exchange Rates: Evidence from ASEAN-5," MPRA Paper 22451, University Library of Munich, Germany.
  13. Gerald Caprio & Michael Dooley & Danny Leipziger & Carl Walsh, 1996. "The lender of last resort function under a currency board: The case of Argentina," Open Economies Review, Springer, vol. 7(1), pages 625-650, March.
  14. Lapp, Susanne, 1996. "The Feldstein-Horioka paradox: A selective survey of the literature," Kiel Working Papers 752, Kiel Institute for the World Economy (IfW Kiel).
  15. Tony Cavoli, 2005. "Sterilisation, Capital Mobility and Interest Rate Determination for East Asia," School of Economics and Public Policy Working Papers 2005-05, University of Adelaide, School of Economics and Public Policy.
  16. Reinhart, Carmen M & Reinhart, Vincent R, 1999. "On the Use of Reserve Requirements in Dealing with Capital Flow Problems," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 4(1), pages 27-54, January.
  17. Ajay Shah & Ila Patnaik, 2007. "India's Experience with Capital Flows: The Elusive Quest for a Sustainable Current Account Deficit," NBER Chapters, in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences, pages 609-644, National Bureau of Economic Research, Inc.
  18. 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.
  19. Joseph Joyce & Linda Kamas, 1997. "The relative importance of foreign and domestic shocks to output and prices in Mexico and Colombia," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 133(3), pages 458-478, September.
  20. Jeffrey A. Frankel, 1999. "No Single Currency Regime is Right for All Countries or At All Times," NBER Working Papers 7338, National Bureau of Economic Research, Inc.
  21. Remberto Rhenals Monterroso & Alejandro Torres García, 2007. "Volatilidad de los flujos de capital hacia los países en desarrollo: evidencia para América Latina, 1970-2002," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 67, pages 9-42, Julio-Dic.
  22. Kitano, Shigeto & Takaku, Kenya, 2020. "Capital controls, macroprudential regulation, and the bank balance sheet channel," Journal of Macroeconomics, Elsevier, vol. 63(C).
  23. Tony Cavoli, 2006. "Financial Integration in East Asia: How Far? How Much Further to Go?," Working Papers id:372, eSocialSciences.
  24. Tomislav Globan, 2014. "Testing the 'trilemma' in post-transition Europe - a new empirical measure of capital mobility," Post-Communist Economies, Taylor & Francis Journals, vol. 26(4), pages 459-476, December.
  25. Oguzhan Ozcelebi & Nurtac Yildirim, 2017. "Impacts of short-term interest rates on stock returns and exchange rates: Empirical evidence from EAGLE countries," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 26(2), pages 228-255, February.
  26. 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.
  27. C. Emre Alper & Oya Pinar Ardic & Salih Fendoglu, 2009. "The Economics Of The Uncovered Interest Parity Condition For Emerging Markets," Journal of Economic Surveys, Wiley Blackwell, vol. 23(1), pages 115-138, February.
  28. Jeffrey Frankel & Sergio Schmukler & Luis Serven, 2000. "Verifiability and the Vanishing Intermediate Exchange Rate Regime," NBER Working Papers 7901, National Bureau of Economic Research, Inc.
  29. Philippe Bacchetta & Eric van Wincoop, 2000. "Capital Flows to Emerging Markets: Liberalization, Overshooting, and Volatility," NBER Chapters, in: Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies, pages 61-98, National Bureau of Economic Research, Inc.
  30. Frankel, Jeffrey, 2010. "Monetary Policy in Emerging Markets," Handbook of Monetary Economics, in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 25, pages 1439-1520, Elsevier.
  31. Tony Cavoli & Ramkishen S. Rajan, 2006. "Capital Inflows Problem in Selected Asian Economies in the 1990s Revisited: The Role of Monetary Sterilization," Asian Economic Journal, East Asian Economic Association, vol. 20(4), pages 409-423, December.
  32. Martin D. D. Evans & Richard K. Lyons, 2017. "Informational Integration and FX Trading," World Scientific Book Chapters, in: Studies in Foreign Exchange Economics, chapter 7, pages 291-324, World Scientific Publishing Co. Pte. Ltd..
  33. William R. Clark & Mark Hallerberg & Manfred Keil & Thomas D. Willett, 2012. "Measures of financial openness and interdependence," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 4(1), pages 58-75, April.
  34. Doojav, Gan-Ochir, 2008. "Capital flows and their implications for central bank policies in Mongolia," MPRA Paper 72142, University Library of Munich, Germany, revised Dec 2008.
  35. Arghyrou, Michael G. & Gregoriou, Andros & Kontonikas, Alexandros, 2009. "Do real interest rates converge? Evidence from the European union," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 19(3), pages 447-460, July.
  36. 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.
  37. Vincent R. Reinhart, 2000. "How the Machinery of International Finance Runs with Sand in its Wheels," Review of International Economics, Wiley Blackwell, vol. 8(1), pages 74-85, February.
  38. Indrani Chakraborty, 2016. "Global Financial Crisis, Capital Inflows and Policy Trilemma: An Analysis of the Indian Experience," South Asian Journal of Macroeconomics and Public Finance, , vol. 5(1), pages 7-27, June.
  39. Agenor, Pierre-Richard, 1998. "Capital inflows, external shocks, and the real exchange rate," Journal of International Money and Finance, Elsevier, vol. 17(5), pages 713-740, October.
  40. Keith Pilbeam & Joscha Beckmann & Ioannis Kyriakou & Jia Liu, 2023. "Celebrating the 27th anniversary of International Journal of Finance and Economics and shaping the future," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(1), pages 5-8, January.
  41. Bordo, Michael D. & Rockoff, Hugh, 1996. "The Gold Standard as a “Good Housekeeping Seal of Approval”," The Journal of Economic History, Cambridge University Press, vol. 56(2), pages 389-428, June.
  42. Celasun, Oya & Denizer, Cevdet & Dong He, 1999. "Capital flows, macroeconomic management, and the financial system - Turkey, 1989-97," Policy Research Working Paper Series 2141, The World Bank.
  43. Hadiwibowo, Yuniarto & Komatsu, Masaaki, 2011. "Trilemma and macroeconomic policies under different financial structures in Indonesia," Journal of Asian Economics, Elsevier, vol. 22(4), pages 302-310, August.
  44. Demir, Firat, 2004. "A Failure Story: Politics and Financial Liberalization in Turkey, Revisiting the Revolving Door Hypothesis," World Development, Elsevier, vol. 32(5), pages 851-869, May.
  45. Torres G., Alejandro, 2004. "La dinámica de los flujos de capital hacia América Latina y los países en desarrollo, 1970-2002," Perfil de Coyuntura Económica, Universidad de Antioquia, CIE, November.
  46. Shigeto Kitano, 2004. "A Model of Balance‐of‐Payments Crises due to External Shocks: Monetary vs. Fiscal Approaches," Bulletin of Economic Research, Wiley Blackwell, vol. 56(1), pages 53-66, January.
  47. Jeffrey A. Frankel & Nouriel Roubini, 2001. "The Role of Industrial Country Policies in Emerging Market Crises," NBER Working Papers 8634, National Bureau of Economic Research, Inc.
  48. George Furstenberg, 1998. "From Worldwide Capital Mobility to International Financial Integration: A Review Essay," Open Economies Review, Springer, vol. 9(1), pages 53-84, January.
  49. Sarno, Lucio & Taylor, Mark P., 1999. "Hot money, accounting labels and the permanence of capital flows to developing countries: an empirical investigation," Journal of Development Economics, Elsevier, vol. 59(2), pages 337-364, August.
  50. Hasan Hüseyin YILDIRIM & Bahadır İLDOKUZ, 2018. "Korumasız Faiz Parite Kuramı ve 2005-2014 Dönemi Portföy Yatırımlarını Türkiye’ye Çeken Finansal Faktörlerin Tespiti," EKOIST Journal of Econometrics and Statistics, Istanbul University, Faculty of Economics, vol. 14(29), pages 247-268, December.
  51. Shigeto Kitano, 2004. "Macroeconomic effect of capital controls as a safeguard against the capital inflow problem," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 13(3), pages 233-263.
  52. L. Sarno & M. P. Taylor, 2003. "An empirical investigation of asset price bubbles in Latin American emerging financial markets," Applied Financial Economics, Taylor & Francis Journals, vol. 13(9), pages 635-643.
  53. 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.
  54. Carmen M. Reinhart & Vincent R. Reinhart, 2008. "Capital Inflows and Reserve Accumulation: The Recent Evidence," NBER Working Papers 13842, National Bureau of Economic Research, Inc.
  55. Melisso Boschi, 2012. "Long- and short-run determinants of capital flows to Latin America: a long-run structural GVAR model," Empirical Economics, Springer, vol. 43(3), pages 1041-1071, December.
  56. Hoarau, Jean-François, 2009. "L’approche microéconomique du taux de change réel d’équilibre : une revue de la littérature théorique," L'Actualité Economique, Société Canadienne de Science Economique, vol. 85(4), pages 403-436, décembre.
  57. Hashimoto, Yuko, 2003. "An empirical test of likelihood and timing of speculative attacks: the case of Malaysia and Singapore," Japan and the World Economy, Elsevier, vol. 15(2), pages 245-259, April.
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