Regional and Global Capital Flows: Macroeconomic Causes and by Takatoshi Ito, Anne O. Krueger

By Takatoshi Ito, Anne O. Krueger

The quantity of capital flows among business and constructing international locations has grown dramatically long ago decade and has turn into a massive factor in a global that's more and more "globalized." right here Takatoshi Ito and Anne O. Krueger, best specialists in this subject, have assembled a gaggle of students who tackle varieties of capital flows—bank lending, bonds, direct overseas investment—and the results they carry for monetary functionality. With its specific specialise in the Asian monetary crises, this paintings provides a brand new version for coverage makers in all places in puzzling over the position of personal capital flows.

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1983. Bank runs, deposit insurance, and liquidity. Journal of Political Economy 91: 401–19. Diaz-Alejandro, Carlos F. 1985. Good-bye financial repression, hello financial crash. Journal of Development Economics 19 (1/2): 1–24. Reprinted in Trade, development and the world economy: Selected essays of Carlos Diaz-Alejandro, ed. A. Velasco, 364–86. : Blackwell, 1988). Dornbusch, Rudiger. 1998. Asian crisis themes. Cambridge: MIT, Department of Economics. Mimeograph, February. Dornbusch, Rudiger, Ilan Goldfajn, and Rodrigo O.

It is worth emphasizing that our estimates do not appear to be systematically biased towards the countries that suffered a crisis in 1997. Note, in fact, that noncrisis countries such as Mexico, China, India, and Pakistan all show a very large fraction of nonperforming loans (over 10 percent of total loans). Fiscal Cost of the Bailout of the Banking System as a Share of GDP (NPLY) This variable is computed as follows. We take the estimate of the nonperforming loans as a share of bank assets (NPL) derived above and multiply it by the ratio of claims on the private sector by deposit money banks at the end of 1996 to GDP.

Mimeograph, February. Dornbusch, Rudiger, Ilan Goldfajn, and Rodrigo O. Valdes. 1995. Currency crises and collapses. Brookings Papers on Economic Activity, issue no. 1: 219–70. : Brookings Institution. Dziobek, Claudia, and Ceyla Pazarbasioglu. 1997. Lessons from systemic bank restructuring: A survey of 24 countries. IMF Working Paper no. 97/161. : International Monetary Fund. Eichengreen, Barry, Andrew K. Rose, and Charles Wyplosz. 1996. Contagious currency crises: First tests. Scandinavian Journal of Economics 98 (4): 463–84.

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