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Beware of Emigrants Bearing Gifts
			: Optimal Fiscal and Monetary Policy in the Presence of Remittances

Beware of Emigrants Bearing Gifts : Optimal Fiscal and Monetary Policy in the Presence of Remittances »

Volume/Issue: 2006/61

Series: IMF Working Papers

Author(s): Michael Gapen , Thomas Cosimano , and Ralph Chami

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2006

DOI: http://dx.doi.org/10.5089/9781451863215.001

ISBN: 9781451863215

Keywords: Ramsey policies, optimal monetary policy, remittance, money growth, inflation, Financial Markets and the Macroeconomy, International Factor Movements And International Business,

This paper uses a stochastic dynamic general equilibrium model to investigate the influence of countercyclical remittances on the conduct of fiscal and monetary policy and trace their effects on real and nominal va...

Capital Inflows and Real Exchange Rate Appreciation in Latin America
			: The Role of External Factors

Capital Inflows and Real Exchange Rate Appreciation in Latin America : The Role of External Factors »

Volume/Issue: 1992/62

Series: IMF Working Papers

Author(s): Leonardo Leiderman , Carmen Reinhart , and Guillermo Calvo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1992

DOI: http://dx.doi.org/10.5089/9781451964455.001

ISBN: 9781451964455

Keywords: capital inflows, exchange rate, real exchange rate, capital inflow, capital outflows

The characteristics of recent capital inflows into Latin America are discussed. It is argued that these inflows are partly explained by conditions outside the region, like recession in the United States and lower i...

Capital Inflows to Latin America
			: The 1970's and the 1990's

Capital Inflows to Latin America : The 1970's and the 1990's »

Volume/Issue: 1992/85

Series: IMF Working Papers

Author(s): Carmen Reinhart , Guillermo Calvo , and Leonardo Leiderman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1992

DOI: http://dx.doi.org/10.5089/9781451954265.001

ISBN: 9781451954265

Keywords: capital inflows, exchange rate, real exchange rate, exchange rate appreciation

During the past two years Latin America has received sizable international capital inflows. This paper compares the recent experience with that of the late 1970s. The analysis examines differences and similarities...

Current Account Reversals and Currency Crises
			: Empirical Regularities

Current Account Reversals and Currency Crises : Empirical Regularities »

Volume/Issue: 1998/89

Series: IMF Working Papers

Author(s): Gian Milesi-Ferretti , and Assaf Razin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1998

DOI: http://dx.doi.org/10.5089/9781451952421.001

ISBN: 9781451952421

Keywords: currency crisis, current account reversal, growth, real exchange rate, current account deficits, currency crises, current account balance, current account reversals

This paper studies large reductions in current account deficits and exchange rate depreciations in low- and middle-income countries. It examines which factors help predict the occurrence of a reversal or a currency...

Current Account Sustainability
			: Selected East Asian and Latin American Experiences

Current Account Sustainability : Selected East Asian and Latin American Experiences »

Volume/Issue: 1996/110

Series: IMF Working Papers

Author(s): Assaf Razin , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1996

DOI: http://dx.doi.org/10.5089/9781451853292.001

ISBN: 9781451853292

Keywords: current account, current account deficits, capital inflows, external debt, capital flows

A number of developing countries have run large and persistent current account deficits in both the late seventies/early eighties and in the early nineties, raising the issue of whether these persistent imbalances...

Do IMF-Supported Programs Boost Private Capital Inflows? the Role of Program Size and Policy Adjustment

Do IMF-Supported Programs Boost Private Capital Inflows? the Role of Program Size and Policy Adjustment »

Volume/Issue: 2003/231

Series: IMF Working Papers

Author(s): Roberto Benelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2003

DOI: http://dx.doi.org/10.5089/9781451875553.001

ISBN: 9781451875553

Keywords: Success of IMF programs, policy adjustment under programs, private capital, private capital flows, capital flows, capital inflows, private capital inflows, International Monetary Arrangements and Institutions, International Lending and Debt Problems, Open Economy Macroeconomics,

I analyze empirically whether program size (the size of financial assistance) and policy adjustment matter for the success of IMF-supported programs. I define a program as successful if the initial program projecti...

Exchange Rate Flexibility, Volatility and the Patterns of Domestic and Foreign Direct Investment

Exchange Rate Flexibility, Volatility and the Patterns of Domestic and Foreign Direct Investment »

Volume/Issue: 1992/20

Series: IMF Working Papers

Author(s): Joshua Aizenman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1992

DOI: http://dx.doi.org/10.5089/9781451843798.001

ISBN: 9781451843798

Keywords: exchange rate, exchange rate regime, flexible exchange rate, fixed exchange rate, fixed exchange rate regime

This paper investigates the factors determining the impact of exchange rate regimes on the behavior of domestic investment and foreign direct investment (FDI). Producers may diversify internationally in order to in...

Fixed Investment and Capital Flows 
			: A Real Options Approach

Fixed Investment and Capital Flows : A Real Options Approach »

Volume/Issue: 1998/125

Series: IMF Working Papers

Author(s): Jorge Chan-Lau , and Peter Clark

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1998

DOI: http://dx.doi.org/10.5089/9781451937398.001

ISBN: 9781451937398

Keywords: capital flows, irreversible investment, interest rate spread, strategic behavior, capital stock, rate of return, investors, cost of capital

This paper draws a link between international capital flows and the real options approach to investment by extending a model of real estate investment. It explains gradual investment, investment booms, and investme...

Foreign Direct Investment in Emerging Markets
			: Income, Repatriations and Financial Vulnerabillities

Foreign Direct Investment in Emerging Markets : Income, Repatriations and Financial Vulnerabillities »

Volume/Issue: 2002/47

Series: IMF Working Papers

Author(s): Alexander Lehmann

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2002

DOI: http://dx.doi.org/10.5089/9781451846652.001

ISBN: 9781451846652

Keywords: Profitability of Foreign Direct Investment, Cashflows in Multinational Corporations, direct investment, fdi, foreign direct investment, investors, host country, Financial Aspects of Economic Integration, Payout Policy,

Based on U.S. data, the returns on foreign direct investment in emerging markets are shown to be substantially higher than would be suggested by official balance of payments statistics. This paper identifies the de...

Large Capital Flows
			: A Survey of the Causes, Consequences, and Policy Responses

Large Capital Flows : A Survey of the Causes, Consequences, and Policy Responses »

Volume/Issue: 1999/17

Series: IMF Working Papers

Author(s): Alejandro Lopez Mejia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1999

DOI: http://dx.doi.org/10.5089/9781451843514.001

ISBN: 9781451843514

Keywords: Capital Flows, Crises, Policy Responses, Survey, capital inflows, exchange rate, private capital flows, private capital

This paper reviews the causes, consequences, and policy responses to large capital flows in several emerging markets. It opens by studying recent patterns of capital flows, and then discusses the causes of capital...