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Full Description
The industrialised world has witnessed a dramatic increase in the volume of international capital movements in the forms of borrowing and lending, bond transactions and foreign direct investment. At the same time, many non-OECD countries have embarked on extensive programmes of capital market liberalisation. This volume examines the implications of this increased international capital mobility for both industrialised and developing countries. The contributors look at the effect of developments on economic fluctuations, and on fiscal and monetary policies under alternative exchange rate regimes. They also address the erosion of capital taxation as a source of government revenue, the contribution of mobile capital to development with 'endogenous growth', the role of mobile capital in reducing unemployment where there are large-scale population flows, and the convergence of national growth rates.
Contents
Preface; Foreword; 1. Introduction Leonardo Leiderman and Assaf Razin; Part I. Macroeconomic Policy: 2. Are industrial-country consumption risks globally diversified? Mauric Obstfeld; Discussion Benjamin Bental; 3. Business-cycle volatility and openness: an exploratory cross-sectional analysis Assaf Razin and Andrew K. Rose; Discussion Enrique G. Mendoza and Vittorio Grilli; 4. The robustness of macroeconomic indicators of capital mobility Enrique G. Mendoza; Discussion Joseph Zeira; Part II. Exchange Rate Volatility: 5. An interpretation of recent research on exchange rate target zones Lars E. O. Svensson; Discussion Shmuel Kandel and Andrew K. Rose; 6. Some evidence on a strategic model of exchange rate bands Alex Cukierman, Miguel A. Kiguel and Leonardo Leiderman; Discussion Lars E. O. Svensson and Giuseppe Bertola; 7. Exchange rate volatility, uncertainty and investment: an empirical investigation John Huizinga; Discussion Rafi Melnick; Part III. Investment and Growth: 8. Foreign finance and economics growth: and empirical analysis Daniel Cohen; Discussion Elhanan Helpman; 9. Convergence in growth rates: a quantitative assessment of the role of capital mobility and international taxation Assaf Razin and Chi-Wa Yuen; Discussion Oren Sussman; 10. Will government policy magnify capital flow volatility? Giuseppe Bertola and Allan Drazen; Discussions Gian Maria Milesi-Ferretti and Nathan Sussman; Part IV. Policy Perspectives: 11. The political economy of capital controls Alberto Alesina, Vittorio Grilli and Gian Maria Milesi-Ferretti; Discussion Roni Schachar and Marco Pagano; 12. Capital controls and capital account liberalisation in industrial countries Donald J. Mathieson and Liliana Rojas-Suarez; Discussion Eran Yashiv.
