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Capital Controls, Exchange Rates, and Monetary Policy in the World Economy

Опубликовано на портале: 11-11-2004
New York: Cambridge University Press, 1995
The essays collected in this volume, written by well-known academics and policy analysts, discuss the impact of increased capital mobility on macroeconomic performance. The authors highlight the most adequate ways to manage the transition from a semi-closed economy to a semi-open one. Additionally, issues related to the measurement of openness, monetary control, optimal exchange rate regimes, sequencing of reforms, and real exchange rate dynamics under different degrees of capital mobility are carefully analyzed.
The book is divided into four parts after the editor's introduction. The first part contains the general analytics of monetary policy in open economies. Parts two to four deal with diverse regional experiences, covering Europe, the Asian Pacific region, and Latin America. The papers on which the essays are based were originally presented at a conference on Monetary Policy in Semi-Open Economies, held in Seoul, Korea, in November 1992.

Книга представляет собой коллекцию статей ведущих экономистов в области международной экономики. Достоинство их работ состоит в широте охвата. В них обозревается большое количество вопросов открытой экономики: монетарная политика, режим обменного курса, мобильность капитала, стабилизационная политика, оптимальные валютные зоны и условия необходимые для их создания. В книге Вы найдете сочетание теории, истории и количественного анализа, проведенного по странам Азиатско-Тихоокеанского региона, Латинской Америки и Европы.
    Introduction, Sebastian Edwards

    Part I. Monetary policy and Stabilization in Open Economies:

  1. Stabilization and liberalization policies in semi-open economies, Robert Mundell
  2. Monetary regime choice for a semi-open country, Jeffrey A. Frankel
  3. Capital account liberalization: bringing policy in line with reality, Manuel Guitian

    Part II. Capital Mobility and Macroeconomic Policy in Europe:

  4. The lessons of European monetary and exchange rate experience, Patrick Minford
  5. Experience with controls on international capital movements in OECD countries: solution or problem for monetary policy?, Jeffrey R. Shafer
  6. Real exchange rates and capital flows: EMS experiences, Alberto Giovannini
  7. Monetary policy after German unification, Wilhelm Nolling

    Part III. Capital Controls and Macroeconomic Policy in the Asia-Pacific Region:

  8. Capital movements, real asset speculation, and macroeconomic adjustment in Korea, Yung Chul Park and Won-Am Park
  9. The determinants of capital controls and their effects on trade balance during the period of capital market liberalization in Japan, Shin-ichi Fukuda
  10. Capital mobility and economic policy, Michael Dooley
  11. Monetary and exchange rate policies 1973-1991: the Australian and New Zealand experience, Victor Argy

    Part IV. Capital Mobility and Exchange Rates in Latin America:

    Exchange rates, inflation, and disinflation: Latin American experiences, Sebastian Edwards

  12. Capital inflows to Latin America with reference to the Asian experience, Guillermo A. Calvo, Leonardo Leiderman and Carmen M. Reinhart
  13. Opening the capital account: costs, benefits and sequencing, James A. Hanson
  14. Index