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Dynamic Capital Mobility in Pacific Basin Developing Countries: Estimation and Policy Implications

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  • Hamid Faruqee

    (International Monetary Fund)

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    Abstract

    The changing degree of capital mobility in several Pacific Basin countries that have pursued financial liberalization is estimated empirically. Tracing the impact of the liberalization process on the capital account, the paper also examines the implications for monetary policy operating in this changing economic environment. Empirical estimates support an overall finding of increased capital mobility in the region over the past decade. However, country experiences, with the exception of Singapore, have been more episodic than uniform, oscillating between periods of high and low financial openness.

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

    Volume (Year): 39 (1992)
    Issue (Month): 3 (September)
    Pages: 706-717

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    Handle: RePEc:pal:imfstp:v:39:y:1992:i:3:p:706-717

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    Cited by:
    1. Phylaktis, Kate & Ravazzolo, Fabiola, 2002. "Measuring financial and economic integration with equity prices in emerging markets," Journal of International Money and Finance, Elsevier, Elsevier, vol. 21(6), pages 879-903, November.
    2. Phylaktis, Kate, 1999. "Capital market integration in the Pacific Basin region: an impulse response analysis," Journal of International Money and Finance, Elsevier, Elsevier, vol. 18(2), pages 267-287, February.
    3. Menzie Chinn & William Maloney, 1995. "Financial and capital account liberalization in the Pacific Basin: Korea and Taiwan during the 1980's," International Finance, EconWPA 9508005, EconWPA.
    4. Menzie Chinn & Michael Dooley, 1995. "National, regional and international capital markets: Measurement and implications for domestic financial fragility," International Finance, EconWPA 9508006, EconWPA.
    5. Vuyyuri, S., 2004. "Linkages of Indian Interest Rates with US and Japanese Rates," Applied Econometrics and International Development, Euro-American Association of Economic Development, Euro-American Association of Economic Development, vol. 4(2).
    6. Baharumshah, Ahmad Zubaidi & Thanoon, Marwan A. & Rashid, Salim, 2003. "Saving dynamics in the Asian countries," Journal of Asian Economics, Elsevier, Elsevier, vol. 13(6), pages 827-845, January.
    7. Michael P. Dooley & Menzie Chinn, 1995. "Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration," NBER Working Papers 5347, National Bureau of Economic Research, Inc.
    8. Menzie Chinn & Michael Dooley, 1995. "Asia-Pacific Capital Markets: Measurement of Integration and the Implications for Economic Activity," NBER Working Papers 5280, National Bureau of Economic Research, Inc.

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