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International Capital Flows and Domestic Financial Conditions: Lessons for Emerging Asia

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  • Philip Lane

    ()
    (Trinity College Dublin)

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    Abstract

    This paper provides an empirical review of the dynamics of international capital áows, with a focus on emerging Asia. Next, it outlines the various channels by which international capital flows affect domestic financial conditions in the host economies. Finally, it explores the implications for the design of policy frameworks that can deliver macro-financial stability.

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    File URL: http://www.tcd.ie/iiis/documents/discussion/pdfs/iiisdp438.pdf
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    Bibliographic Info

    Paper provided by IIIS in its series The Institute for International Integration Studies Discussion Paper Series with number iiisdp438.

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    Length: 40 pages
    Date of creation: Dec 2013
    Date of revision:
    Handle: RePEc:iis:dispap:iiisdp438

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    Keywords: international capital flows; financial stability; emerging Asia;

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    1. Niepmann, Friederike, 2013. "Banking across borders," Discussion Papers 19/2013, Deutsche Bundesbank, Research Centre.
    2. Philip R. Lane & Michael B. Devereux,Juanyi Xu, 2005. "Exchange Rates and Monetary Policy in Emerging Market Economies," The Institute for International Integration Studies Discussion Paper Series iiisdp036, IIIS.
    3. Valentina Bruno & Hyun Song Shin, 2012. "Capital Flows and the Risk-Taking Channel of Monetary Policy," BIS Working Papers 400, Bank for International Settlements.
    4. Kristin Forbes & Marcel Fratzscher & Roland Straub, 2013. "Capital Controls and Macroprudential Measures: What Are They Good For?," Discussion Papers of DIW Berlin 1343, DIW Berlin, German Institute for Economic Research.
    5. Martin Schmitz, 2009. "Financial Reforms and Capital Flows to Emerging Europe," The Institute for International Integration Studies Discussion Paper Series iiisdp278, IIIS.
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    10. Matthieu Bussière & Claude Lopez & Cédric Tille, 2014. "Do Real Exchange Rate Appreciations Matter for Growth?," IHEID Working Papers 06-2014, Economics Section, The Graduate Institute of International Studies.
    11. Straub, Roland & Forbes, Kristin & Fratzscher, Marcel & Kostka, Thomas, 2013. "Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79785, Verein für Socialpolitik / German Economic Association.
    12. N/A, 2011. "Reform of the International Monetary System," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 3(2), pages 185-193, May.
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    14. Dong He & Robert N McCauley, 2013. "Transmitting Global Liquidity to East Asia: Policy Rates, Bond Yields, Currencies and Dollar Credit," Working Papers 152013, Hong Kong Institute for Monetary Research.
    15. Honohan, Patrick & Lane, Philip R, 1999. "Pegging to the Dollar and the Euro," International Finance, Wiley Blackwell, vol. 2(3), pages 379-410, November.
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    17. Kristin Forbes, 2012. "The "Big C": Identifying Contagion," NBER Working Papers 18465, National Bureau of Economic Research, Inc.
    18. Philip R. Lane & Barbara Pels, 2012. "Current Account Imbalances in Europe," The Institute for International Integration Studies Discussion Paper Series iiisdp397, IIIS.
    19. Dong He & Frank Leung & Philip Ng, 2009. "A Framework for Monitoring Capital Flows in Hong Kong," Working Papers 0916, Hong Kong Monetary Authority.
    20. Michael W. Klein & Jay C. Shambaugh, 2013. "Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy," IMES Discussion Paper Series 13-E-14, Institute for Monetary and Economic Studies, Bank of Japan.
    21. Maurice Obstfeld, 2009. "International Finance and Growth in Developing Countries: What Have We Learned?," IMF Staff Papers, Palgrave Macmillan, vol. 56(1), pages 63-111, April.
    22. Lanau, Sergi, 2011. "Domestic financial regulation and external borrowing," Bank of England working papers 429, Bank of England.
    23. Claudio Borio, 2013. "The Great Financial Crisis: setting priorities for new statistics," BIS Working Papers 408, Bank for International Settlements.
    24. Park, Cyn-Young, 2013. "Asian Capital Market Integration: Theory and Evidence," ADB Economics Working Paper Series 351, Asian Development Bank.
    25. Anat Admati & Martin Hellwig, 2013. "The Bankers' New Clothes: What's Wrong with Banking and What to Do about It," Economics Books, Princeton University Press, edition 1, volume 1, number 9929.
    26. Jeremy C. Stein, 2012. "Monetary Policy as Financial Stability Regulation," The Quarterly Journal of Economics, Oxford University Press, vol. 127(1), pages 57-95.
    27. Linda S. Goldberg, 2013. "Banking Globalization, Transmission, and Monetary Policy Autonomy," NBER Working Papers 19497, National Bureau of Economic Research, Inc.
    28. Claudio Borio, 2012. "The financial cycle and macroeconomics: What have we learnt?," BIS Working Papers 395, Bank for International Settlements.
    29. Sally F. (Sally Fangnan) Chen & Philip Liu & Andrea M. Maechler & Chris Marsh & Sergejs Saksonovs & Hyun Song Shin, 2012. "Exploring the Dynamics of Global Liquidity," IMF Working Papers 12/246, International Monetary Fund.
    30. Kristin J. Forbes & Francis E. Warnock, 2012. "Debt- and Equity-Led Capital Flow Episodes," NBER Working Papers 18329, National Bureau of Economic Research, Inc.
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