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Risks Associated With Romanian Capital Account Liberalization
Ramona Mariana CALINICA,Daniel CALINICA
Risk in Contemporary Economy , 2012,
Abstract: The compulsory full liberalization of the capital account of Romania has been undertaken with EU Accession Treaty and put into practice since September 2006. This allowed free entry of capital in the Romanian economy, the financial sector being the main beneficiary. Moreover, the central bank decided to stop using the lever prudential and administrative measures employed to mitigate the growth of private sector credit (reserve level policy). The effect of these measures was the excessive growth of the private sector credit volume in Romania. The objective of this paper is to present the consequences of these actions, the ultimate goal being to identify induced risks to the stability of the financial system.
Capital Account Liberalization and Economic Growth: GMM System Analysis  [cached]
Hichem SAIDI,Chaker ALOUI
International Journal of Economics and Finance , 2010, DOI: 10.5539/ijef.v2n5p122
Abstract: The aim of this paper is to determine the correlation between capital account liberalization and economic growth. We are particularly interested in a qualitative indicator to measure this process. Our empirical study was conducted on a sample of 60 developed and developing countries covering the period 1984 to 2007. Referring to the dynamic panel model, our econometric results reveal a direct correlation between the capital account liberalization and economic growth which can be either positive or negative due to the sample selection and the study period. This leads us to predict the capital account opening is a sine qua non for initiating economic growth.
Sermaye Hesab Liberalizasyonu : Teorik Bir nceleme = Capital Account Liberalization : a Theoretical Review
Turgut Türsoy
Dogus University Journal , 2008,
Abstract: This paper surveys the theoretical principals of the capital account liberalization and evaluate the literature on the effects of capital account openness on economic growth. Following the evaluation of literature, various measurements of capital account liberalization are discussed. After reviewing various measurements it can be seen that most countries have, to a great extend, opened their accounts to capital flows. But this paper shows that the empirical studies failed to provide evidence that there is a strong and prominent effect of capital account liberalization on economic growth. Despite the empirical studies, experimental studies analyzing the developments after liberalization in countries found that opening the capital account has an important effect on GDP.
Crises cambiais e ataques especulativos no Brasil
Miranda, Mauro Costa;
Economia Aplicada , 2006, DOI: 10.1590/S1413-80502006000200008
Abstract: the main goal of this paper is to investigate the hypothesis that currency crisis models based on macroeconomic fundamentals explain, to some extent, the occurrence of speculative attacks and currency crisis in brazil. an adaptation of one of the main first generation models of currency crisis was used as theoretical background, producing an equation of the probability of occurrence of speculative attacks as function of macroeconomic variables. as an empirical application for the case of brazil, an econometric model was utilized to estimate the parameters of this equation. the results were compatible with the hypothesis of the model. the most relevant variables identified were the monetary suply, the international interest rate, the exchange rate fixed by the government, and the liberalization of capital controls. the estimated equations for the probability of occurrence of currency crises and speculative attacks showed its usefulness to predict the imminence of these events.
CAPITAL ACCOUNT, FINANCIAL LIBERALIZATION AND ECONOMIC DEVELOPMENT IN SUB-SAHARAN AFRICA: ELIMINATING STRUCTURAL IMPEDIMENTS AND MAXIMIZING THE BENEFITS OF REFORMS TO ACCELERATE GROWTH AND SUSTAINABLE DEVELOPMENT  [PDF]
Ashford C. Chea, PhD
Economics and Finance Review , 2011,
Abstract: The author begins the paper with a brief historical perspective of capital and financial liberalization. He then presents the theoretical underpinnings and methodology employed during the research. This is followed by the review of the literature. He also analyzes economic strategies to implement liberalization policies in SubSaharan Africa (SSA) and policy implications for decision makers. The author ends the paper with some policy recommendations and the way forward for accelerated economic growth and sustainable development in SubSaharan Africa.
Adjusting the Currency Composition of China’s Foreign Exchange Reserve  [cached]
Kai Shi,Li Nie
International Journal of Economics and Finance , 2012, DOI: 10.5539/ijef.v4n10p170
Abstract: During the sovereign debt crisis, the national credit of some developed economic entities has been degraded repeatedly. It is adjusting the currency composition of China’s foreign exchange reserve that becomes an important risk management tool. In this paper, we first make an analysis on possible currency composition of China’s foreign exchange reserve combining data from the Treasury International Capital System of United States with IMF Currency Composition of Official Foreign Exchange Reserve, and then discuss the currency composition of minimum variance risk within the framework of Mean-Variance Analysis. Afterwards, a dynamic adjusting route from the real composition to the optimal structure is built up through the dynamic optimization approach. It is found that converting dollar assets to yen assets according to the optimal schedule will lower the risk of foreign exchange reserve effectively.
The African Single Currency: Putting in Place the Missing Link for a Complete Regional Integration Scheme in Africa  [PDF]
Ibrahima Thione Diop
Modern Economy (ME) , 2015, DOI: 10.4236/me.2015.610103
Abstract: Facing the threat of globalization, Africa is more than ever forced to lift as soon as possible the factors blocking the integration process which is too long deadlocked. Indeed, Africa remains on the margins of world trade, FDI flows and the ICT revolution, while suffering the brunt of the repercussions of globalization, including the food crisis. This article is a contribution to the issue of economic integration of African countries through the introduction of a single currency. However, the latter seems to be a decisive contribution to permanently overcome the issue of borders but also the divisions in terms of language differences. The main conclusion from this research is that we need to overcome the many constraints faced by the advent of the single currency, which are essentially institutional, but also economic.
Theoretical and Practical Aspects of Capital Flows Liberalization  [PDF]
A. V. Kobylyanskaya
Economics of Development , 2011,
Abstract: The article is devoted to the investigation of financial account liberalization. The main consequences of the liberalization for main economic agents are provided, a critical assessment of liberalization net effect is suggested and some practical recommendations on economic policy are developed. A particular attention is paid to capital flows liberalization in the context of Ukraine-EU FTA agreement signing.
利率市场化背景下银行系统性危机的实证研究
An Empirical Study of Interest Rate Liberalization and Banking Systemic Crisis
 [PDF]

韩永辉,赵越,陈晓亮
- , 2016,
Abstract: 从利率市场化的国际经验来看,无论是在发达国家还是发展中国家,其实施过程都容易导致不同程度的银行业危机。采用1973~2012年42个国家的面板数据,对利率市场化背景下的银行业危机进行的实证研究表明:利率市场化的推进将增加银行系统性危机发生的机率,特别是在存款利率市场化阶段,而严格的银行监管是抑制银行系统危机发生的有效方法;显性存款保险制度的设立无助于利率市场化后银行系统性风险的防范,甚至有可能会增加危机发生的机率;资本账户开放下进行利率市场化会增加银行系统危机发生的机率。利率市场化进程中允许开设民营银行不会增加银行系统危机的发生机率。
In view of the international experience of interest rate liberalization reform, both developed countries and developing countries have met with systemic banking crisis of different levels. In this paper, we adopted a panel data of 42 countries from 1973 to 2012, empirically testing the relationship between interest rate liberalization and systemic banking crisis, to examine the distress caused by interest rate liberalization to banking system of China. Our research shows that: (1) as the degree of interest rate liberalization increases, the probability of systemic banking crisis rises, this phenomenon appears more distinct in the case of deposit rate liberalization, while stricter bank supervision should be an effective method to reduce banking crisis probability; (2) the establishment of explicit deposit insurance has no effect in guarding against baking systemic risk after interest rate liberalization, but appears to increase the likelihood of banking crises; (3) interest rate liberalization during the period of capital account liberalization tends to increase the likelihood of banking crises; and (4) allowing bank privatization in the period of liberalization will not increase likelihood of banking crisis.
FOREIGN DIRECT INVESTMENT (FDI) & INDIAN BANKING SECTOR
ABHAY B.TARE
Review of Research , 2012,
Abstract: The effect of foreign direct investment on the domestic economy has been widely debated in literature, but a consensus opinion has not emerged. Critics have attributed the Asian banking crisis to the growth of foreign direct investment following the liberalization of foreign investment restrictions. Generally, the argument runs that foreign investors create a destabilizing influence on stock prices. Stiglitz (1998) posits that unregulated capital flows render developing economies more vulnerable to fluctuations in supply of international capital. According to Dornbusch and Park (1995), foreign investors tend to follow positive feedback strategies which cause markets to overreact to fundamental changes in value. Radelet and Sachs (1998) attribute the Asian financial crisis to financial panic. Hamann (1999) concludes that currency crises lead to financial crises:
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