Comments on Capital Controls in India and Interest Rate Arbitrage by Hutchison, Kendall, Pasrischa, Singh
|
|
|
- Frederick Newman
- 5 years ago
- Views:
Transcription
1 Comments on Capital Controls in India and Interest Rate Arbitrage by Hutchison, Kendall, Pasrischa, Singh Sergio Schmukler 2nd Research Meeting of the NIPFP-DEA Program New Delhi March 2008
2 Comments Caveat: Hard to comment just on presentation But overall, nice ideas on a very important topic Good set of questions However, would need to understand better what authors are doing One main concern: Can effects of capital controls be effectively disentangled with interest rates? Several other questions 2
3 Some analytical considerations i t, k i f t, k underbracealignl total interest rate differential = i t, k i t, k currency premium i t, k i t,k f country premium 3
4 Some analytical considerations i t, k i t, k = s currency premium e! t,k anticipated devauation exchange rate risk premium underbracealignl eerp t, i underbracealignl 4
5 Some analytical considerations i t,k i f t, k country premium = i t, k offshore i t, k onshore premium capital controls pure default premium underbracealignl offshore f i t, k i t, k underbracealignl 5
6 Some analytical considerations If forward markets exists and under no currency premium, covered interest parity should hold i i f = fd t, k t, k t, k onshore offshore differential? f i t, k i t, k fd t, k underbracealignl = 0 Broad version of CIP: entails different currencies, issuers, and jurisdictions 6
7 Some analytical considerations i t, k i t, k onshore-offshore differential f fd t, k underbracealignl = i t, k i f t, k country premium i t, k i f t,k fd t, k underbracealignl = i t, k offshore i t, k onshore-offshore differential onshore premium capital controls pure default premium underbracealignl offshore i t, k i t, k f underbracealignl 7
8 Some analytical considerations Analysis abstracts from who does the arbitrage (domestic/foreign investor) Also from whether the arbitrageur has funds 8
9 Currency premium Argentina 2,000 Curre ncy Risk Pre mium from Argenti na's Ti me Deposit Rates 1,600 1, Mexican crisis Domingo Cavallo steps down Attack on the Hong Kong dollar Russia's default 0 01/04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/2001 Devaluation of the Brazilian real Financial Times article and elections Vice president resigns Changes of finance minister Cut of international credit 9
10 Currency premium Hong Kong Curre ncy Risk Pre mi um from Hong Kong's Forward Exchange Rates 3,000 2,500 2,000 1,500 1, Mexican crisis Financial distress in South Korea Attack on the Thai baht 1st Attack on the Hong Kong dollar 2nd Attack 3rd Attack 4rd Attack /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/ /04/
11 CIP under no capital controls Argentina s NDF and no-arbitrage bands 11
12 CIP under no capital controls Argentina s NDF and no-arbitrage bands 12
13 CIP under no capital controls Spread of NDF over Currency Premium - Argentina 13
14 Effects of controls on alternative measure 60 ADR Premium and Capital Controls Arge nti na
15 CIP under no capital controls Spread of NDF over Currency Premium - Hong Kong 15
16 To sum up i t, k i t, k f fd t,k underbracealignl = i t, k offshore i t,k onshore-offshore differential 0 onshore premium capital controls 0, 0 pure default premium 0 0 underbracealignl offshore i t,k i t, k f underbracealignl 16
17 Other questions Clarification on effects of controls Controls on outflows would depress domestic rate? Controls on inflows would increase domestic rate? Can disentangle effects of different controls over time? List evolution of capital control regulations Explain MIBOR Pros and cons of data 17
18 Other questions Clarify some statements, as below When currencies are fully convertible, NDF markets are not observable When access to an onshore forward market is restricted, an offshore NDF market may develop When access to local currency securities markets is limited, the NDF forward rate will reflect the expected future spot rate of the currency 18
19 Other questions Clarify information in tables and figures Frequency Overlapping effects (e.g. 3-month rate on monthly data) Longer time series? Discuss magnitudes Discuss differences across tables What are the structural tests measuring? Why fluctuations in differential? Meaningful? Recurrent changes between positive and negative What explains the variation in AR(1)? Meaningful? What is the expected sign of regressors? Why not significant? 19
20 Conclusions Nice ideas already Also nice ideas for future work Promising research agenda Look forward to reading paper 20
The Effects of Liquidity and Capital Controls
International Financial Integration The Effects of Liquidity and Capital Controls Sergio Schmukler World Bank (joint with Eduardo Levy Yeyati and Neeltje Van Horen) 2nd Research Meeting of the NIPFP-DEA
LECTURES 11 and 12: Globalization of Financial Markets
LECTURES 11 and 12: Globalization of Financial Markets Lecture 11: Measuring financial integration I) Direct measures of barriers II) Quantity measures III) Price tests, esp. interest rate arbitrage Managing
Macro for SCS Nov. 29, International Trade & Finance
Macro for SCS Nov. 29, 2017 International Trade & Finance The Gains from Trade Do you believe in magic The Gains from Trade Leave the England-Portugal rivalry for the soccer field Criticism of the free
LECTURES 11 and 12: Globalization of Financial Markets
LECTURES 11 and 12: Globalization of Financial Markets Lecture 11: Measuring financial integration Foreign exchange markets (more in Appendix) Liberalization & interest rate arbitrage How to manage risk:
AUTHOR COPY. Effectiveness of Capital Controls in India: Evidence from the Offshore NDF Market
IMF Economic Review Vol. 60, No. 3 & 2012 International Monetary Fund Effectiveness of Capital Controls in India: Evidence from the Offshore NDF Market MICHAEL M. HUTCHISON, GURNAIN KAUR PASRICHA, and
483 Subject Index. Global Depositiory Receipts, 250 Grassman s law, 148, 160
Subject Index Adjustabonos, 401-3 Agency for International Development, 100 American depository receipts (ADRs): considered as foreign securities, 250; traded on over-the-counter market, 245 Arbitrage:
Governments and Exchange Rates
Governments and Exchange Rates Exchange Rate Behavior Existing spot exchange rate covered interest arbitrage locational arbitrage triangular arbitrage Existing spot exchange rates at other locations Existing
Some Market Measures of Capital Account Liberalization in India. Michael Hutchison* Gurnain Kaur Pasricha+ Nirvikar Singh# *Department of Economics
Some Market Measures of Capital Account Liberalization in India Michael Hutchison* Gurnain Kaur Pasricha+ Nirvikar Singh# *Department of Economics University of California, Santa Cruz Santa Cruz, CA 95064
Government Intervention during the Asian Crisis
Government Intervention during the Asian Crisis From 990 to 997, Asian countries achieved higher economic growth than any other countries. They were viewed as models for advances in technology and economic
The Long and the Short of Emerging Market Debt
The Long and the Short of Emerging Market Debt Luis Opazo Claudio Raddatz Sergio Schmukler 5 th Meeting NIPFP-DEA Program September 2009 Presentation 1. Motivation 2. Data and Methodology 3. Maturity Structure
EconS 327 Test 2 Spring 2010
1. Credit (+) items in the balance of payments correspond to anything that: a. Involves payments to foreigners b. Decreases the domestic money supply c. Involves receipts from foreigners d. Reduces international
Chapter 6. Government Influence on Exchange Rates. Lecture Outline
Chapter 6 Government Influence on Exchange Rates Lecture Outline Exchange Rate Systems Fixed Exchange Rate System Freely Floating Exchange Rate System Managed Float Exchange Rate System Pegged Exchange
Lecture 17: Mundell-Fleming model with perfect capital mobility
Lecture 17: Mundell-Fleming model with perfect capital mobility Fiscal policy fixed vs. floating rates. Monetary policy fixed vs. floating rates. The Impossible Trinity Application to European monetary
BBK3273 International Finance
BBK3273 International Finance Prepared by Dr Khairul Anuar L5: International Parity Conditions www.lecturenotes638.wordpress.com Contents 1. International Arbitrage 2. Locational Arbitrage 3. Triangular
FINC/ECON International Finance Homework Solution
FINC/ECON 3240 - International Finance Homework Solution Chapter 1 2. Comparative Advantage. a. Explain how the theory of comparative advantage relates to the need for international business. ANSWER: The
PRODUCT KEY FACTS. Principal Global Investors Funds Global Equity Fund April 2017
Global Equity Fund This statement provides you with key information about - Global Equity Fund ( Sub-Fund ). This statement is a part of the offering document. You should not invest in the Sub-Fund based
PRODUCT KEY FACTS. Principal Global Investors Funds Global Equity Fund April 2018
Global Equity Fund This statement provides you with key information about - Global Equity Fund ( Sub-Fund ). This statement is a part of the offering document. You should not invest in the Sub-Fund based
DEALING AND TREASURY SERVICE
FEE SCHEDULE - STONEHAGE FLEMING DEALING AND TREASURY SERVICE ASSET CLASS Below does not include any third party fees, VAT, stamp duty, taxes or charges FOREIGN EXCHANGE UP TO SPOT Band in GBP % of Spot
An Application of the High-Low Spread Estimator to Non-U.S. Markets using Datastream
An Application of the High-Low Spread Estimator to Non-U.S. Markets using Datastream Shane A. Corwin and Paul Schultz February 29 Corwin and Schultz (29) derive an estimator for the bid-ask spread based
The Evolution of the International Monetary System. Professor Keith Pilbeam City University, London
The Evolution of the International Monetary System Professor Keith Pilbeam City University, London The Postwar International Monetary System some highlights Bretton Woods 1949-72 sets up IMF, fixes dollar
Background Material Part I. Recent Developments and Trends in Capital Markets and Banking Systems
Background Material Part I Recent Developments and Trends in Capital Markets and Banking Systems Annex I Recent Developments in Emerging Capital Markets As the effects of the Mexican peso crisis on investor
1)International Monetary System
1) (International Monetary System) 2) 3) (Balance of Payments) 4) (Foreign Exchange Market) 5) Interest Rate Parity (IRP) 6) Covered Interest Arbitrage 1 1)International Monetary System 1.1 The Gold Standard
POLICY PRESCRIPTIONS FOR EAST ASIA
POLICY PRESCRIPTIONS FOR EAST ASIA Masaru Yoshitomi* At the Asian Development Bank Institute in Tokyo, we recently produced policy recommendations about how to avoid another financial crisis and, if we
Product Key Facts. Amundi HK Portfolios
Amundi HK Portfolios Product Key Facts Amundi HK - Defensive Balanced Fund Amundi HK - Balanced Fund Amundi HK - Growth Fund Amundi HK - Money Market USD Fund Amundi HK - New Generation Asia Pacific Equity
The Internationalisation of the Renminbi
Tel: (852)3550-7070; Fax: (852)2104-6938 Email: lawrence@lawrencejlau.hk; WebPages: www.igef.cuhk.edu.hk/ljl *All opinions expressed herein are the author s own and do not necessarily reflect the views
Globalization of Korea s Foreign Exchange System. Seoul Asian Financial Forum. June 4, Michael Hellbeck
Globalization of Korea s Foreign Exchange System Seoul Asian Financial Forum June 4, 2012 Michael Hellbeck COO & Head of Regulatory Affairs Standard Chartered Bank Korea 2 Agenda Introduction to Standard
Week 1. Currency Systems and Crises
Week 1 Currency Systems and Crises Definition An exchange rate is the amount of currency that one needs in order to buy one unit of another currency, or the amount of currency that one receive when selling
IV SPECIAL FEATURES PORTFOLIO FLOWS TO EMERGING MARKET ECONOMIES: DETERMINANTS AND DOMESTIC IMPACT
IV SPECIAL FEATURES A PORTFOLIO FLOWS TO EMERGING MARKET ECONOMIES: DETERMINANTS AND DOMESTIC IMPACT This special feature describes the recent wave of private capital fl ows to emerging market economies
Self-Protection for Emerging Market Economies. Martin Feldstein *
Self-Protection for Emerging Market Economies Martin Feldstein * International economic crises will continue to occur in the future as they have for centuries past. The rapid spread of the 1997 crisis
Random Walk Expectations and the Forward. Discount Puzzle 1
Random Walk Expectations and the Forward Discount Puzzle 1 Philippe Bacchetta Eric van Wincoop January 10, 007 1 Prepared for the May 007 issue of the American Economic Review, Papers and Proceedings.
REPORT OF THE WORKING GROUP ON FOREIGN INVESTMENT IN INDIA
ISDA International Swaps and Derivatives Association, Inc. 24 Raffles Place #22-00 Clifford Centre Singapore 048621 Telephone: 65 6538 3879 email: isdaap@isda.org website: www.isda.org October 8, 2010
Ten Years After The Asian Financial Crisis * Heh-Song Wang **
Ten Years After The Asian Financial Crisis * I. Introduction Heh-Song Wang ** It is indeed a great honor and pleasure for me to be here to talk about the topic Ten years after the Asian financial crisis.
Income. Income Amounts. Income Segments. As part of the Core survey, GWI asks all respondents about their annual household income.
Income Amounts Income Segments As part of the Core survey, GWI asks all respondents about their annual household income. We state that they should think about their household income, rather than their
Rutgers University Spring Econ 336 International Balance of Payments Professor Roberto Chang. Problem Set 1. Name:
Rutgers University Spring 2013 Econ 336 International Balance of Payments Professor Roberto Chang Problem Set 1 Name: 1. When the exchange value of the euro rises in terms of the U.S. dollar, U.S. residents
What will be the RBI s new policy rate?
June 1-16 Business Economics What will be the RBI s new policy rate? T.K. Jayaraman Business leaders, investors and consumers from all sections of the community are anxiously awaiting the decision of the
Foreign Exchange Markets
Foreign Exchange Markets Foreign exchange: Money of another country. Foreign exchange transaction: and the seller of a currency. Agreement between the buyer Foreign exchange market (FOREX market): Physical
Asian Financial Crisis. Jianing Li/Wei Ye/Jingyan Zhang 2018/11/29
Asian Financial Crisis Jianing Li/Wei Ye/Jingyan Zhang 2018/11/29 Causes--Current account deficit 1. Liberalization of capital markets. 2. Large capital inflow due to the interest rates fall in developed
Financial crises in Asia and Latin America: Then and now
MPRA Munich Personal RePEc Archive Financial crises in Asia and Latin America: Then and now Carmen Reinhart and Graciela Kaminsky University of Maryland, College Park, Department of Economics May 1998
Deviation from Covered Interest Parity and the Influence of Arbitragers and Speculators in Asian Currency Markets
Deviation from Covered Interest Parity and the Influence of Arbitragers and Speculators in Asian Currency Markets SURESH RAMANATHAN, KWEK KIAN-TENG Economics Department Faculty of Economics and Administration
for Regional Cash Management in Asia
Driving Best Practice for Regional Cash Management in Asia Amanda Butler Senior Manager, Treasury Yahoo! Inc. Kevin McKeever Senior Vice President HSBC Bank USA N.A. Contents HSBC Introduction Market Overview
Monetary Policy Stance amid the Risk of Uneven Global Growth and External Imbalance
Monetary Policy Stance amid the Risk of Uneven Global Growth and External Imbalance Agus D.W. Martowardojo Governor Bank Indonesia Prepared for Mandiri Investment Forum, January 27, 2015 2 1 Global Economic
Chapter 17 Appendix B
Speculative Attacks and Foreign Exchange Crises Chapter 17 Appendix B In the following two applications, we use our model of exchange rate determination to understand how speculative attacks in both advanced
Learning objectives. Macroeconomics I International Group Course Topic 8: AGGREGATE DEMAND IN AN OPEN ECONOMY
Learning objectives Macroeconomics I International Group Course 2004-2005 Topic 8: AGGREGATE DEMAND IN AN OPEN ECONOMY Here we extend the study of aggregate demand to a small open economy. Unlike the previous
Efficacy of China s capital controls
Efficacy of China s capital controls RIETI/BIS/BOC conference Globalisation of financial servceis in China: implications for capital flows, supervision and monetary policy Beijing, 19 March 2005 Guonan
INTRODUCTION TO EXCHANGE RATES AND THE FOREIGN EXCHANGE MARKET
INTRODUCTION TO EXCHANGE RATES AND THE FOREIGN EXCHANGE MARKET 13 1 Exchange Rate Essentials 2 Exchange Rates in Practice 3 The Market for Foreign Exchange 4 Arbitrage and Spot Exchange Rates 5 Arbitrage
Covered Interest Parity and Market Volatility: Asian Evidence. Ying Huang a,
Covered Interest Parity and Market Volatility: Asian Evidence Ying Huang a, Feng Guo b a Department of Economics and Business, Lake Forest College, 555 North Sheridan Rd. Lake Forest, IL60045, USA b Economics
Chapter Eleven. The International Monetary System
Chapter Eleven The International Monetary System Introduction 11-3 The international monetary system refers to the institutional arrangements that govern exchange rates. Floating exchange rates occur when
Suggested Solutions to Problem Set 4
Department of Economics University of California, Berkeley Spring 2006 Economics 182 Suggested Solutions to Problem Set 4 Problem 1 : True, False, Uncertain (a) False or Uncertain. In first generation
The Open Economy Revisited: the Exchange-Rate Regime
C H A P T E R 12 : the Mundell-Fleming Model and the Exchange-Rate Regime MACROECONOMICS SIXTH EDITION N. GREGORY MANKIW PowerPoint Slides by Ron Cronovich 2008 Worth Publishers, all rights reserved In
CIP Then and Now. Richard M. Levich NYU Stern
CIP Then and Now Richard M. Levich NYU Stern Prepared for BIS Symposium: CIP RIP? Bank for International Settlements, Basel Switzerland May 22-23, 2017 Alternate Titles: What s in a Name? Forty Years of
PRODUCT KEY FACTS BOCHK RMB Fixed Income Fund
PRODUCT KEY FACTS BOCHK RMB Fixed Income Fund a sub-fund of the BOCHK Investment Funds Issuer: BOCI-Prudential Asset Management Limited 30 April 2015 This statement provides you with key information about
11th Annual CEP and Silicon Valley NASPP Symposium March 24, Copyright 2015 CEP Institute 1
Agenda Plan summary and participation rate comparison Managing eligible participants Administrative Challenges of a Global ESPP Scott Barrall, CEP, Deloitte Tax LLP Veena Bhatia, CEP, Gilead Sciences,
Journal of Asian Economics xxx (2005) xxx xxx. Risk properties of AMU denominated Asian bonds. Junko Shimizu, Eiji Ogawa *
1 Journal of Asian Economics xxx (2005) xxx xxx 2 3 4 5 6 7 89 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Risk properties of AMU denominated Asian bonds Abstract Junko Shimizu, Eiji
to T5? dollar. T4 T1 to T2 but T4 to T5. rate needed to market model) 1 Problem
Problem Set 4 Determining thee exchange rate (currency market model) 1. Nominal exchange rate. Consider the following tables (T1 to T5) taken from the web site http://www.x rates.com/ /. In tabless T1,
What is International Strategic Financial Planning (ISFP)?
What is International Strategic Financial Planning (ISFP)? Spring 2014 Stephen Sapp Why do we need ISFP? What do we do in Finance? We evaluate and manage the timing and predictability of cash in- and outflows
MACROECONOMICS. The Open Economy Revisited: the Mundell-Fleming Model and the Exchange-Rate Regime MANKIW N. GREGORY
C H A P T E R 12 The Open Economy Revisited: the Mundell-Fleming Model and the Exchange-Rate Regime MACROECONOMICS N. GREGORY MANKIW 2007 Worth Publishers, all rights reserved SIXTH EDITION PowerPoint
THE ONGOING EVOLUTION OF KOREA
Reprinted from Issue 12 September 2009 Investment Management Review A Quarterly Update for the Investment Management Industry THE ONGOING EVOLUTION OF KOREA By Hee-Jin Kim Director, Securities and Fund
Domestic Capital Markets and Financial Integration: Issues and Challenges
Domestic Capital Markets and Financial Integration: Issues and Challenges Guillermo Perry with Augusto de la Torre and Sergio Schmukler X LAC Meets the Market Washington D.C. April 2005 Intensity of Reforms
CHAPTER 2 International Trade Activities of Thai SMEs
CHAPTER 2 International Trade Activities of Thai SMEs 2.1 Overview of International Trade Situation in 217 For 217 Thailand s all-industries export value reached a total of 8,6,265.18 M baht which represented
Measuring the Degree of Currency misalignment Using Offshore Forward Exchange Rates: The Case of the Korean Financial Crisis
Measuring the Degree of Currency misalignment Using Offshore Forward Exchange Rates: The Case of the Korean Financial Crisis Daekeun Park and Changyong Rhee Working Paper No. 470 May 2000 UNIVERSITY OF
Ten Years Later-- A Look Back at the East Asian Currency Crisis
Ten Years Later-- A Look Back at the East Asian Currency Crisis Lawrence J. Lau, Ph. D. President and Ralph and Claire Landau Professor of Economics The Chinese University of Hong Kong and Kwoh-Ting Li
Lecture 2. Agenda: Basic descriptions for derivatives. 1. Standard derivatives Forward Futures Options
Lecture 2 Basic descriptions for derivatives Agenda: 1. Standard derivatives Forward Futures Options 2. Nonstandard derivatives ICON Range forward contract 1. Standard derivatives ~ Forward contracts:
Market Linked Certificates of Deposit Linked to a Basket of Foreign Currencies Wells Fargo Bank, N.A.
Market Linked Certificates of Deposit Linked to a Basket of Foreign Currencies Wells Fargo Bank, N.A. Terms Supplement dated September 26, 2011 to Disclosure Statement dated June 1, 2011 The certificates
Working Paper No. 02/2013. The Brazilian experience in managing interest-exchange rate nexus. Ricardo Carneiro. Pedro Rossi.
Berlin Working Papers on Money, Finance, Trade and Development Working Paper No. 02/2013 The Brazilian experience in managing interest-exchange rate nexus Ricardo Carneiro Pedro Rossi May 2013 Incooperationwith
Effective cash forecasting within reach: Techniques and best practices
Effective cash forecasting within reach: Techniques and best practices Micki Burciaga, VP, Product Manager Wells Fargo Bank March 12th, 2014 2014 Wells Fargo Bank, N.A. All rights reserved. Member FDIC.
Canada: A RMB Hub for the Americas
Canada: A RMB Hub for the Americas 3 74 % Canadian companies are embracing trade with Mainland China. 74% of Canadian companies surveyed expect to increase trade with the country in the next 12 months
To Fix or Not to Fix?
To Fix or Not to Fix? Linda Tesar, Department of Economics Notes at: http://www.econ.lsa.umich.edu/~ltesar April 5, 2000 Fixed vs. Flexible Exchange rates The Theory: Money demand: M/P = L(Y,I) Interest
Final exam Non-detailed correction 3 hours. This are indicative directions on how structure the essay questions and what was expected.
International Finance Master PEI Fall 2011 Nicolas Coeurdacier Final exam Non-detailed correction 3 hours This are indicative directions on how structure the essay questions and what was expected. 1. Multiple
LUEN THAI HOLDINGS LIMITED
LUEN THAI HOLDINGS LIMITED (incorporated in the Cayman Islands with limited liability) (the Company ) (Stock Code: 311) AUDIT COMMITTEE TERMS OF REFERENCE MEMBERSHIP 1. The Audit Committee (the Committee
Union Bank, N.A. Market-Linked Certificates of Deposit, due January 27, 2014 (MLCD No. 31) Principal Protected Currency Basket Return
FINAL DISCLOSURE SUPPLEMENT Dated January 25, 2010 To the Disclosure Statement dated September 28, 2009 Union Bank, N.A. Market-Linked Certificates of Deposit, due January 27, 2014 (MLCD No. 31) Principal
First Trust Exchange-Traded AlphaDEX Fund II
First Trust Exchange-Traded AlphaDEX Fund II SUMMARY PROSPECTUS First Trust Hong Kong AlphaDEX Fund Ticker Symbol: FHK Exchange: The Nasdaq Stock Market LLC Before you invest, you may want to review the
New York Cash Exchange: 2016 Essential Learning for CTP Candidates Session #8: Thursday Afternoon (6/02)
New York Cash Exchange: 2016 Essential Learning for CTP Candidates Session #8: Thursday Afternoon (6/02) ETM4-Chapter 13: Cash Forecasting ETM4-Chapter 15: Operational Risk Management ETM4-Chapter 16:
Note No. 172 January Corporate Distress in East Asia. The effect of currency and interest rate shocks
Privatesector P U B L I C P O L I C Y F O R T H E Note No. 172 January 1999 Corporate Distress in East Asia The effect of currency and interest rate shocks Stijn Claessens, Simeon Djankov, and Giovanni
Capital Account Liberalization in China
*All opinions expressed herein are the author s own and do not necessarily reflect the views of any of the organisations with which the author is affiliated. Capital Account Liberalization in China Lawrence
Discounting, inflation and capital costs (and converting costs into IUS$) Lecture 5 Damian Walker
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike License. Your use of this material constitutes acceptance of that license and the conditions of use of materials on this
Chapter 6. International Arbitrage and Interest rate Parity. Rashedul Hasan
Chapter 6 International Arbitrage and Interest rate Parity Rashedul Hasan International Arbitrage Arbitrage can be loosely defined as capitalizing on a discrepancy in quoted prices by making a riskless
The Asian Financial Crisis
The Asian Financial Crisis The Asian crisis 1996 Miraculous growth in EA But some signs of worsening current accounts in Korea and Thailand Signs of worsening financial institutions in Thailand 1997 January
East Asia Crisis of Econ October 8, Team 5 Bryan Darch Svend Egholm Paramdeep Singh Sarah Zullo
East Asia Crisis of 1997 Econ 7920 October 8, 2008 Team 5 Bryan Darch Svend Egholm Paramdeep Singh Sarah Zullo The East Asian currency crisis of 1997 caused severe distress for the countries of East Asia
Money and Exchange rates
Macroeconomic policy Class Notes Money and Exchange rates Revised: December 13, 2011 Latest version available at www.fperri.net/teaching/macropolicyf11.htm So far we have learned that monetary policy can
Macedonia's Balance of Payments
Macedonia's Balance of Payments Macedonia. Use the following Macedonia balance of payments data to answer questions 1 through 4. Note that the data presented in the text is insufficient to answer the question
Franklin Mutual European Fund
Franklin Templeton Investment Funds Franklin Mutual European Fund Deep Value Fund Profile Fund Details Inception Date 3 April 2000 Investment Style Benchmark(s) Deep Value MSCI Europe NETR (Price with
January, 1998 forthcoming in American Economic Review: Papers and Proceedings, Vol. 88, May 1998,
January, 1998 forthcoming in American Economic Review: Papers and Proceedings, Vol. 88, May 1998, 444-48. Financial Crises in Asia and Latin America: Then and Now Graciela L. Kaminsky and Carmen M. Reinhart
Eastspring Investments Asian Local Bond Fund
Factsheet Singapore January 2018 All data as at 31 December 2017 unless otherwise stated Eastspring Investments Asian Local Bond Fund RATINGS Class A Morningstar Overall Rating QQQ FUND DETAILS Fund size
Pension Funds and Capital Market Development: How Much Bang for the Buck?
Pension Funds and Capital Market Development: How Much Bang for the Buck? Claudio Raddatz Sergio Schmukler Gemloc Workshop IFC May 29-30,2008 Presentation 1. Motivation 2. Pension Fund Holdings 3. Pension
A Box Spread Test of the SET50 Index Options Market Efficiency: Evidence from the Thailand Futures Exchange
International Journal of Economics and Financial Issues ISSN: 2146-4138 available at http: www.econjournals.com International Journal of Economics and Financial Issues, 2016, 6(4, 1744-1749. A Box Spread
The Chinese Approach to Capital Account Liberalization: What Do We Learn from Renminbi Banking in Hong Kong?
HKIMR First International Conference on the Chinese Economy The Chinese Approach to Capital Account Liberalization: What Do We Learn from Renminbi Banking in Hong Kong? Dong HE Hong Kong Monetary Authority
Part III: Swaps. Futures, Swaps & Other Derivatives. Swaps. Previous lecture set: This lecture set -- Parts II & III. Fundamentals
Futures, Swaps & Other Derivatives Previous lecture set: Interest-Rate Derivatives FRAs T-bills futures & Euro$ Futures This lecture set -- Parts II & III Swaps Part III: Swaps Swaps Fundamentals what,
31 st Annual Conference of The International Organization of Securities Commissions (IOSCO) 8 th June 2006 Hong Kong
31 st Annual Conference of The International Organization of Securities Commissions (IOSCO) 8 th June 2006 Hong Kong Panel 2: Hedge Funds How Far is it Necessary to Regulate? Davide Erro Chief Investment
University of North Carolina at Greensboro Bryan School of Business and Economics Department of Finance & Accounting
University of North Carolina at Greensboro Bryan School of Business and Economics Department of Finance & Accounting Finance 444.01, International Finance Spring 2012 Instructor: Place: Time: Office: Office
International Investors in Local Bond Markets: Indiscriminate Flows or Discriminating Tastes?
International Investors in Local Bond Markets: Indiscriminate Flows or Discriminating Tastes? John D. Burger (Loyola University, Maryland) Rajeswari Sengupta (IGIDR, Mumbai) Francis E. Warnock (Darden
Chapter 4 Research Methodology
Chapter 4 Research Methodology 4.1 Introduction An exchange rate (also known as a foreign-exchange rate, forex rate, FX rate or Agio) between two currencies is the rate at which one currency will be exchanged
3) In 2010, what was the top remittance-receiving country in the world? A) Brazil B) Mexico C) India D) China
HSE-IB Test Syllabus: International Business: Environments and Operations, 15e, Global Edition (Daniels et al.). For use of the student for an educational purpose only, do not reproduce or redistribute.
The EU-China investment relationship Recent developments & future policy options
The EU-China investment relationship Recent developments & future policy options DG TRADE Civil Society Dialogue 20 June 2011 Leopoldo Rubinacci, Head of Unit Investment Civil Society Dialogue: EU-China
Diversification Opportunities From Capturing China as an Asset Class An Overview of the KraneShares MSCI All China Index ETF (Ticker: KALL)
KALL 9/30/2018 Diversification Opportunities From Capturing as an Asset Class An Overview of the KraneShares MSCI All Index ETF (Ticker: KALL) Info@kraneshares.com Diversification may not protect against
This article is on Capital Adequacy Ratio and Basel Accord. It contains concepts like -
This article is on Capital Adequacy Ratio and Basel Accord It contains concepts like - Capital Adequacy Capital Adequacy Ratio (CAR) Benefits of CAR Basel Accord Origin Basel Accords I, II, III Expected
PRODUCT KEY FACTS. BlackRock Premier Funds Horizon Income Fund. March Quick facts
PRODUCT KEY FACTS BlackRock Premier Funds Horizon Income Fund March 2018 Quick facts Manager: Trustee: Custodian: Ongoing charges over a year # : Base currency: Dividend policy: This statement provides
UNIT FIVE (5) The International Monetary Environment and Financial Management in the Global Firm
UNIT FIVE (5) The International Monetary Environment and Financial Management in the Global Firm Objectives Exchange rates and currencies How exchange rates are determined The monetary and financial systems
Quoting an exchange rate. The exchange rate. Examples of appreciation. Currency appreciation. Currency depreciation. Examples of depreciation
The exchange rate The nominal exchange rate (or, for short, exchange rate) between two currencies is the price of one currency in terms of the other. It allows domestic purchasing power to be spent abroad.
PRODUCT KEY FACTS BEA Union Investment Series - BEA Union Investment Asian Bond and Currency Fund
PRODUCT KEY FACTS BEA Union Investment Series - BEA Union Investment Asian Bond and Currency Fund 1 November 2017 Quick facts This statement provides you with key information about this product. This statement
U.S. Treasury Market
U.S. Treasury Market David Beker Presentation prepared by Joseph Shatz and Catherina Wijaya Refer to important disclosures on page 29 Merrill Lynch does and seeks to do business with companies covered