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"We present a model where policies of free capital mobility can signal governments' future policies, but the informativeness of the signal depends on the path of world interest rates. Capital flows to "emerging markets" reflect investors' perception of these markets' political risk. With low world interest rates, emerging markets experience a capital inflow and engage in a widespread policy of free capital mobility, whereas others impose controls to trap capital onshore, thus signaling future policies affecting capital mobility. These predictions are consistent with the recent experience of capital flows and policies affecting capital mobility in developing countries"--Federal Reserve Bank of New York web site.
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When liberal policies reflect external shocks, what do we learn?
1996, National Bureau of Economic Research
in English
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When liberal policies reflect external shocks, what do we learn?
1996, Federal Reserve Bank of New York
Electronic resource
in English
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Book Details
Edition Notes
"August 1996."
Includes bibliographical references (p. [35-36]).
Electronic access limited to Binghamton University faculty, staff and students for instructional and research purposes only.
Electronic version available via the Internet at the NBER World Wide Web site.
Support from the National Science Foundation. grant No.SBR-9413355
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