Publicaciones - Serie Banca Central Volumen 12 - Portal Biblioteca

Series on Central Banking 12: Current Account and External Financing

Series on Central Banking 12: Current Account and External Financing

Are international capital markets a source of stable and reliable financing for emerging market economies, or a source of instability? Is the pattern of capital flows from poor to rich countries observed in the past decade sustainable? What is the optimal degree of capital account openness both for inflows and for outflows? Should small emerging economies actively try to issue external liabilities in domestic currency? This volume is an attempt to answer some of these questions, at both the theoretical and empirical level. All 15 papers add substantially to the body of theoretical findings, empirical research, and policy lessons on the behavior of the current account and the sources of external financing. Novel evidence is provided regarding sudden stops, international reserve management and fundamentals driving current accounts in commodity-exporting countries. Other analytical research addresses the adjustment of global imbalances and the causes and consequences of capital flows, current account adjustment in emerging economies, and the impact of stocks of international assets and liabilities and their valuation on international adjustment.

Language: English

Edited by: Kevin Cowan, Sebastián Edwards y Rodrigo O. Valdés

Published: June 2009

$15.000

Available for free in digital format in the Digital Repository and Institutional Website

Work belonging to the Collection of Paintings of the Central Bank of Chile: "Palacio de la Moneda" by Luis Herrera Guevara (Oil on canvas, 56,5 x 41 cm.)