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Managing Capital Flows

Managing Capital Flows

The Search for a Framework
ADBI series on Asian Economic Integration and Cooperation
Edited by Masahiro Kawai, Project Professor, Graduate School of Public Policy, The University of Tokyo, Japan and Mario B. Lamberte, Director of Research, Asian Development Bank Institute, Tokyo, Japan
Managing Capital Flows provides analyses designed to help policymakers develop a framework for managing capital flows that is consistent with prudent macroeconomic and financial sector stability.
In Association with the Asian Development Bank

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Extent: 464 pp
Hardback Price: $194.00 Web: $174.60
Publication Date: 2011
ISBN: 978 1 84844 787 5
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Managing Capital Flows provides analyses designed to help policymakers develop a framework for managing capital flows that is consistent with prudent macroeconomic and financial sector stability.

While capital inflows can provide emerging market economies with significant benefits in pursuing economic development and growth, they can also pose serious policy challenges for macroeconomic management and financial sector supervision. The expert contributors cover a wide range of issues related to managing capital flows and analyze the experience of emerging Asian economies in dealing with surges in capital inflows. They also discuss possible policy measures to manage capital flows while remaining consistent with the goals of macroeconomic and financial sector stability. Building on this analysis, the book presents options for workable national policies and regional policy cooperation, particularly in exchange rate management.

Containing chapters that bring in international experiences relevant to Asia and other emerging market economies, this insightful book will appeal to policymakers in governments and financial institutions as well as public and private finance experts. It will also be of great interest to advanced students and academic researchers in finance.

Critical Acclaim

‘This is a good reference work to identify the slow but steady paradigm shift in thinking about the role of the State in handling hot money flows across international boundaries. It should appeal to both policymakers and students in economics, banking and finance in the search for workable national policies in an increasingly global and interlinked economy.’
– Herb Thompson, Journal of Contemporary Asia

‘Managing Capital Flows is an invaluable contribution to international economic studies shelves and highly recommended especially for college library collections and economic policymakers’ reading lists.’
–The Midwest Book Review

‘Restraints on hot money flows are respectable again, if only because of near zero short-term interest rates in the United States and Japan. This volume focuses mainly on Asian economies through overviews and nine specific country studies. It is an invaluable reference work on how governments use ever-changing rules governing banks as well as equity and portfolio investments to insulate their monetary systems from international hot money inflows.’
– Ronald I. McKinnon, Stanford University, US

Contributors

Contributors: R. Atje, H.K. Chow, K.K. Foong, S. Grenville, M. Kawai, S. Kim, M.B. Lamberte, E. Levy-Yeyati, R.N. McCauley, I. Patnaik, C.Q. Pham, K. Sangsubhan, S. Schadler, S.L. Schmukler, A. Shah, I. Siedschlag, S. Takagi, I.S. Titiheruw, N. van Horen, T.T. Vo, J. von Hagen, D.Y. Yang, J.T. Yap, Y. Yu

Contents

Contents:

Preface
Masahiro Kawai

Introduction
Masahiro Kawai and Mario B. Lamberte

PART I: MANAGING CAPITAL FLOWS IN EMERGING ASIA AND REVIEW OF THE LITERATURE
1. Managing Capital Flows: Emerging Asia’s Experiences, Policy Issues and Challenges
Masahiro Kawai and Mario B. Lamberte

2. A Survey of the Literature on Managing Capital Inflows
Masahiro Kawai and Shinji Takagi

PART II: PERSPECTIVE PAPERS
3. Central Banks and Capital Flows
Stephen Grenville

4. Managing Large Capital Inflows: Taking Stock of International Experiences
Susan Schadler

5. Managing Recent Hot Money Inflows in Asia
Robert N. McCauley

6. Crises, Capital Controls and Financial Integration
Eduardo Levy-Yeyati, Sergio L. Schmukler and Neeltje van Horen

7. Managing Capital Flows: Experiences from Central and Eastern Europe
Jürgen von Hagen and Iulia Siedschlag

PART III: COUNTRY STUDIES
8. Managing Capital Flows: The Case of the People’s Republic of China
Yongding Yu

9. Managing Capital Flows: The Case of India
Ajay Shah and Ila Patnaik

10. Managing Capital Flows: The Case of Indonesia
Ira S. Titiheruw and Raymond Atje

11. Managing Capital Flows: The Case of the Republic of Korea
Soyoung Kim and Doo Yong Yang

12. Managing Capital Flows: The Case of Malaysia
Kee Kuan Foong

13. Managing Capital Flows: The Case of the Philippines
Josef T. Yap

14. Managing Capital Flows: The Case of Singapore
Hwee Kwan Chow

15. Managing Capital Flows: The Case of Thailand
Kanit Sangsubhan

16. Managing Capital Flows: The Case of Viet Nam
Tri Thanh Vo and Chi Quang Pham

Index