Capital mobility Research Papers - Academia.edu (original) (raw)

The paper intends to analyze aspects of international economic order that are relevant to understand the integration of underdeveloped countries. Its main hypothesis is that globalization is the result of financial liberalization at the domestic level and of progressive capital mobility in the international field. To characterize globalization different aspects are examined, such as the influence of financial liberalization on

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- Globalization, Financial Liberalization, Capital Flows, Latin America

The methodology of Feldstein and Horioka (Econ. J. 90 (1980) 314) is used to gauge the degree of capital mobility and accessibility to international financial markets following financial liberalisation. The sample consists of 90... more

- by Anders Isaksson
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- Foreign Aid, Applied Economics, Middle East, Developing Country

... These long-run coefficients are estimated by the ARDL approach to cointegration of Pesaran and Shin (1999). ... However, over the remaining periods we elected to use the autoregressive distributed lag (ARDL) approach to cointegration... more

- by Glauco De Vita
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- Economics, Applied Economics Letters, Partial Information, Capital mobility

The book provides an analysis that capital mobility has become major and underlying factor of the precarity of workers in Asia. The chapters - case studies on Japan, China, Philippines and Thailand - illustrate that workers’ collective... more

- by Fahmi Panimbang
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- Philippines, Thailand, China, Japan

This chapter discusses the global supply chain system and analyzes it as a
symbol of exploitation and capital accumulation in the era of the “global factory.” It describes the impact of the global supply chain system. In particular, the chapter describes uneven development and unequal relationships between countries in Asia, and elaborates on how the supply chains model of growth has impacted upon working populations and the environment. It argues that global supply chains cannot be reformed by Corporate Social Responsibility (CSR), since CSR is a form of charity rather than representing any meaningful structural change. The chapter concludes with a proposed agenda for labor movements.

- by Samih Azar
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- Financial Economics, Financial Econometrics, Lebanon, International Finance
- by Michael Bordo
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- Economics, Economic policy, International Finance, Exchange rate

The financial turmoil that originated in 2007 and developed into an unprecedented crisis battering financial and real markets is the latest manifestation, on a grand scale and with new attributes, of a welldefined pathology in the process of market liberalization and integration in the post-Bretton Woods era. At the root of the crisis lies a fundamental inconsistency between financial globalisation

- by Tim Jenkinson
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- Emerging Economies, Financial Crisis, South east Asia, Financial Market
- by M.G. Quibria
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- Development Economics, Econometrics, Political Economy, Institutional Change
- by Dr. Reetu Verma
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- Saudi Arabia, Applied Economics, Analysis, Developing Country
- by Zsolt Darvas
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- Emerging Economies, Euro Area, Exchange rate, International monetary system
- by Ignazio Angeloni
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- Emerging Economies, Euro Area, Exchange rate, International monetary system

Significant wage and treatment differentials between regular workers in long-term employment and precarious non-regular workers have been a major political issue in Japan since the mid-1990s. I argue this phenomenon was caused by Japanese society’s resistance to American neoliberal hegemony. Why has Japan resisted it, and how has the resistance resulted in the rapid increase in the working poor? I contend anti-liberal, anti-free market norms of Japanese society centred on ‘systemic support’ have bolstered resistance to convergence in order to prevent capitalist dominance from severing long-term social ties, such as management-labour cooperation. My broadened definition of systemic support incorporates dominant elites’ support and protection of subordinates in exchange for their loyalty and obedience. This paper will explore reasons for the resistance to convergence by examining an ideational conflict within Japanese elites between the market liberalisation and anti-free market camps, particularly between two major industrial associations, Keidanren and Keizai Doyukai, which have played a key role as ‘ideational platforms’ for Japanese corporate society. Under the Hashimoto (1996-8) and Koizumi (2001-6) administrations, the market liberalisation camp gained influence, but since 2006, both the anti-free market camp and its subordinates (e.g. regular workers) have driven anti-neoliberal backlash.

- by Fumihito Gotoh
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- Economics, Political Economy, Globalization, Constructivism

This paper revisits Dornbusch’s overshooting model; first, to discuss the conditions of overshooting and undershooting, extending the model to consider monetary policy rules and imperfect capital mobility. And second, to outline Dornbusch’s representation in the context of a simple dynamic neo-Keynesian model that can be used to analyze the impact of persistent changes in monetary policy, among other shocks. The

- by Jose Gregorio
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- Monetary Policy, Open Economy, Exchange rate, Capital mobility
- by Pedro Herrera-Catalán
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- Monetary Policy, Exchange rate, Capital mobility, Interest Rate

Despite increasing capital mobility and the subsequent difficulty in controlling exchange rates, intermediate exchange-rate regimes have remained widespread, especially in emerging and developing economies. This piece of evidence hardly fits the "impossible Trinity" theory arguing that it becomes difficult to control the exchange rate without a "hard" device when capital flows are freed. Calvo and Reinhart (2000) have suggested several explanations for such "fear of floating": exchange rate pass-through, liability dollarization, dollar invoicing of domestic and external transactions, and an underdeveloped market for currency hedging make it more desirable to stabilize the nominal exchange rate. However, the New-Keynesian model, which has become the main workhorse for studying exchange-rate regime choice since the 1990s, typically opposes fixed nominal pegs to free-floating regime, without considering intermediate regimes. We intend to fill this gap here...

- by Agnès Bénassy-quéré
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- Capital Flows, Exchange rate, Capital mobility
- by DIBYENDU BANERJEE
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- Econometrics, Applied Economics, Developing Country, Informal Sector

This paper examines the effects of policy coordination in a two-country world with endogenous growth and imperfect capital mobility. Redistribution is financed by a source-based capital-income tax. Comparing the cases in which countries... more

- by Arjan Lejour
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- Economic Growth, Economic integration, Fiscal policy, Endogenous Growth

Essays on Trade and Equity Essays over internationale handel en gelijkheid Thesis to obtain the degree of Doctor from the Erasmus University Rotterdam by command of the Rector Magniﬁcus Prof.dr. SWJ Lamberts and according to the decision... more

In what follows, we revisit this history with an eye toward establishing what is new and different about the recent wave of crises. We consider banking crises, currency crises and twin crises (where banking and currency crises coincide). The core comparison is with the earlier age of globalisation from 1880 to 1914. Interpretations of recent decades emphasise the role of

- by Michael Bordo
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- World War II, Financial Crisis, Financial Regulation, Banking Crisis

We propose a Neo-Heckscher-Ohlin model of trade that combines comparative endowment advantage, comparative technological advantage, international capital mobility, and trade-specific transaction costs. Unlike competing characterizations, our model is the first of its kind to treat specialization in production endogenously using an inframarginal general equilibrium setting. The results are startling! They suggest that production within the diversification cone - a key assumption of Heckscher-Ohlin theory that is required for its core propositions (such as factor price equalization) to hold - may only prevail on the razor's edge, or under exceptional circumstances. In addition, our findings nominate a mechanism by which improvements in transaction efficiency facilitate international trade thereby stimulating cross-country division of labor. Contrary to other generalizations of the Heckscher-Ohlin (such as the various derivatives of the Kemp-Jones model of trade), our model does n...

Significant wage and treatment differentials between regular workers in longterm employment and precarious non-regular workers have been a major political issue in Japan since the mid-1990s. I argue this phenomenon was caused by Japanese society’s resistance to American neoliberal hegemony. Why has Japan resisted it, and how has the resistance resulted in the rapid increase in the working poor? I contend anti-liberal, anti-free market norms of Japanese society centred on ‘systemic support’ have bolstered resistance to convergence in order to prevent capitalist dominance from severing longterm social ties, such as management-labour cooperation. My broadened definition of systemic support incorporates dominant elites’ support and protection of subordinates in exchange for their loyalty and obedience. This paper will explore reasons for the resistance to convergence by examining an ideational conflict within Japanese elites between the market liberalisation and anti-free market camps, particularly between two major industrial associations, Keidanren and Keizai Doyukai, which have played a key role as ‘ideational platforms’ for Japanese corporate society. Under the Hashimoto (1996-8) and Koizumi (2001-6) administrations, the market liberalisation camp gained influence, but since 2006, both the anti-free market camp and its subordinates
(e.g. regular workers) have driven anti-neoliberal backlash.

- by Fumihito Gotoh
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- Political Economy, Globalization, Constructivism, International Political Economy

This paper examines the sources of fluctuations in inflation and output in two leading transitioneconomy candidates for admission to the European Union (EU), Poland and Hungary. Using a rational expectations, dynamic open economy aggregate supply- aggregate demand model, we consider real oil price, supply, balance of payments, demand, and monetary disturbances incorporating important features of transition economies such as balance

- by Sel Dibooglu and +1
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- European Union, Inflation, Open Economy, Rational Expectation

We know a great deal about global capital mobility in traditional industries, such as manufacturing, but very little about emerging capital mobility in the gig economy. Using the case of Canadian Foodora, a multinational platform that left Canada in 2020, I situate global capital mobility in the local labour market. Drawing upon interview data with former Foodora couriers and ethnographic data collected from a gig workers' union, I investigate the social, economic and political subjectivities of gig workers activated by a global platform's capital mobility. My findings reveal unexpected parallel effects caused by capital mobility in the gig economy and traditional industries. My research highlights how heterogeneity is salient for understanding divergent worker subjectivities. The economic and social impacts upon financially dependent gig workers and the emotional connections of devoted and organized gig workers challenge the dominant discourse that gig workers are simply part-timers and hence free from work commitments.

- by Youngrong Lee
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- Work and Labour, Subjectivity, Capital mobility, digital gig work;

Using Fixed Effect, Random Effect and between or CS models, we find that there is low correlation between saving and investment in Bangladesh, India, Pakistan, Srilanka and Nepal. However this result does not necessarily imply high capital mobility in these countries as capital mobility is influenced by other factors also such as the economic size, differences in financial structure across

- by Abdullah Noman
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- South Asia, Fiscal policy, Panel Data, Capital mobility

Capital and labour are both essential commodities to capital accumulation. However, while globalisation has conferred greater degree of freedom in capital movement, labour mobility continues to be subject to state control. This... more

- by ivy kwek
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- Migration, Malaysia, Labor Migration, Singapore

This paper asks what influence increasing capital mobility has on the choice of exchange rate regime. Among exchange rate regimes considered are currency boards and dollarization. It is argued that a key lesson of the recent currency and financial crises in the emerging markets is that corner solutions in exchange rate policy may be preferable to less rigidly fixed exchange rates. The paper concludes that in the end the optimal exchange rate regime depends on the circumstances of a particular country and time, because each exchange rate system requires the fulfillment of certain preconditions. The paper then discusses institutional measures and innovations that may be necessary to enable exchange rate arrangements to avoid financial and currency crises or to dampen their consequences.

- by Helmut Wagner
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- Economics, Emerging Market, Exchange rate, Capital mobility

This paper tackles the issue of international fiscal coordination in a world of integrated markets sovereign national governments. Taxation of mobile capital and immobile labor in order to finance a public good generates inefficient fiscal competition. Two fiscal reforms are considered: a minimum capital tax level and a tax range, i.e., a minimum plus a maximum capital tax level. We

- by Susana Peralta
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- Public Good, Capital mobility, Fiscal reform, Lower Bound

This paper considers the defense expenditure and economic growth nexus based on the cross-border problems and increasing geo-political presence for BRIC blocs over the period 1993-2014. Our approach is more methodological in terms of employing Panel cointegration and causality to highlight the fundamental relation between the defense expenditure and economic growth. Here we emphasize various economic considerations in terms of pre and post war, strategic and spatial phenomenon to capture the magnitude of gains from the increased defense spending in the region. We are using panel unit-root; panel cointegration and panel-Granger causality to highlight the fundamental relationship between the variables. We conclude by discussing the issues as well as quantifying the consequences of present geostrategic conditions associated with these economies.

- by MANORANJAN SAHOO and +1
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- Energy Economics, International Trade, Capital mobility
- by Sunanda Sen
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- Emerging Economies, Capital Flows, Global Financial Crisis, Monetary Policy

The need for capital market in a market economy can not be questioned. The capital market belongs to nowadays reality, its main objectives are related to capital mobility, based on the principle of economic efficiency and minimizing risk associated with investment and related to financing economic activity. The mechanisms for financing companies through the stock market concern the issue of shares and bonds, each of these mechanisms having their own specifications for application. The process of financing through capital market requires a broader culture of the management teams involved in the functioning of the capital market on which the company operates.

- by Sechel Ioana
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- Stock Market, Market economy, Capital mobility, STOCK EXCHANGE

Después de revisar la experiencia reciente de Colombia en el manejode los flujos externos de capitales, se diseña una metodología y se presenta un modelo de portafolio de tres mercados. A través del análisis de estática comparativa, se simulan los efectos de la política monetaria, cambiaria y de control al endeudamiento externo sobre los flujos de capital. Así mismo, mediante la técnica de cointegración, se estiman las relaciones de largo plazo y el proceso de ajuste en el corto plazo

- by Ricardo Rocha García and +1
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- Colombia, Capital Flows, Underground economy, Smuggling
- by Javier Andres
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- Macroeconomics, General Equilibrium, Labor Market, Stochastic models
- by Pedro Herrera-Catalán
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- Monetary Policy, Exchange rate, Capital mobility, Interest Rate
- by Panos Hatzipanayotou and +1
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- Development Economics, Environmental policy, Tax Policy, Development

Mobilität und territoriale Verankerung sind zwei komplementäre Praktiken, für die raumbezogenes Handlungsvermögen eingesetzt wird. Um dieses – von uns als neuer Begriff vorgeschlagene – Handlungsvermögen oder Teile davon zu konzipieren und empirisch zu quantifizieren, haben Soziologen und Geografen eigene Ansätze entwickelt (Kapitalmodell nach Bourdieu, Motilität, autochthones Kapital, Raum- und Räumlichkeitskapital oder Netzwerkkapital). Einige dieser Ansätze werden in diesem Beitrag betrachtet und verglichen. Es wird gefragt, ob die existierenden Konzepte helfen, das komplexe Zusammenspiel von Mobilität und Verankerung an mehreren Orten im Zuge multilokaler Wohnpraktiken zu verstehen.

- by Paolo Liberati
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- Time Series, Public expenditure, Local governance, Trade Openness
- by Daniel Ventosa-Santaulària and +1
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- Capital Flows, Cointegration, Structural Change, Capital mobility
- by Guillermo Calvo
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- Economics, Econometric analysis, Capital mobility, Banking system
- by Helen Nesadurai
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- Social Groups, Civil Society, Financial Crisis, Economic System
- by Anne-Marie Brook
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- Euro Area, Case Study, Exchange rate, Steady state
- by santiago pinto
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- Urban Economics, Urban And Regional Planning, Applied Economics, Profitability

- by Sechel Ioana
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- Stock Market, Market economy, Capital mobility, STOCK EXCHANGE
- by Yasser Abukhait
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- Economics, Political Economy, Economic Growth, Developing Country
- by Ana-Maria Fuertes
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- Monte Carlo, Capital mobility, Current Account Deficit, Cross Section