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Capital flows to emerging markets : liberalization, overshooting, and volatility

Author: Philippe Bacchetta; Eric Van Wincoop; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©1998.
Series: Working paper series (National Bureau of Economic Research), working paper no. 6530.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: The paper analyzes the impact of financial liberalizations and reforms in emerging markets on the dynamics of capital flows to these markets, using a simple model of international investors' behavior. We first show that the gradual nature of liberalizations, combined with the cost of absorbing large inflows in emerging economies, leads to rich dynamics of capital flows and often implies an initial period  Read more...
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Additional Physical Format: Print version:
Bacchetta, Philippe.
Capital flows to emerging markets.
Cambridge, MA : National Bureau of Economic Research, ©1998
(OCoLC)39277221
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Philippe Bacchetta; Eric Van Wincoop; National Bureau of Economic Research.
OCLC Number: 648555958
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (31, [12] pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 6530.
Responsibility: Philippe Bacchetta, Eric van Wincoop.

Abstract:

Abstract: The paper analyzes the impact of financial liberalizations and reforms in emerging markets on the dynamics of capital flows to these markets, using a simple model of international investors' behavior. We first show that the gradual nature of liberalizations, combined with the cost of absorbing large inflows in emerging economies, leads to rich dynamics of capital flows and often implies an initial period of overshooting as portfolios adjust. Asset prices will overshoot as well. Second, we show that if investors have incomplete information about new emerging markets, and learn over time, there can be high volatility of capital flows as well as contagion. Finally, we provide numerical estimates of long run capital inflows to emerging market economies and compare them to actual inflows. This gives a good indicator of upcoming crisis situations.

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