WorldCat Identities

Folkerts-Landau, D. F. I. (David Fokke Ihno) 1949-

Overview
Works: 76 works in 352 publications in 1 language and 5,515 library holdings
Genres: Conference papers and proceedings 
Roles: Editor, Author, Other
Classifications: HG3881, 332.042
Publication Timeline
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Most widely held works by D. F. I Folkerts-Landau
Sovereign assets and liabilities management : proceedings of a conference held in Hong Kong SAR by D. F. I Folkerts-Landau( )

14 editions published in 2000 in English and held by 1,316 WorldCat member libraries worldwide

This volume, edited by David Folkerts-Landau and Marcel Cassard, consists of papers presented at a conference held in Hong Kong SAR that was hosted by the IMF and the Hong Kong Monetary Authority. It focuses on a wide range of issues confronting policymakers in managing their sovereign assets and liabilities in a world of mobile capital and integrated capital markets. Topics include public debt management strategy, central bank reserves management, technical and quantitive aspects of risk management, and credit costs and borrowing capacity in optimizing debt management. The papers draw on experiences of policymakers and private sector participants actively involved in formulating and implementing debt and reserves policy
Building sound finance in emerging market economies : proceedings of a conference held in Washington, D.C., June 10-11, 1993 by Gerard Caprio( )

10 editions published in 1994 in English and held by 1,261 WorldCat member libraries worldwide

The papers presented during the conference, which are collected in this volume, provoked lively and thoughtful discussion--a good part of which is included here--on a wide range of issues. These include methods of dealing with the legacy of bad debts, the appropriate design of payment system, fostering a financial structure best suited to the changing landscape that will characterize transitional economies over the next decade, and an analysis of disruptions in credit supply that have been seen in some economies in transition
International capital markets : developments, prospects, and key policy issues by Takatoshi Itō( Book )

33 editions published between 1992 and 1997 in English and held by 463 WorldCat member libraries worldwide

This annual report reviews developments in international capital markets, including recent bond market turbulence and the role of hedge funds, supervision of banks and nonbanks and the regulation of derivatives, structural changes in government securities markets, and recent developments in private market financing for developing countries
Toward a framework for financial stability by Carl-Johan Lindgren( Book )

15 editions published between 1998 and 2000 in English and held by 384 WorldCat member libraries worldwide

Financial globalization and liberalization have heightened awareness of the crucial interrelationship between macroeconomic policy and financial sector developments. The Fund has thus placed greater emphasis on financial systems in its consultations, policy advice, and technical assistance. The paper was designed as a first step in designing a framework that could be used to further its work in the surveillance of its members' financial sectors. As such, it draws heavily on existing work, particularly that of the Basle Committee on Banking Supervision, which has greatly contributed to the promotion of internationally accepted standards and practices for bank supervision
The European Monetary System in the context of the integration of European financial markets by D. F. I Folkerts-Landau( Book )

14 editions published in 1989 in English and held by 384 WorldCat member libraries worldwide

The present study was completed in July 1989 and reflects developments up to that time
Intertemporal planning, exchange, and macroeconomics by D. F. I Folkerts-Landau( Book )

12 editions published between 1979 and 1982 in English and held by 303 WorldCat member libraries worldwide

International capital markets : developments and prospects, 1984 by Maxwell Watson( Book )

14 editions published between 1993 and 1997 in English and held by 131 WorldCat member libraries worldwide

This paper provides a description and analysis of recent developments in international capital markets and an assessment of the prospects for private financing flows. Particular attention is focused on recent trends in liberalization and innovation in international financial markets, including relevant changes in supervision, and on development in the debt situation, especially the prospects for flows to developing countries
The reform of wholesale payment systems and its impact on financial markets by D. F. I Folkerts-Landau( Book )

15 editions published in 1996 in English and held by 117 WorldCat member libraries worldwide

Sections II and II of this paper review the nature and the objectives of ongoing and planned payment system reforms in the United States, and major European Union countries. Section IV discusses the impact of these reforms on the financial system, with particular emphasis on the implication for the availability and cost of intraday liquidity in financial markets. Section V examines the impact of the ongoing shift toward real-time, gross settlement payment systems -- the preferrred type of system for wholesale payments -- on liquidity, the relationship among yields of securities of varying liquidity, bid-ask spreads, and payments conventions in securities markets. The concluding section identifies some unresolved issues
The revived Bretton Woods system : the effects of periphery intervention and reserve management on interest rates and exchange rates in center countries by Michael P Dooley( )

14 editions published in 2004 in English and held by 93 WorldCat member libraries worldwide

In this paper we explore some implications of the revived' Bretton Woods system for exchange market intervention and reserve management in periphery countries. Financial policies in these countries are seen as a component of a more general portfolio management policy in which the formation of an efficient domestic capital stock is a key objective. Because intervention in financial markets is an important part of their development strategy, intervention in exchange and financial markets has, and we argue will continue to be, large and persistent enough to generate predictable deviations of exchange rates and relative yields in industrial country financial markets from normal cyclical patterns. We argue that management of the currency composition of international reserves by emerging market governments and central banks is unlikely to alter these conclusions
An essay on the revived Bretton Woods system by Michael P Dooley( Book )

10 editions published in 2003 in English and held by 91 WorldCat member libraries worldwide

The economic emergence of a fixed exchange rate periphery in Asia has reestablished the United States as the center country in the Bretton Woods international monetary system. We argue that the normal evolution of the international monetary system involves the emergence of a periphery for which the development strategy is export-led growth supported by undervalued exchange rates, capital controls and official capital outflows in the form of accumulation of reserve asset claims on the center country. The success of this strategy in fostering economic growth allows the periphery to graduate to the center. Financial liberalization, in turn, requires floating exchange rates among the center countries. But there is a line of countries waiting to follow the Europe of the 1950s/60s and Asia today sufficient to keep the system intact for the foreseeable future
The US current account deficit and economic development : collateral for a total return swap by Michael P Dooley( )

10 editions published between 2004 and 2005 in English and held by 91 WorldCat member libraries worldwide

We argue that a chronic US current account deficit is an integral and sustainable feature of a successful international monetary system. The US deficit supplies international collateral to the periphery. International collateral in turn supports two-way trade in financial assets that liberates capital formation in poor countries from inefficient domestic financial markets. The implicit international contract is analogous to a total return swap in domestic financial markets. Using market-determined collateral arrangements from these transactions we compute the collateral requirements consistent with recent foreign direct investment in China. The data are remarkably consistent with such calculations. The analysis helps explain why net capital flows from poor to rich countries and recent evidence that net outflows of capital are associated with relatively high growth rates in emerging markets. It also clarifies the role of the reserve currency in the system
Direct investment, rising real wages and the absorption of excess labor in the periphery by Michael P Dooley( )

11 editions published in 2004 in English and held by 89 WorldCat member libraries worldwide

This paper sets out the political economy behind Asian governments' participation in a revived Bretton Woods System. The overriding problem for these governments is to rapidly integrate a large pool of underemployed labor into the industrial sector. The principal constraints are inefficient domestic resource and capital markets, and resistance to import penetration by labor in industrial countries. The system has evolved to overcome these constraints through export led growth and growth of foreign direct investment. Periphery governments' objectives for the scale and composition of gross trade in goods and financial assets may dominate more conventional concerns about international capital flows
Savings gluts and interest rates : the missing link to Europe by Michael P Dooley( )

10 editions published in 2005 in English and held by 86 WorldCat member libraries worldwide

Data for world savings rates do not suggest that an aggregate glut of world savings has depressed US and international interest rates in recent years. Unusual but offsetting changes in savings rates have been limited to three regions: sharp declines in the US have been matched by sharp increases for developing Asia and the Middle East. The world saving rate has increased very little. There are two important features of this change in regional savings behavior. First, three-quarters of the increase in Asian and Middle Eastern savings has been placed in international reserves. Second, all these additional savings have been absorbed by the United States. Even if reserves are mostly placed initially in the US, we would not expect all the savings exported from these high savings regions to remain in the United States. A collapse of expected profits outside the US seems to us a compelling explanation for the US current account deficit and depressed international interest rates
Interest rates, exchange rates and international adjustment by Michael P Dooley( )

10 editions published in 2005 in English and held by 79 WorldCat member libraries worldwide

In this paper we examine the behavior of interest rates and exchange rates following a variety of shocks to the international monetary system. Our analysis suggests that real interest rates in the US and Europe will remain low relative to historical experience for an extended period but converge slowly toward normal levels. During this adjustment interval, the US absorbs a disproportionate share of world savings. After a substantial initial appreciation of floating currencies relative to the dollar, the dollar and other floating currencies remain constant relative to each other. An improvement in the investment climate in Europe during the adjustment period would generate an immediate depreciation of the euro relative to the dollar. In real terms, the dollar and the floating currencies will eventually have to depreciate relative to the managed currencies. But most of the adjustment in the US trade account will come as US absorption responds to increases in real interest rates
The European Central Bank : a bank or a monetary policy rule by D. F. I Folkerts-Landau( Book )

12 editions published in 1992 in English and held by 78 WorldCat member libraries worldwide

A European central banking institution will be an essential feature of the final stage of the European Economic and Monetary Union. The EC Committee of Central Bank Governors has recently produced a Draft Statute of the European System of Central Banks and of the European Central Bank. The draft Statute mandates the maintenance of price stability as the explicit primary objective of the ECB. and the necessary monetary functions and operations of the system are defined in accordance with standard practice. The maintenance of a stable financial and payments system, however. is not an explicit objective of the ECB. and only limited banking functions are admitted as one of the system's tasks. The draft Statute clearly subscribes to a "narrow" concept of the System of Central Banks with a single objective-monetary stability-rather than a "broad" concept with the additional objective of financial-market stability. In this paper we examine the consequences of a "narrow" central banking system for Community financial markets, We conclude that in the absence of such banking functions it will be necessary to slow or even prevent the ongoing development of Community-wide liquid. securitized financial markets, supported by a large-volume wholesale payments system. Instead, the historically prevalent bank-intermediated financial system will have to be maintained to lower the likelihood of liquidity crises that demand central bank intervention
The private ECU : a currency floating on gossamer wings by D. F. I Folkerts-Landau( )

12 editions published in 1992 in English and held by 78 WorldCat member libraries worldwide

Abstract: Today's value of the private ECU is driven by expectations that a European monetary authority will at some future date declare itself willing to convert the private ECU into the official basket at par. Until then, its value is not limited by any existing institutional arrangements in the European Communities, such as the Exchange Rate Mechanism of the European Monetary System. We address the question of what determines the exchange rate between the private ECU and the official Basket, and what determines ECU interest rates. The Bank for International Settlements sets the ECU overnight interest rate on clearing balances as a weighted and lagged average of the money-market rates in the EC currencies, thereby fixing a point on the ECU term-structure. This exogenous fixing of the ECU interest rate and the expectation of a future fixing of the exchange rate satisfy the fundamental requirements for a obtaining a determinate real value of what is otherwise an undefined private ECU unit of account
Bretton Woods II still defines the international monetary system by Michael P Dooley( )

8 editions published in 2009 in English and held by 61 WorldCat member libraries worldwide

In this paper we argue that net capital inflows to the United States did not cause the financial crisis that now engulfs the world economy. A crisis caused by such flows has been widely predicted but that crisis has not occurred. Indeed, the international monetary system still operates in the way described by the Bretton Woods II framework and is likely to continue to do so. Failure to properly identify the causes of the current crisis risks a rise in protectionism that could intensify and prolong the decline in economic activity around the world
Will subprime be a twin crisis for the United States? by Michael P Dooley( )

10 editions published in 2008 in English and held by 61 WorldCat member libraries worldwide

"We identify incentives generated by the Bretton Woods II system that may have contributed to the sub-prime liquidity crisis now working its way through the international monetary system. We then evaluate the persistent conjecture that the liquidity crisis is or will become a balance of payments crisis for the United States. Given that it happens, the additional costs associated with a sudden stop of net capital flows to the United States could be quite substantial. But we observe that emerging market governments have continued to acquire US assets even as yields have fallen, and the incentives for continuing to do so remain strong. Moreover, the Bretton Woods II system, which has clearly been the most resilient of the forces driving current markets, continues to generate low real interest rates in industrial countries and growth in emerging markets that will help limit the damage from the liquidity crisis"--National Bureau of Economic Research web site
Risk management of sovereign assets and liabilities by Marcel Cassard( )

10 editions published in 1997 in English and held by 53 WorldCat member libraries worldwide

Annotation
Wholesale payments and financial discipline, efficiency, and liquidity by D. F. I Folkerts-Landau( )

10 editions published in 1997 in English and held by 52 WorldCat member libraries worldwide

The experience of a large number of countries since the mid-1970s suggests that there exists only limited potential for activist monetary and fiscal policy to influence real macroeconomic performance on a sustained basis. Instead, attention has turned to questions regarding the contribution that market infrastructure can make to support and enhance economic performance. In light of the central role of the financial sector in pricing and allocating capital and risk, attention has focussed on questions relating to the architecture of this sector. Issues pertaining to the relation between the central bank, commercial banks, and the wholesale payments system; the financial supervisory and regulatory environment; the development of capital markets; pension reforms; and risk management have moved to the top of the reform agenda in many countries
 
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The European Monetary System in the context of the integration of European financial markets
Covers
Building sound finance in emerging market economies : proceedings of a conference held in Washington, D.C., June 10-11, 1993International capital markets : developments, prospects, and key policy issuesToward a framework for financial stabilityThe European Monetary System in the context of the integration of European financial marketsIntertemporal planning, exchange, and macroeconomicsInternational capital markets : developments and prospects, 1984
Alternative Names
David Folkerts-Landau deutscher Volkswirt, Hochschullehrer und Sachbuchautor

David Folkerts-Landau Duits volkswetenschapper

David Folkerts-Landau German economist

Folkerts-Landau, D. 1949-

Folkerts-Landau, D. F. I.

Folkerts-Landau, D. F. I. 1949-

Folkerts-Landau, David

Folkerts-Landau, David 1949-

Folkerts-Landau, David Fokke Ihno 1949-

Landau, D. F. I. Folkerts- 1949-

Landau, D. F. I. Folkerts- (David Fokke Ihno Folkerts-), 1949-

Landau, David Fokke Ihno Folkerts- 1949-

Landau, David Folkers 1949-

Landau, David Folkerts-.

Landau, David Folkerts- 1949-...

Languages
English (254)