کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5047696 1476277 2013 10 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
“Capital mobility in East Asian Countries is not so high”: Examining the impact of sterilization on capital flows
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
“Capital mobility in East Asian Countries is not so high”: Examining the impact of sterilization on capital flows
چکیده انگلیسی

This paper examines how international capital mobility can be affected by sterilization activities for seven East Asian economies. We develop a model that shows how sterilization measures by a central bank can lead to a reduction in a country's capital mobility. Using data from 1980 to 2006, we then derive sterilization intensities and capital mobility estimates for our countries, and discover that conventional measures overstate the degree of capital mobility due to their failure to adjust for sterilization actions. Our findings are important for policy makers since using our modified estimates will help to better understand the magnitude of capital mobility when central banks exercise sterilization to dampen the effect of capital inflows.

► How international capital mobility is affected by sterilization is analyzed. ► Conventional measures overstate the degree of capital mobility. ► A modified measure of sterilization intensities is created. ► The findings will allow a better understanding of the true magnitude of capital mobility.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: China Economic Review - Volume 24, March 2013, Pages 55-64
نویسندگان
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