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We test the extent to which growth in the 11 CIS countries (excluding Russia) was associated with developments in Russia, overall, as well as through the trade, financial and remittance channels over the last decade or so. The results point to the continued existence of economic links between the CIS countries and Russia, though these links may have altered since the 1998 crisis. Russia appears to influence regional growth mainly through the remittance channel and somewhat less so through the financial channel. There is a shrinking role of the trade (exports to Russia) channel. Russian growth shocks are associated with sizable effects on Belarus, Kazakhstan, Kyrgyz Republic, Tajikistan, and, to some extent, Georgia.

Business cycles --- Capital movements --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Economic cycles --- Economic fluctuations --- Balance of payments --- Foreign exchange --- International finance --- Cycles --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Remittances --- Current Account Adjustment --- Short-term Capital Movements --- Energy: Demand and Supply --- Prices --- International economics --- Currency --- Real effective exchange rates --- Current account balance --- Oil prices --- Current account --- Russian Federation

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Breaking from conventional wisdom, this book provides an explanation of exchange rates based on the premise that it is financial capital flows and not international trade that represents the driving force behind currency movements. John T. Harvey combines analyses rooted in the scholarly traditions of John Maynard Keynes and Thorstein Veblen with that of modern psychology to produce a set of new theories to explain international monetary economics, including not only exchange rates but also world financial crises.In the book, the traditional approach is reviewed and critiqued

Foreign exchange rates. --- Capital movements. --- Money. --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Finance --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- International finance --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Rates of exchange --- Rates --- Foreign exchange rates --- Capital movements --- Money

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How effective are capital account restrictions? We provide new answers based on a novel panel data set of capital controls, disaggregated by asset class and by inflows/outflows, covering 74 countries during 1995-2005. We find the estimated effects of capital controls to vary markedly across the types of capital controls, both by asset categories, by the direction of flows, and across countries' income levels. In particular, both debt and equity controls can substantially reduce outflows, with little effect on capital inflows, but only high-income countries appear able to effectively impose debt (outflow) controls. The results imply that capital controls can affect both the volume and the composition of capital flows.

Finance --- Business & Economics --- International Finance --- Capital movements --- International business enterprises. --- Government policy. --- Business enterprises, International --- Corporations, International --- Global corporations --- International corporations --- MNEs (International business enterprises) --- Multinational corporations --- Multinational enterprises --- Transnational corporations --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Business enterprises --- Corporations --- Joint ventures --- Balance of payments --- Foreign exchange --- International finance --- Exports and Imports --- Investments: Stocks --- International Investment --- Long-term Capital Movements --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- International economics --- Investment & securities --- Capital controls --- Capital inflows --- Capital outflows --- Stocks --- Colombia

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We study whether capital flows affect the degree of credit crunch faced by a country's manufacturing firms during the 2007-09 crisis. Examining 3823 firms in 24 emerging countries, we find that the decline in stock prices was more severe for firms that are intrinsically more dependent on external finance for working capital. The volume of capital flows has no significant effect on the severity of the credit crunch. However, the composition of capital flows matters: pre-crisis exposure to non-FDI capital inflows worsens the credit crunch, while exposure to FDI alleviates the liquidity constraint. Similar results also hold surrounding the Lehman Brothers bankruptcy.

Business & Economics --- Economic Theory --- Financial crises --- Capital movements. --- Investments, Foreign. --- Global Financial Crisis, 2008-2009. --- Econometric models. --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Capital exports --- Capital imports --- FDI (Foreign direct investment) --- Foreign direct investment --- Foreign investment --- Foreign investments --- International investment --- Offshore investments --- Outward investments --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Capital movements --- Investments --- Balance of payments --- Foreign exchange --- International finance --- Crises --- Exports and Imports --- Financial Risk Management --- Macroeconomics --- International Investment --- Long-term Capital Movements --- Financial Crises --- Price Level --- Inflation --- Deflation --- International Lending and Debt Problems --- International economics --- Economic & financial crises & disasters --- Asset prices --- Capital inflows --- External debt --- Prices --- Debts, External --- United States

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This paper argues that, in improving the efficient allocation of resources, financial sector development could dampen the appreciation effect of capital inflows. Using dynamic panel data techniques, the paper finds that the exchange rate appreciation effect of FDI inflows is indeed attenuated when financial and capital markets are larger and more active. The main implication of these results is that one of the main dangers associated with large capital inflows in emerging markets-the destabilization of macroeconomic management due to a sizeable appreciation of the real exchange rate-can be mitigated partly by developing a deep financial sector.

Finance --- Business & Economics --- International Finance --- Capital movements. --- Foreign exchange rates. --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Rates --- Balance of payments --- International finance --- Exports and Imports --- Finance: General --- Foreign Exchange --- Multiple or Simultaneous Equation Models: Models with Panel Data --- Financial Markets and the Macroeconomy --- Current Account Adjustment --- Short-term Capital Movements --- International Investment --- Long-term Capital Movements --- General Financial Markets: General (includes Measurement and Data) --- Currency --- International economics --- Foreign direct investment --- Real exchange rates --- Capital inflows --- Financial sector development --- Stock markets --- Financial markets --- Investments, Foreign --- Capital movements --- Financial services industry --- Stock exchanges --- United Kingdom