Capital flows, exchange rate flexibility, and the real exchange rate /

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Bibliographic Details
Author / Creator:	Combes, Jean-Louis, 1965- issuing body.
Imprint:	[Washington, D.C.] : International Monetary Fund, ©2011.
Description:	1 online resource (33 pages).
Language:	English
Series:	IMF working paper ; WP/11/9 IMF working paper ; WP/11/9.
Subject:	Capital movements. Foreign exchange rates. Capital movements -- Econometric models. Foreign exchange rates -- Econometric models. Money -- Tables. Capital movements. Capital movements -- Econometric models. Foreign exchange rates. Foreign exchange rates -- Econometric models. Electronic books.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12498948

Hidden Bibliographic Details
Other authors / contributors:	Kinda, Tidiane, issuing body. Plane, Patrick, issuing body. International Monetary Fund. African Department, issuing body.
ISBN:	1283563800 9781283563802 9781455284160 1455284165 145521485X 9781455214853
Notes:	At head of title: African Department. Title from PDF title page (IMF Web site, viewed March 24, 2011). Available in PDF, ePUB, and Mobi formats on the Internet. Includes bibliographical references (pages 21-26).
Summary:	This paper analyzes the impact of capital inflows and exchange rate flexibility on the real exchange rate in developing countries based on panel cointegration techniques. The results show that public and private flows are associated with a real exchange rate appreciation. Among private flows, portfolio investment has the highest appreciation effect-almost seven times that of foreign direct investment or bank loans-and private transfers have the lowest effect. Using a de facto measure of exchange rate flexibility, we find that a more flexible exchange rate helps to dampen appreciation of the real exchange rate stemming from capital inflows.

Table of Contents:

Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Composition of Capital Inflows, Exchange Rate Regime, and The Real Exchange Rate; A. Composition of Capital Inflows and the Real Exchange Rate; B. Exchange Rate Regime and the Real Exchange Rate; III. External Financing in Developing Countries; 1. External Financing in Developing Countries; 2. The Real Exchange Rate and Capital Inflows; IV. Econometric Model; 3. Index of Exchange Rate Flexibility; V. Econometric Results; A. Composition of Capital Inflows and the Real Exchange Rate.
1. Composition of Capital Inflows and the Real Exchange RateB. Exchange Rate Regime and the Real Exchange Rate; 2. Capital Inflows, Exchange Rate Flexibility, and the REER; VI. Conclusion; Appendix; A.1. List, Definitions, and Sources of Variables; A.2. Summary Statistics; A.1. External Financing in Emerging Market Economies; A.3. Unit Root Tests; A.4. Composition of Capital Inflows and the Real Exchange Rate (LICs); A.5. Robustness Check: Exchange Rate Flexibility and the Real Exchange Rate; A.6. Exchange Rate Flexibility Index; References; Footnotes.

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