Controlling Capital
Controlling Capital

Author: Nicholas Dorn

Publisher: Routledge

Published: 2016-02-12

Total Pages: 238

ISBN-13: 1317374029

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Controlling Capital examines three pressing issues in financial market regulation: the contested status of public regulation, the emergence of ‘culture’ as a proposed modality of market governance, and the renewed ascendancy of private regulation. In the years immediately following the outbreak of crisis in financial markets, public regulation seemed almost to be attaining a position of command – the robustness and durability of which is explored here in respect of market conduct, European Union capital markets union, and US and EU competition policies. Subsequently there has been a softening of command and a return to public-private co-regulation, positioned within a narrative on culture. The potential and limits of culture as a regulatory resource are unpacked here in respect of occupational and organisational aspects, stakeholder connivance and wider political embeddedness. Lastly the book looks from both appreciative and critical perspectives at private regulation, through financial market associations, arbitration of disputes and, most controversially, market ‘policing’ by hedge funds. Bringing together a distinguished group of international experts, this book will be a key text for all those concerned with issues arising at the intersection of financial markets, law, culture and governance.

Controlling Capital? Legal Restrictions and the Asset Composition of International Financial Flows
Controlling Capital? Legal Restrictions and the Asset Composition of International Financial Flows

Author: Mr.Martin Schindler

Publisher: International Monetary Fund

Published: 2009-09-01

Total Pages: 34

ISBN-13: 1451873557

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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.

Controlling Capital
Controlling Capital

Author: Nicholas Dorn

Publisher: Routledge

Published: 2017-09-27

Total Pages: 0

ISBN-13: 9781138570078

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This book examines pressing issues in financial market regulation, in the face of continuing systemic concerns and widespread wrongdoing in financial markets. Contributors explore how public and private tendencies are evolving, how they might work together, and their relation to policies in the European Union, the United States and internationally.

Beyond the J Curve
Beyond the J Curve

Author: Thomas Meyer

Publisher: John Wiley & Sons

Published: 2005-08-12

Total Pages: 405

ISBN-13: 047001198X

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In recent times, venture capital and private equity funds have become household names, but so far little has been written for the investors in such funds, the so-called limited partners. There is far more to the management of a portfolio of venture capital and private equity funds than usually perceived. Beyond the J Curve describes an innovative toolset for such limited partners to design and manage portfolios tailored to the dynamics of this market place, going far beyond the typical and often-simplistic recipe to 'go for top quartile funds'. Beyond the J Curve provides the answers to key questions, including: Why 'top-quartile' promises should be taken with a huge pinch of salt and what it takes to select superior fund managers? What do limited partners need to consider when designing and managing portfolios? How one can determine the funds' economic value to help addressing the questions of 'fair value' under IAS 39 and 'risk' under Basel II or Solvency II? Why is monitoring important, and how does a limited partner manage his portfolio? How the portfolio's returns can be improved through proper liquidity management and what to consider when over-committing? And, why uncertainty rather than risk is an issue and how a limited partner can address and benefit from the fast changing private equity environment? Beyond the J Curve takes the practitioner's view and offers private equity and venture capital professionals a comprehensive guide making high return targets more realistic and sustainable. This book is a must have for all parties involved in this market, as well as academic and students.

Capital Ideas
Capital Ideas

Author: Jeffrey M. Chwieroth

Publisher: Princeton University Press

Published: 2009-12-14

Total Pages: 332

ISBN-13: 1400833825

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The right of governments to employ capital controls has always been the official orthodoxy of the International Monetary Fund, and the organization's formal rules providing this right have not changed significantly since the IMF was founded in 1945. But informally, among the staff inside the IMF, these controls became heresy in the 1980s and 1990s, prompting critics to accuse the IMF of indiscriminately encouraging the liberalization of controls and precipitating a wave of financial crises in emerging markets in the late 1990s. In Capital Ideas, Jeffrey Chwieroth explores the inner workings of the IMF to understand how its staff's thinking about capital controls changed so radically. In doing so, he also provides an important case study of how international organizations work and evolve. Drawing on original survey and archival research, extensive interviews, and scholarship from economics, politics, and sociology, Chwieroth traces the evolution of the IMF's approach to capital controls from the 1940s through spring 2009 and the first stages of the subprime credit crisis. He shows that IMF staff vigorously debated the legitimacy of capital controls and that these internal debates eventually changed the organization's behavior--despite the lack of major rule changes. He also shows that the IMF exercised a significant amount of autonomy despite the influence of member states. Normative and behavioral changes in international organizations, Chwieroth concludes, are driven not just by new rules but also by the evolving makeup, beliefs, debates, and strategic agency of their staffs.

Capital Rules
Capital Rules

Author: Rawi Abdelal

Publisher: Harvard University Press

Published: 2009-09-30

Total Pages: 250

ISBN-13: 0674034554

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"The rise of global financial markets in the last decades of the twentieth century was premised on one fundamental idea: that capital ought to flow across country borders with minimal restriction and regulation. Freedom for capital movements became the new orthodoxy. In an intellectual, legal, and political history of financial globalization, Rawi Abdelal shows that this was not always the case. Transactions routinely executed by bankers, managers, and investors during the 1990s—trading foreign stocks and bonds, borrowing in foreign currencies—had been illegal in many countries only decades, and sometimes just a year or two, earlier. How and why did the world shift from an orthodoxy of free capital movements in 1914 to an orthodoxy of capital controls in 1944 and then back again by 1994? How have such standards of appropriate behavior been codified and transmitted internationally? Contrary to conventional accounts, Abdelal argues that neither the U.S. Treasury nor Wall Street bankers have preferred or promoted multilateral, liberal rules for global finance. Instead, European policy makers conceived and promoted the liberal rules that compose the international financial architecture. Whereas U.S. policy makers have tended to embrace unilateral, ad hoc globalization, French and European policy makers have promoted a rule-based, “managed” globalization. This contest over the character of globalization continues today."

Managing Capital Flows
Managing Capital Flows

Author: Masahiro Kawai

Publisher: Edward Elgar Publishing

Published: 2010-01-01

Total Pages: 465

ISBN-13: 184980687X

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Managing Capital Flows provides analyses that can help policymakers develop a framework for managing capital flows that is consistent with prudent macroeconomic and financial sector stability. While capital inflows can provide emerging market economies with invaluable benefits in pursuing economic development and growth, they can also pose serious policy challenges for macroeconomic management and financial sector supervision. The expert contributors cover a wide range of issues related to managing capital flows and analyze the experience of emerging Asian economies in dealing with surges in capital inflows. They also discuss possible policy measures to manage capital flows while remaining consistent with the goals of macroeconomic and financial sector stability. Building on this analysis, the book presents options for workable national policies and regional policy cooperation, particularly in exchange rate management. Containing chapters that bring in international experiences relevant to Asia and other emerging market economies, this insightful book will appeal to policymakers in governments and financial institutions, as well as public and private finance experts. It will also be of great interest to advanced students and academic researchers in finance.

Controlling the Capital
Controlling the Capital

Author: Tom Goodfellow

Publisher: Oxford University Press

Published: 2023-09-07

Total Pages: 289

ISBN-13: 0192694480

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This is an open access title available under the terms of a CC BY-NC-ND 4.0 international license. It is free to read on Oxford Academic and offered as a free PDF download from OUP and selected open access locations. Authoritarianism is on the rise globally, with more than twice as many countries experiencing democratic decline as democratic enhancement in recent years. This has been occurring simultaneously with unprecedented rates of urbanization in many parts of the world, raising questions about the role of cities - often considered the focal points of democratic deepening - in this authoritarian turn. While most literature considers authoritarianism on the national scale, the chapters in this book train their gaze on capital cities, which as 'containers' of both capital and sovereignty are spaces in which authoritarian dominance is increasingly built, contested, maintained, and undone. Focusing on some of the world's fastest urbanizing regions - Sub-Saharan Africa and South Asia - the book explores the multiple ways in which authoritarian regimes have been attempting to build and sustain long-term dominance in capital cities in order to meet the challenge of urban political resistance. The diverse selection of case studies presented here spans governing regimes that have recently tried to build urban dominance and spectacularly failed, as well as those that have managed to hold onto power by constantly evolving strategies for dominance that limit the potential for urban opposition to tip into regime overthrow. With chapters on Addis Ababa, Colombo, Dhaka, Harare, Kampala, and Lusaka, Controlling the Capital offers the first cross-regional comparative study of the relationship between cities and political dominance. It contributes to debates on authoritarianism and authoritarian durability, urbanization, political contestation and resistance, the politics of development, and the prospects for democracy.

Capital Controls on Outflows: New Evidence and a Theoretical Framework
Capital Controls on Outflows: New Evidence and a Theoretical Framework

Author: Roberto Chang

Publisher: International Monetary Fund

Published: 2024-07-26

Total Pages: 83

ISBN-13:

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We study capital controls on outflows (CCOs) in situations of macroeconomic and financial distress. We present novel empirical evidence indicating that CCO implementation is associated with crises and declines in GDP growth. We then develop a theoretical framework that is consistent with such empirical findings and also yields policy and welfare lessons. The theory features costly coordination failures by foreign investors which can sometimes be avoided by suitably tailored CCOs. The benefits of CCOs as coordination devices can make them optimal even if CCOs entail deadweight losses; if the latter are large, however, CCOs are detrimental for welfare. We show that optimal CCOs can suffer from time inconsistency, and also how political opportunism may limit CCO policy. Hence government credibility and reputation building emerge as critical for the successful implementation of CCOs.

Capital Controls and International Economic Law
Capital Controls and International Economic Law

Author: Bryan Mercurio

Publisher: Cambridge University Press

Published: 2023-05-31

Total Pages: 243

ISBN-13: 1316517438

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Explores the IMF's mandate over capital flows and analyses whether capital controls are consistent with international trade and investment agreements.