Impact of Financial Liberalization on Current Account with Complementary Effect of Institution: A Global Evidence

2020 ◽  
Author(s):  
Nouman Mustafa ◽  
Danish Ahmed Siddiqui
Keyword(s):  
Current Account ◽  
Financial Liberalization ◽  
Complementary Effect ◽  
Global Evidence

The Asian Crises Reexamined

2004 ◽  
Vol 3 (3) ◽  
pp. 32-87 ◽  
Author(s):  
Thomas D. Willett ◽  
Ekniti Nitithanprapas ◽  
Isriya Nitithanprapas ◽  
Sunil Rongala
Keyword(s):  
Moral Hazard ◽  
Financial Markets ◽  
Exchange Rates ◽  
Current Account ◽  
Financial Liberalization ◽  
Short Term ◽  
Credit Expansion ◽  
Current Account Deficits ◽  
Large Current ◽  
New Evidence

This paper analyzes hypotheses and evidence for the causes of the Asian crises. It presents new evidence that, along with high rates of credit expansion and low ratios of international reserves to short-term debt, the combination of substantially appreciated currencies and large current account deficits played an important role in the crises' severity. Furthermore, the paper concludes that pre-crisis over-optimism rather than panic caused financial markets to behave imperfectly and that perverse financial liberalization and limited flexibility of exchange rates generated moral hazard problems of more importance than those generated by prospects of international bailouts.

UNBUNDLING THE ROLES OF INSTITUTIONS AND HUMAN CAPITAL IN DEVELOPMENT: A GLOBAL EVIDENCE

2018 ◽  
Author(s):  
Soner Gokten ◽  
◽  
Furkan Baser ◽  
Pınar Okan Gokten ◽  
◽  
...  
Keyword(s):  
Human Capital ◽  
Global Evidence

IMF Stabilization Programs, Policy Conduct and Macroeconomic Outcomes: A Case Study of Pakistan

2006 ◽  
Vol 11 (1) ◽  
pp. 35-62
Author(s):  
Nawaz A. Hakro ◽  
Wadho Waqar Ahmed
Keyword(s):  
Current Account ◽  
Inflation Rate ◽  
Current Account Balance ◽  
Macroeconomic Policies ◽  
Explanatory Variables ◽  
Fiscal Balance ◽  
Macroeconomic Impacts ◽  
The Individual ◽  
The Imf

This study is designed to assess the macroeconomic performance of fund-supported programs, and the sequencing and ordering of macroeconomic policies in the context of the Pakistan economy. The generalized evaluation estimator technique has been used to assess the macroeconomic impacts of the IMF supported programs. GDP growth, inflation rate, current account balance, fiscal balance and unemployment are used as the target variables in order to gauge economic performance during the program years. The vector of policy variables (that might have been adopted in the absence of programs) and the vector of foreign exogenous variables are also taken as explanatory variables in the model, so that the individual effect of the IMF supported programs could be assessed. The result suggests that as the IMF prescriptions were applied, the current account balance has worsened, the unemployment rate has significantly increased, and the inflation rate has increased during the years of fund-supported programs. Only the budget balance has shown signs of improvement. Furthermore an inadequate sequencing of reforms has contributed to the further worsening of the economic scenario during the program period.

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