Capital controls: Gates versus walls

Michael W Klein 17 January 2013

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Capital controls are no longer considered rogue policies.

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Topics:  Macroeconomic policy

Tags:  China, South Korea, capital controls, Brazil

Financial crises in emerging markets: The impact of private sector risk

Betty C. Daniel 01 July 2012

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What causes financial crises? The causes of the global crisis of 2008-2009 have been widely analysed (see for example Eichengreen 2008), just as the Asian crisis was in the 1990s. As economists, we want to attribute crises to something like fraud, greed, cronyism, or misbehaviour of some kind. We want to think that if we can control misbehaviour, we can eliminate crises.

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Topics:  Development Financial markets Global crisis

Tags:  emerging markets, South Korea, private sector, Asian crisis

A region-wide free trade agreement in Asia

Pradumna B. Rana 25 June 2012

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The Trilateral Summit last month announced that negotiations would begin later this year on a China/Japan/South Korea FTA or the C/J/K FTA (Joint Declaration 2012). This suggests that two pathways to a region-wide FTA are starting to evolve in Asia. One is the ASEAN-led East Asian FTA and the Comprehensive Economic Partnership for East Asia (CEPEA) comprising the ASEAN+6 including India. The alternative pathway is the US-led Trans-Pacific Partnership, which is already under negotiation.

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Topics:  International trade

Tags:  China, Japan, free trade agreement, ASEAN, South Korea

South Korea’s temporary trade barriers before and during the crisis

Moonsung Kang, Soonchan Park 04 September 2011

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During the global crisis there was a severe decline in trade known as the Great Trade Collapse (Baldwin 2009). As described by the OECD (2010) and WTO (2010), in 2009 world merchandise exports fell by 12% while world GDP fell by 2.5%. South Korea (hereafter, Korea) was no exception. In 2009, its exports fell by 13.9% while imports dropped by 25.8%.

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Topics:  International trade

Tags:  global crisis, South Korea, murky protectionism, great trade collapse, temporary trade barriers, antidumping duties

Emerging partners create policy space for Africa

Helmut Reisen, Jean-Philippe Stijns 12 July 2011

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Western politicians have watched the increased presence of emerging countries in Africa with much suspicion. Insinuations run from emerging countries – above all China – bringing down governance standards in Africa to them re-indebting, de-industrialising, and cornering African countries into the production of commodities while only enriching the elites. On a recent Africa tour, US Secretary of State Hillary Clinton warned Africa to beware of “new colonialism” as China expands ties there and focus instead on partners able to help build productive capacity on the continent.

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Topics:  Development International trade

Tags:  China, Africa, India, emerging markets, South Korea, Brazil, Turkey

Emerging markets consider capital controls to regulate speculative capital flows

Kavaljit Singh 05 July 2010

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Just days before the G20 summit in Toronto, South Korea and Indonesia announced several policy measures to regulate potentially destabilising capital flows which could pose a threat to their economies and financial systems.

The policy measures announced by South Korea and Indonesia assume greater significance because both countries are members of the G20 and because South Korea chairs the G20 in 2010.

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Topics:  International finance

Tags:  capital flows, Indonesia, G20, South Korea

Venturing abroad at the cost of domestic employment?

Peter Debaere, Joon H. Lee , Hongshik Lee 24 December 2008

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The recent wave of globalisation is characterised by a worldwide increase in exports and foreign direct investment (FDI). Multinationals play an important role in both. The public in many instances views these multinational activities with some scepticism, concerned that offshoring activities will reduce domestic employment in the firms that venture abroad. Such concerns are heard not only in the US and Europe, but also especially in Asia which is perhaps most directly affected by China’s economic performance.

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Topics:  International trade

Tags:  employment, FDI, South Korea