Capital Mobility The Impact on Consumption, Investment and Growth [Paperback]

This edited volume examines capital mobility in both industrialised and developing countries.Drawn from the proceedings of a CEPR conference with the Bank of Israel and Tel Aviv Universitys Pinhas Sapir Center for Development, this volume, originally published in 1994, examines the implications of increased international capital mobility for both industrialised and developing countries.Drawn from the proceedings of a CEPR conference with the Bank of Israel and Tel Aviv Universitys Pinhas Sapir Center for Development, this volume, originally published in 1994, examines the implications of increased international capital mobility for both industrialised and developing countries.The industrialized world has recently witnessed a dramatic increase in the volume of international capital movements, in the forms of borrowing and lending, bond transactions and foreign direct investment. Many non-OECD countries have also embarked on extensive programs of capital market liberalization. Papers in this volume--the proceedings of a CEPR joint conference with the Bank of Israel and Tel Aviv University's Pinhas Sapir Center for Development--examine the implications of these developments for economic fluctuations and fiscal and monetary policies under alternative exchange rate regimes, as well as other topics of contemporary interest.Preface; Foreword; 1. Introduction Leonardo Leiderman and Assaf Razin; Part I. Macroeconomic Policy: 2. Are industrial-country consumption risks globally diversified? Mauric Obstfeld; Discussion Benjamin Bental; 3. Business-cycle volatility and openness: an exploratory cross-sectional analysis Assaf Razin and Andrew K. Rose; Discussion Enrique G. Mendoza and Vittorio Grilli; 4. The robustness of macroeconomic indicators of capital mobility Enrique G. Mendoza; Discussion Joseph Zeira; Part II. Exchange Rate Volatility: 5. An interpretation of recent research on exchange rate target zones Lars E. O. Svensson; Discussion Shmuel Kandel and Andrew K. Rose;lS1