Capital Mobility: The Impact on Consumption, Investment and Growth

Abstract

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 6. Some evidence on a strategic model of exchange rate bands Alex Cukierman, Miguel A. Kiguel and Leonardo Leiderman Discussion Lars E. O. Svensson and Giuseppe Bertola 7. Exchange rate volatility, uncertainty and investment: an empirical investigation John Huizinga Discussion Rafi Melnick Part III. Investment and Growth: 8. Foreign finance and economics growth: and empirical analysis Daniel Cohen Discussion Elhanan Helpman 9. Convergence in growth rates: a quantitative assessment of the role of capital mobility and international taxation Assaf Razin and Chi-Wa Yuen Discussion Oren Sussman 10. Will government policy magnify capital flow volatility? Giuseppe Bertola and Allan Drazen Discussions Gian Maria Milesi-Ferretti and Nathan Sussman Part IV. Policy Perspectives: 11. The political economy of capital controls Alberto Alesina, Vittorio Grilli and Gian Maria Milesi-Ferretti Discussion Roni Schachar and Marco Pagano 12. Capital controls and capital account liberalisation in industrial countries Donald J. Mathieson and Liliana Rojas-Suarez Discussion Eran Yashiv.

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