2,933,615 research outputs found

    Capital Controls and Monetary Policy in Developing Countries

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    This paper looks at both the theoretical and empirical literature on capital controls and finds that capital controls can play an important role in developing countries by helping to insulate them from some of the harmful effects of volatile and short-term capital flows. The authors look at controls on capitalinflows in Malaysia (1989-1995); Colombia (1993-1998); Chile (1989-1998); and Brazil (1992-1998), and also consider the case of Malaysia’s controls on outflows in 1998-2001. They conclude that there is sufficient backing in both economic theory and empirical evidence to consider more widespread adoption of capital controls in order to address some of the macroeconomic problems associated with short-term capital flows, to enable certain development strategies, and to allow policy makers more flexibility with regard to crucial monetary and exchange rate policies.capital controls, capital flows

    Capital account regulations and the trading system: a compatibility review

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    This repository item contains a single issue of the Pardee Center Task Force Reports, a publication series that began publishing in 2009 by the Boston University Frederick S. Pardee Center for the Study of the Longer-Range Future. Spanish version produced by the Center for the Study of State and Society, Buenos Aires. Portuguese version coordinated by Daniela Magalhaes Prates, a contributing author of the report, in collaboration with Ana Trivellato (translator), and Maria InĂȘs Amorozo (graphic designer).This report is the product of the Pardee Center Task Force on Regulating Capital Flows for Long-Run Development and builds on the Task ForceÂŽs first report published in March 2012. The Pardee Center Task Force was convened initially in September 2011 as consensus was emerging that the global financial crisis has re-confirmed the need to regulate cross-border finance. The March 2012 report argues that international financial institutions – and in particular the International Monetary Fund – need to support measures that would allow capital account regulations (CARs) to become a standard and effective part of the macroeconomic policy toolkit. Yet some policymakers and academics expressed concern that many nations — and especially developing countries — may not have the flexibility to adequately deploy such regulations because of trade and investment treaties they are party to. In June 2012, the Pardee Center, with the Center for the Study of State and Society (CEDES) in Argentina and Global Development and Environment Institute (GDAE) at Tufts University, convened a second Task Force workshop in Buenos Aires specifically to review agreements at the WTO and various Free Trade Agreements (FTAs) and Bilateral Investment Treaties (BITs) for the extent to which the trading regime is compatible with the ability to deploy effective capital account regulations. This report presents the findings of that review, and highlights a number of potential incompatibilities found between the trade and investment treaties and the ability to deploy CARs. It also highlights an alarming lack of policy space to use CARs under a variety of FTAs and BITs—especially those involving the United States. Like the first report, it was written by an international group of experts whose goal is to help inform discussions and decisions by policymakers at the IMF and elsewhere that will have implications for the economic health and development trajectories for countries around the world

    Capital controls re-examined: the case for ‘smart’ controls

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    The global financial crisis which began in east Asia in 1997 is not over, neither is the inquest into its implications for adjustment policy. In the wake of this crisis, we focus here on the role of capital controls, which formed a much publicised part of the crisis-coping strategy in one country (Malaysia) and, less openly, were also deployed by other crisis-afflicted countries. Evaluation so far has examined different target variables with different estimation methods, generally concentrating on efficiency and stability indicators and ignoring equity measures; it has also typically treated `control® as a one-zero dummy variable, ignoring the `quality® of intervention and in particular the extent to which efficiency gains are obtained in exchange for controls. Partly because of these limitations, the literature has reached no consensus on the impact of controls, nor therefore about where they fit within the set of post-crisis defence mechanisms. We propose an approach in which the government plays off short-term political security against long-term economic gain; the more insecure its political footing, the greater the weight it gives to political survival, which is likely to increase the probability of controls being imposed. The modelling of this approach generates a governmental `policy reaction function® and an impact function for controls, which are estimated by simultaneous panel-data methods across a sample of thirty developing and transitional countries between 1980-2003, using, for the period since 1996, the `new® IMF dataset which differentiates between controls by type. We find that controls appear to cause increases in income equality, and are significantly associated with political insecurity and relatively low levels of openness to trade. They do not, in our analysis, materially influence the level of whole-economy productivity or GDP across the sample of countries examined, although they do influence productivity in particular sectors, in particular manufacturing. But the dispersion around this central finding is wide: the tendency for controls to depress productivity by encouraging rent-seeking sometimes is, and sometimes is not, counteracted by purposive government policy actions to maintain competitiveness. Whether or not this happens – whether, as we put it, controls are `smart®, and the manner in which they are smartened - is vital, on both efficiency and equity grounds. We devise a formula for, and make the case for capital controls which are time-limited, and contain an inbuilt incentive to increased productivity, as a means of improving the sustainability and equity of the adjustment process whilst keeping to a minimum the cost in terms of productive efficiency

    Controls and Interfaces

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    Reliable powering of accelerator magnets requires reliable power converters and controls, able to meet the powering specifications in the long term. In this paper, some of the issues that will challenge a power converter controls engineer are discussed.Comment: 16 pages, contribution to the 2014 CAS - CERN Accelerator School: Power Converters, Baden, Switzerland, 7-14 May 201

    Restructurable Controls

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    Restructurable control system theory, robust reconfiguration for high reliability and survivability for advanced aircraft, restructurable controls problem definition and research, experimentation, system identification methods applied to aircraft, a self-repairing digital flight control system, and state-of-the-art theory application are addressed

    Propulsion controls

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    Increased system requirements and functional integration with the aircraft have placed an increased demand on control system capability and reliability. To provide these at an affordable cost and weight and because of the rapid advances in electronic technology, hydromechanical systems are being phased out in favor of digital electronic systems. The transition is expected to be orderly from electronic trimming of hydromechanical controls to full authority digital electronic control. Future propulsion system controls will be highly reliable full authority digital electronic with selected component and circuit redundancy to provide the required safety and reliability. Redundancy may include a complete backup control of a different technology for single engine applications. The propulsion control will be required to communicate rapidly with the various flight and fire control avionics as part of an integrated control concept

    Import and Export Controls

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    Denna avhandling Àr en kvalitativ studie av hur organisationer kan förenkla och förbÀttra arbetet med kravspecificering vid anskaffning av komponentbaserade informationssystem. Avhandlingens utgÄngspunkt Àr att mer verksamhetsnÀra och anvÀndbara informationssystem kan anskaffas genom att anvÀnda en integrerad verksamhetsmodell dÀr verksamhetsanalys och kravspecificering slÄs samman. Fyra kunskapsomrÄden har studerats och analyserats för att generera ett ramverk som riktar uppmÀrksamhet mot relevant innehÄll och utformning av en integrerad verksamhetsmodell, 1) verksamhetsprocesser 2) verksamhetsmodellering 3) mjukvarukomponenter och 4) specificering. Avhandlingens empiri representeras av en rekonstruktion av den komponent- och processorienterade anskaffning av ett komplett vÄrdinformationssystem som genomförts i Landstinget i VÀrmland. Analyser och respektive kunskapsomrÄde har skett utifrÄn ansatsen Multi-Grounded Theory vilket innebÀr en reorigenerering utifrÄn en vÀxelverkan mellan existerande teorier och empirisk grundning. NÄgra exempel pÄ kunskapsbidrag Àr ett vidareutvecklat processbegrepp samt en ny livscykelmodell för komponentbaserade informationssystem. UtifrÄn kunskapsbidragen inom respektive kunskapsomrÄde har integrationssynpunkter identifierats som legat till grund för utveckling av ramverket för en verksamhetsnÀra kravspecifikation. I avhandlingen dras slutsatsen att genom att integrera arbetet med verksamhetsanalys och kravspecificering skapas bÀttre förutsÀttningar för att kravspecifikationer speglar de behov systemen Àr avsedda att uppfylla och att gapet mellan krav och lösning minskar genom ett bÀttre underlag för kommunikation mellan kund och systemleverantör. Ramverket pekar pÄ att en verksamhetsnÀra kravspecifikation utformas i en integrerad processmodell som beskriver verksamhetsprocesser utifrÄn identifierade generiska processbegrepp samt ett scenario för anvÀndning och klassificering av funktionalitet. Kravspecifikationen bör, enligt ramverket, Àven innehÄlla en systemöversikt, kommersiella och leverantörsrelaterade krav, design- och arkitektoniska krav samt utförandekrav. Ramverket har prövats och vidareutvecklats utifrÄn en extern validering i form av en utvÀrderingsworkshop dÀr ramverkets relevans och anvÀndbarhet diskuterats utifrÄn de erfarenheter och den dokumentation som genererats i Landstinget i VÀrmland

    Import and Export Controls

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