Coping With Capital Inflows Experiences Of Selected European Countries

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Coping with Capital Inflows: Experiences of Selected European Countries

Inci Ötker,Zbigniew Polanski,Barry Topf,David Vávra
Coping with Capital Inflows Experiences of Selected European Countries Book PDF

Author : Inci Ötker,Zbigniew Polanski,Barry Topf,David Vávra
Publisher : INTERNATIONAL MONETARY FUND
Page : 44 pages
File Size : 48,6 Mb
Release : 2007-07-01
Category : Electronic
ISBN : 1451867549

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Coping with Capital Inflows: Experiences of Selected European Countries by Inci Ötker,Zbigniew Polanski,Barry Topf,David Vávra Pdf

This paper reviews the experiences of a number of European countries in coping with capital inflows. It describes the nature of the inflows, their implications for macroeconomic and financial stability, and the policy responses used to cope with them. The experiences suggest that as countries become more integrated with international financial markets, there is little room to regulate capital flows effectively. The most effective ways to deal with capital inflows would be to deepen the financial markets, strengthen financial system supervision and regulation, where needed, and improve the capacity to design and implement sound macroeconomic and financial sector policies. These actions will help increase the absorption capacity and resilience of the economies and financial systems to the risks associated with the inflows.

Coping with Capital Inflows

Anonim
Coping with Capital Inflows Book PDF

Author : Anonim
Publisher : Unknown
Page : 50 pages
File Size : 46,8 Mb
Release : 2007
Category : Capital market
ISBN : UCSD:31822034969584

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Coping with Capital Inflows by Anonim Pdf

This paper reviews the experiences of a number of European countries in coping with capital inflows. It describes the nature of the inflows, their implications for macroeconomic and financial stability, and the policy responses used to cope with them. The experiences suggest that as countries become more integrated with international financial markets, there is little room to regulate capital flows effectively. The most effective ways to deal with capital inflows would be to deepen the financial markets, strengthen financial system supervision and regulation, where needed, and improve the capacity to design and implement sound macroeconomic and financial sector policies. These actions will help increase the absorption capacity and resilience of the economies and financial systems to the risks associated with the inflows

The Multilateral Aspects of Policies Affecting Capital Flows

International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Research Dept.
The Multilateral Aspects of Policies Affecting Capital Flows Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 61 pages
File Size : 49,9 Mb
Release : 2011-10-13
Category : Business & Economics
ISBN : 9781498338394

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The Multilateral Aspects of Policies Affecting Capital Flows by International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Research Dept. Pdf

The crisis is prompting a reconsideration of capital flows and the policies that affect them. A breakdown in the domestic stability of a large country can spill over into stress in other countries and even to the global system as a whole. The activities of global institutions and markets—some regulated and some not—can bear on the riskiness of flows. Thus, national policies affecting capital flows can transmit multilaterally. This transmission has not been fully appreciated by national policymakers. Further, they may not have incentives to take full account of the cross-border effects of their policies. Looking ahead, the upward trend in the volume of capital flows can be expected to continue, making it ever more important to address the associated cross-border risks. This paper aims to draw greater attention to the multilateral aspects of policies affecting capital flows. Previous work by the Fund has focused on the policies of recipient countries, mainly emerging market economies (EMEs), and addressed the circumstances in which capital flow management measures (CFMs) would be appropriate. This paper provides a complementary assessment of regulatory and supervisory policies of advanced economies, as well as large advanced economy monetary policy. Moreover, it addresses the multilateral transmission of CFMs.

The Multilateral Aspects of Policies Affecting Capital Flows - Background Paper

International Monetary Fund
The Multilateral Aspects of Policies Affecting Capital Flows Background Paper Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 61 pages
File Size : 43,5 Mb
Release : 2011-10-24
Category : Business & Economics
ISBN : 9781498338356

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The Multilateral Aspects of Policies Affecting Capital Flows - Background Paper by International Monetary Fund Pdf

The case studies document the regulatory and supervisory dimension of episodes during the recent crisis involving capital flows that generated systemic stress. Source country regulation and supervision is the main focus, although recipient country policies also were important in some cases and are thus covered as well. Three of the case studies are motivated by systemic stress that arose from flows between advanced economies. Strong demand by foreign investors for U.S. financial products helped drive gross flows between the United States and other countries, especially Europe, and induced the U.S. financial sector to develop products that transformed their risky assets into highly-rated securities. In turn, large European banks came to depend on short-term liquidity provided from the U.S. These two-way capital flows created a complex web among markets and institutions, some regulated and some not. Against this background, case studies were prepared for European banks and U.S. money market mutual funds (MMMFs) and for German banks and U.S. mortgage-backed securities (MBSs). Another important case is that of the near failure of the American International Group (AIG), which turned out to have complex and systemically cross-border linkages with other global institutions and markets.

Policy-Making at the European Periphery

Zdravko Petak,Kristijan Kotarski
Policy Making at the European Periphery Book PDF

Author : Zdravko Petak,Kristijan Kotarski
Publisher : Springer
Page : 342 pages
File Size : 47,8 Mb
Release : 2018-05-30
Category : Political Science
ISBN : 9783319735825

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Policy-Making at the European Periphery by Zdravko Petak,Kristijan Kotarski Pdf

This book examines Croatia's economic and political transformation over the last 30 years. It brings together the best political scientists, macroeconomists and public finance experts from Croatia to provide an in-depth analysis of the Croatian policy-making context and the impact of Europeanization upon its domestic institutional framework. The second part of the book scrutinizes the political economy context and Croatia's long-term macroeconomic under-performance, especially in comparison to other transition economies. The final part explores sectoral public policies, including cohesion policy, education, health, pensions, and local government. The book offers a unique blend of Croatia's political economy framework and public policy analysis.

European Union

International Monetary Fund. Monetary and Capital Markets Department
European Union Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 27 pages
File Size : 45,7 Mb
Release : 2013-03-15
Category : Business & Economics
ISBN : 9781475591156

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European Union by International Monetary Fund. Monetary and Capital Markets Department Pdf

This article reviews the European Systematic Risk Board (ESRB), its role, approach, outputs, and effects in the European Union. The ESRB is the reason for macroprudential oversight of financial systems. Macroprudential policy is used to identify and reduce financial risks and limit financial imbalances. This policy is for both upturns and downturns of economic cycles. The role of the ESRB should be further enhanced to cover the entire financial system and institutions.

Capital Inflows and the Real Exchange Rate

Christian Saborowski
Capital Inflows and the Real Exchange Rate Book PDF

Author : Christian Saborowski
Publisher : International Monetary Fund
Page : 44 pages
File Size : 44,9 Mb
Release : 2009-01-01
Category : Business & Economics
ISBN : 9781451871678

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Capital Inflows and the Real Exchange Rate by Christian Saborowski Pdf

This paper argues that, in improving the efficient allocation of resources, financial sector development could dampen the appreciation effect of capital inflows. Using dynamic panel data techniques, the paper finds that the exchange rate appreciation effect of FDI inflows is indeed attenuated when financial and capital markets are larger and more active. The main implication of these results is that one of the main dangers associated with large capital inflows in emerging markets-the destabilization of macroeconomic management due to a sizeable appreciation of the real exchange rate-can be mitigated partly by developing a deep financial sector.

Real Convergence in Central, Eastern and South-Eastern Europe

R. Martin,A. Winkler
Real Convergence in Central Eastern and South Eastern Europe Book PDF

Author : R. Martin,A. Winkler
Publisher : Springer
Page : 205 pages
File Size : 44,9 Mb
Release : 2009-02-27
Category : Business & Economics
ISBN : 9780230235434

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Real Convergence in Central, Eastern and South-Eastern Europe by R. Martin,A. Winkler Pdf

This book brings together policymakers, high-level practitioners, academics, and experts from central banks and international institutions in order to review key policy challenges for convergence in the region of central, eastern and south-eastern Europe. Contributions focus especially on inflation, growth, migration and the balance of payments.

Borrowing Credibility

Jana Grittersova
Borrowing Credibility Book PDF

Author : Jana Grittersova
Publisher : University of Michigan Press
Page : 311 pages
File Size : 49,9 Mb
Release : 2017-07-28
Category : Political Science
ISBN : 9780472130467

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Borrowing Credibility by Jana Grittersova Pdf

Explores multinational banks' role in enhancing monetary credibility, revealing the importance of market confidence in an interconnected world

OECD Economic Surveys: Turkey 2008

OECD
OECD Economic Surveys Turkey 2008 Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 167 pages
File Size : 52,6 Mb
Release : 2008-07-17
Category : Electronic
ISBN : 9789264048041

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OECD Economic Surveys: Turkey 2008 by OECD Pdf

This 2008 edition of OECD's periodic survey of Turkey's economy examines new challenges facing the Turkish economy including shifting to a pro-growth fiscal policy, monetary policy and inflation, and enhancing competitiveness by fostering the growth ...

From Fragmentation to Financial Integration in Europe

Mr.Charles Enoch,Mr.Luc Everaert,Mr.Thierry Tressel,Ms.Jianping Zhou
From Fragmentation to Financial Integration in Europe Book PDF

Author : Mr.Charles Enoch,Mr.Luc Everaert,Mr.Thierry Tressel,Ms.Jianping Zhou
Publisher : International Monetary Fund
Page : 524 pages
File Size : 51,9 Mb
Release : 2013-12-11
Category : Business & Economics
ISBN : 9781475570311

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From Fragmentation to Financial Integration in Europe by Mr.Charles Enoch,Mr.Luc Everaert,Mr.Thierry Tressel,Ms.Jianping Zhou Pdf

From Fragmentation to Financial Integration in Europe is a comprehensive study of the European Union financial system. It provides an overview of the issues central to securing a safer financial system for the European Union and looks at the responses to the global financial crisis, both at the macro level—the pendulum of financial integration and fragmentation—and at the micro level—the institutional reforms that are taking place to address the crisis. The emerging financial sector management infrastructure, including the proposed Single Supervisory Mechanism and other elements of a banking union for the euro area, are also discussed in detail.

Rebalancing Economies in Financially Integrating East Asia

Jenny Corbett,Ying Xu
Rebalancing Economies in Financially Integrating East Asia Book PDF

Author : Jenny Corbett,Ying Xu
Publisher : Routledge
Page : 289 pages
File Size : 51,5 Mb
Release : 2014-11-13
Category : Business & Economics
ISBN : 9781317596462

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Rebalancing Economies in Financially Integrating East Asia by Jenny Corbett,Ying Xu Pdf

Since the Asian Financial Crisis (AFC) of 1997–98 large current account surpluses have accumulated in the countries of Asia and the Pacific with corresponding deficits elsewhere. The sharp plunge in global trade volumes during the global financial crisis has highlighted the need for ‘rebalancing’–focussing more on domestic sources of economic growth than on exports in some Asian economies. One key objective of the book is to elucidate the economic structures and policies that give rise to current account surpluses and imbalances and consider what policy adjustments could change them. Another objective is to show the link between financial systems, financial integration and the transmission of economic shocks between countries. The book offers new dimensions to understand ‘rebalancing’ and provides alternative and arguably more fundamental solutions to address imbalances. Rather than focusing on exchange rate misalignment, this book begins from the premise that the imbalances are a macroeconomic problem that reflects a mismatch between savings and investment in the surplus countries. Then, it examines exchange rate policies adopted by countries in the region and finds that part of the explanation for their currency strategy lies in their perceived need to build foreign exchange reserves to provide a buffer in case of instabilities. The book examines whether there are other possibilities for countries to insure against economic volatility by more actively and openly engaging with international capital markets. The studies show that closer financial integration, involving more open financial markets, with well-chosen partners, would be welfare-improving and should reduce the need for the counter-productive, self-insurance policies that result in foreign exchange accumulation.

The Pre-Crisis Capital Flow Surge to Emerging Europe

Mr.Ruben Atoyan,Mr.Albert Jaeger,Mr.Dustin Smith
The Pre Crisis Capital Flow Surge to Emerging Europe Book PDF

Author : Mr.Ruben Atoyan,Mr.Albert Jaeger,Mr.Dustin Smith
Publisher : International Monetary Fund
Page : 34 pages
File Size : 43,5 Mb
Release : 2012-09-01
Category : Business & Economics
ISBN : 9781475510270

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The Pre-Crisis Capital Flow Surge to Emerging Europe by Mr.Ruben Atoyan,Mr.Albert Jaeger,Mr.Dustin Smith Pdf

A push-pull-brake model of capital flows is used to study the effects of fiscal policy changes on private capital flows to emerging Europe during 2000-07. In the model, countercyclical fiscal policy has two opposing effects on capital inflows: (i) a conventional absorptionreducing effect, as a tighter fiscal stance acts as a brake on capital flows; and (ii) an unconventional absorption-boosting effect, as a tighter fiscal stance increases investor confidence in the country. The empirical results suggest that push factors (low returns in flow-originating countries), rather than pull factors (high returns in flow-destination countries), drove most of the private capital flows to emerging Europe. And active countercyclical fiscal policy once the fiscal stance is adjusted for the automatic effects on the fiscal position of both internal and external imbalances acted as a brake on capital inflows. However, the empirical results also suggest that, even abstracting from political feasibility and fiscal policy lag considerations, countercyclical fiscal policy alone is unlikely to be an effective policy tool to put an effective brake on sudden capital flow surges.

Republic of Poland

International Monetary Fund
Republic of Poland Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 40 pages
File Size : 42,6 Mb
Release : 2010-05-14
Category : Business & Economics
ISBN : 9781455202553

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Republic of Poland by International Monetary Fund Pdf

The Selected Issues paper on Poland underlies that as the only European Union economy to avoid outright recession during the crisis, Poland is likely to attract renewed risk appetite. Poland could become one of the main recipients of capital inflows. This could lead to excessive exchange-rate appreciation, which would undermine competitiveness. The volatility of capital flows into Poland has been lower during both the boom and crisis periods, in part owing to timely introduction in the boom period of countercyclical macroprudential measures.

Challenges to Monetary Policy from Financial Globalization

Mr.Ananthakrishnan Prasad,Mr.Charles Frederick Kramer,Ms.Helene Poirson Ward
Challenges to Monetary Policy from Financial Globalization Book PDF

Author : Mr.Ananthakrishnan Prasad,Mr.Charles Frederick Kramer,Ms.Helene Poirson Ward
Publisher : International Monetary Fund
Page : 45 pages
File Size : 50,8 Mb
Release : 2008-05-01
Category : Business & Economics
ISBN : 9781451869903

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Challenges to Monetary Policy from Financial Globalization by Mr.Ananthakrishnan Prasad,Mr.Charles Frederick Kramer,Ms.Helene Poirson Ward Pdf

The question of how India should adapt monetary policy to ongoing financial globalization has gained prominence with the recent surge in capital inflows. This paper documents the degree to which India has become financially globalized, both in absolute terms and relative to emerging and developed countries. We find that despite a relatively low degree of openness, India's domestic monetary conditions are highly influenced by global factors. We then review the experiences of countries that have adapted to financial globalization, drawing lessons for India. While we find no strong relationship between the degree of stability in monetary conditions and the broad monetary policy regime, our findings suggest that improvements in monetary operations and communication?sometimes prompted by a shift to an IT regime?have helped stabilize broader monetary conditions. In addition, the experience of countries which used non-standard instruments suggests that room to regulate capital flows effectively through capital controls diminishes as financial integration increases.