Liberalizing Capital Flows And Managing Outflows

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Liberalizing Capital Flows and Managing Outflows - Background Paper

International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Research Dept.,International Monetary Fund. Legal Dept.
Liberalizing Capital Flows and Managing Outflows Background Paper Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Research Dept.,International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
Page : 60 pages
File Size : 49,8 Mb
Release : 2012-03-14
Category : Business & Economics
ISBN : 9781498340847

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Liberalizing Capital Flows and Managing Outflows - Background Paper by International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Research Dept.,International Monetary Fund. Legal Dept. Pdf

Liberalization of capital flows can benefit both source and recipient countries by improving resource allocation, reducing financing costs, increasing competition and accelerating the development of domestic financial systems. The empirical evidence, however, is mixed on the benefits, and it suggests that countries benefit most when they meet certain thresholds related to institutional and financial development. The principal cost of capital flow liberalization stems from the economic instability brought on by volatile capital flows. In extreme cases, sudden stops or reversals in capital inflows can trigger financial crises followed by prolonged periods of weak growth.

Managing Capital Outflows - Further Operational Considerations

International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.
Managing Capital Outflows Further Operational Considerations Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
Page : 10 pages
File Size : 49,7 Mb
Release : 2015-07-12
Category : Business & Economics
ISBN : 9781498343930

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Managing Capital Outflows - Further Operational Considerations by International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept. Pdf

The Guidance Note for the Liberalization and Management of Capital Flows (IMF 2013a) provides operational guidance to staff on the use of the Fund’s institutional view on the liberalization and management of capital flows (Box 1). It discusses appropriate policies with respect to the liberalization of capital flows and the management of disruptive capital inflows and outflows. With respect to capital outflows, the institutional view considers that capital flow management measures (CFMs) may be appropriate in crisis-type circumstances or, in the context of capital flow liberalization, if countries find that they have liberalized prematurely and are unable to handle the resulting capital flows. In non-crisis-type circumstances, the guidance considers outflows as being appropriately handled by macroeconomic, financial, and structural policies. It is intended to mirror the policy advice with respect to capital inflows. The guidance is, however, relatively brief and would benefit from some elaboration to lay out the possible configurations of policies in the context of the institutional view. This note seeks to provide such an elaboration, which is particularly relevant as capital outflows are becoming a more relevant policy challenge.

Liberalizing Capital Flows and Managing Outflows

International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Research Dept.,International Monetary Fund. Legal Dept.
Liberalizing Capital Flows and Managing Outflows Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Research Dept.,International Monetary Fund. Legal Dept.
Publisher : INTERNATIONAL MONETARY FUND
Page : 48 pages
File Size : 53,7 Mb
Release : 2012-03-13
Category : Business & Economics
ISBN : 1498340857

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Liberalizing Capital Flows and Managing Outflows by International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Research Dept.,International Monetary Fund. Legal Dept. Pdf

This is the fourth in a series of Board papers developing a comprehensive Fund view on capital flows and the policies that affect them. A first paper in December 2010 dealt with the Fund’s overall role in this area, both historically and prospectively. The second paper in March 2011 developed a framework for policy advice on managing capital inflows broadly endorsed by the Board, which constitutes a first round articulation of the Fund’s institutional views on managing capital inflows. The third paper in November 2011 examined the multilateral aspects of policies affecting capital flows, and focused mainly on source country policies. This paper covers liberalizing capital flows and the management of outflows.

Guidance Note for the Liberalization and Management of Capital Flows

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department
Guidance Note for the Liberalization and Management of Capital Flows Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 33 pages
File Size : 50,6 Mb
Release : 2013-04-25
Category : Business & Economics
ISBN : 9781498341929

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Guidance Note for the Liberalization and Management of Capital Flows by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department Pdf

This note provides operational guidance to staff for how to use the Fund’s institutional view on the liberalization and management of capital flows. The institutional view is a consistent basis for providing policy advice on capital flows and policies related to them and assessments when required for surveillance. In the absence of an institutional view, country teams risk providing inconsistent advice to countries in similar circumstances (IEO, 2005). The view does not have mandatory implications for Fund-supported programs or technical assistance. It does not alter members’ rights and obligations under the Fund’s Articles of Agreement or under any other international agreements. The institutional view and guidance will evolve over time to reflect new experience, emerging views of authorities and staff, and research. Staff teams are encouraged to reflect useful lessons from authorities’ experiences with capital flow liberalization and management in Fund reports so that these experiences can continue to influence the Fund’s approach to these issues.

The Liberalization and Management of Capital Flows - An Institutional View

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department
The Liberalization and Management of Capital Flows An Institutional View Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 49 pages
File Size : 55,6 Mb
Release : 2012-04-11
Category : Business & Economics
ISBN : 9781498339612

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The Liberalization and Management of Capital Flows - An Institutional View by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department Pdf

Capital flows have increased significantly in recent years and are a key aspect of the global monetary system. They offer potential benefits to countries, but their size and volatility can also pose policy challenges. The Fund needs to be in a position to provide clear and consistent advice with respect to capital flows and policies related to them. In 2011, the International Monetary and Financial Committee (IMFC) called for ?further work on a comprehensive, flexible, and balanced approach for the management of capital flows.? This paper proposes an institutional view to underpin this approach, drawing on earlier Fund policy papers, analytical work, and Board discussions on capital flows.

Advanced Country Experiences with Capital Account Liberalization

Age Bakker,Mr.Bryan Chapple
Advanced Country Experiences with Capital Account Liberalization Book PDF

Author : Age Bakker,Mr.Bryan Chapple
Publisher : International Monetary Fund
Page : 72 pages
File Size : 44,6 Mb
Release : 2002-09-26
Category : Business & Economics
ISBN : 9781589061170

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Advanced Country Experiences with Capital Account Liberalization by Age Bakker,Mr.Bryan Chapple Pdf

After the industrial countries established current account convertibility in the late1950s, they began to phase out their capital controls. Their efforts were slow and tentative at first, but built up considerable momentum by the 1980s as market-oriented economic policies gained popularity. This paper describes how national policymakers’ views of capital controls shifted over time, and how these controls have been closely related to regulation in other policy areas, such as banking and financial markets. As developing countries seek to liberalize their capital accounts to obtain the benefits of increased integration with the global economy, what lessons can be drawn from industrial countries’ diverse experiences with capital controls, and how can a country’s liberalization measures be sequenced to minimize disturbances to its exchange rate and monetary policies?

Do Inflows or Outflows Dominate? Global Implications of Capital Account Liberalization in China

Mr.Tamim Bayoumi,Ms.Franziska Ohnsorge
Do Inflows or Outflows Dominate Global Implications of Capital Account Liberalization in China Book PDF

Author : Mr.Tamim Bayoumi,Ms.Franziska Ohnsorge
Publisher : International Monetary Fund
Page : 32 pages
File Size : 40,7 Mb
Release : 2013-08-29
Category : Business & Economics
ISBN : 9781475591446

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Do Inflows or Outflows Dominate? Global Implications of Capital Account Liberalization in China by Mr.Tamim Bayoumi,Ms.Franziska Ohnsorge Pdf

This paper assesses the implications of Chinese capital account liberalization for capital flows. Stylized facts from capital account liberalization in advanced and large emerging market economies illustrate that capital account liberalization has historically generated large gross capital in- and outflows, but the direction of net flows has depended on many factors. An econometric portfolio allocation model finds that capital controls significantly dampen cross-border portfolio asset holdings. The model also suggests that capital account liberalization in China may trigger net portfolio outflows as large domestic savings seek to diversify abroad.

Capital Flows - Review of Experience with the Institutional View

International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Statistics Dept.
Capital Flows Review of Experience with the Institutional View Book PDF

Author : International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Statistics Dept.
Publisher : International Monetary Fund
Page : 61 pages
File Size : 52,5 Mb
Release : 2016-07-11
Category : Business & Economics
ISBN : 9781498345057

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Capital Flows - Review of Experience with the Institutional View by International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Statistics Dept. Pdf

Capital flows are an important aspect of the international monetary system. They provide significant benefits, both direct and indirect. At the same time, they also carry risks, and a key challenge for countries is how to harness the benefits while managing the risks. The institutional view on the liberalization and management of capital flows provides the Fund with a basis for consistent advice on policies related to capital flows. This paper reviews countries’ experiences with handling capital flows in the period since the adoption of the IMF’s institutional view in 2012. Based on the experience, it identifies a few areas in which the view would benefit from further clarification or elaboration.

Capital Account Liberalization

Mr.Giovanni Dell'Ariccia,Ms.Enrica Detragiache,Mr.Michael Mussa,Mr.Barry J. Eichengreen
Capital Account Liberalization Book PDF

Author : Mr.Giovanni Dell'Ariccia,Ms.Enrica Detragiache,Mr.Michael Mussa,Mr.Barry J. Eichengreen
Publisher : International Monetary Fund
Page : 74 pages
File Size : 47,5 Mb
Release : 1998-09-30
Category : Business & Economics
ISBN : 1557757771

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Capital Account Liberalization by Mr.Giovanni Dell'Ariccia,Ms.Enrica Detragiache,Mr.Michael Mussa,Mr.Barry J. Eichengreen Pdf

Capital account liberalization - orderly, properly sequence, and befitting the individual circumstances of countries- is an inevitable step for all countries wishing to realize the benefits of the globalized economy. This paper reviews the theories behind capital account liberalization and examines the dangers associated with free capital flows. The authors conclude that the dangers can be limited through a combination of sound macroeconomic and prudential policies.

Managing Capital Flows

Masahiro Kawai,Mario B. Lamberte
Managing Capital Flows Book PDF

Author : Masahiro Kawai,Mario B. Lamberte
Publisher : Edward Elgar Publishing
Page : 465 pages
File Size : 51,7 Mb
Release : 2010-01-01
Category : Business & Economics
ISBN : 9781849806879

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Managing Capital Flows by Masahiro Kawai,Mario B. Lamberte Pdf

Managing Capital Flows provides analyses that can help policymakers develop a framework for managing capital flows that is consistent with prudent macroeconomic and financial sector stability. While capital inflows can provide emerging market economies with invaluable benefits in pursuing economic development and growth, they can also pose serious policy challenges for macroeconomic management and financial sector supervision. The expert contributors cover a wide range of issues related to managing capital flows and analyze the experience of emerging Asian economies in dealing with surges in capital inflows. They also discuss possible policy measures to manage capital flows while remaining consistent with the goals of macroeconomic and financial sector stability. Building on this analysis, the book presents options for workable national policies and regional policy cooperation, particularly in exchange rate management. Containing chapters that bring in international experiences relevant to Asia and other emerging market economies, this insightful book will appeal to policymakers in governments and financial institutions, as well as public and private finance experts. It will also be of great interest to advanced students and academic researchers in finance.

Capital Account Regimes and the Developing Countries

Gerald K. Helleiner
Capital Account Regimes and the Developing Countries Book PDF

Author : Gerald K. Helleiner
Publisher : Springer
Page : 247 pages
File Size : 45,8 Mb
Release : 2016-07-27
Category : Business & Economics
ISBN : 9781349150717

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Capital Account Regimes and the Developing Countries by Gerald K. Helleiner Pdf

An authoritative assessment of the debate over the role of volatile private capital flows and their impact on developing countries. The book outlines the long history of concern about these issues, going back to preparations for the Bretton Woods agreement. It assesses their acceleration with the growth of international capital and looks at key case studies from Latin America, Asia and Africa to assess the possibilities and problems for national and international policy responses.

Controlled Capital Account Liberalization

Raghuram Rajan,Mr.Eswar Prasad
Controlled Capital Account Liberalization Book PDF

Author : Raghuram Rajan,Mr.Eswar Prasad
Publisher : International Monetary Fund
Page : 17 pages
File Size : 40,6 Mb
Release : 2005-10-01
Category : Business & Economics
ISBN : 9781451975741

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Controlled Capital Account Liberalization by Raghuram Rajan,Mr.Eswar Prasad Pdf

In this paper, we develop a proposal for a controlled approach to capital account liberalization for economies experiencing large capital inflows. The proposal essentially involves securitizing a portion of capital inflows through closed-end mutual funds that issue shares in domestic currency, use the proceeds to purchase foreign exchange from the central bank and then invest the proceeds abroad. This would eliminate the fiscal costs of sterilizing those inflows, give domestic investors opportunities for international portfolio diversification and stimulate the development of domestic financial markets. More importantly, it would allow central banks to control both the timing and quantity of capital outflows. This proposal could be part of a broader toolkit of measures to liberalize the capital account cautiously when external circumstances are favorable. It is not a substitute for other necessary policies such as strengthening of the domestic financial sector or, in some cases, greater exchange rate flexibility. But it could in fact help create a supportive environment for these essential reforms.

Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Capital Flows and Capital Flow Management Measures — Benefits and Costs

Gurnain Kaur Pasricha,Erlend Nier
Review of The Institutional View on The Liberalization and Management of Capital Flows Background Note on Capital Flows and Capital Flow Management Measures Benefits and Costs Book PDF

Author : Gurnain Kaur Pasricha,Erlend Nier
Publisher : International Monetary Fund
Page : 23 pages
File Size : 47,9 Mb
Release : 2022-03-30
Category : Business & Economics
ISBN : 9798400205491

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Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Capital Flows and Capital Flow Management Measures — Benefits and Costs by Gurnain Kaur Pasricha,Erlend Nier Pdf

The Fund’s Institutional View (IV) recognizes the benefits of and risks associated with capital flows. Since the IV was adopted, a growing literature has provided additional insights into the benefits and risks from capital flows. This note summarizes the insights from the recent literature and the experiences of staff since the adoption of the IV that have informed this review.

Capital Controls In Emerging Economies

Christine P Ries
Capital Controls In Emerging Economies Book PDF

Author : Christine P Ries
Publisher : Routledge
Page : 176 pages
File Size : 50,8 Mb
Release : 2018-02-23
Category : Political Science
ISBN : 9780429970429

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Capital Controls In Emerging Economies by Christine P Ries Pdf

This book looks at situations where a dramatic transformation of the political environment made existing institutions obsolete. It explores the use of capital controls in the reforming economies of the formerly communist countries.

Managing Capital Flows

Mr.Jaime Cardoso,Mr.Bernard Laurens
Managing Capital Flows Book PDF

Author : Mr.Jaime Cardoso,Mr.Bernard Laurens
Publisher : International Monetary Fund
Page : 53 pages
File Size : 55,7 Mb
Release : 1998-12-01
Category : Business & Economics
ISBN : 9781451858235

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Managing Capital Flows by Mr.Jaime Cardoso,Mr.Bernard Laurens Pdf

As a result of the Asian crisis, methods of coping with volatile international capital markets have received considerable attention from observers and policymakers. It has been argued that the imposition by Chile of a nonremunerated reserve requirement on external borrowing played a useful role in the smooth liberalization of its capital account by allowing Chile to deal effectively with short-term capital inflows and thus to reduce its vulnerability to external shocks, and that such measures should be adopted by other countries. In light of this, this paper reviews Chile’s experience in managing capital flows and draws lessons for policymakers.