Liberalizing Capital Flows And Managing Outflows Background Paper

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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 : 54,8 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.

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 : 45,5 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 : 53,5 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.

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 : 43,8 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.

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 : 55,7 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.

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 : 46,6 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.

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 : 45,7 Mb
Release : 2013-08-28
Category : Business & Economics
ISBN : 9781475532159

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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.

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 : 51,8 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 Controls and Capital Flows in Emerging Economies

Sebastian Edwards
Capital Controls and Capital Flows in Emerging Economies Book PDF

Author : Sebastian Edwards
Publisher : University of Chicago Press
Page : 699 pages
File Size : 47,9 Mb
Release : 2009-02-15
Category : Business & Economics
ISBN : 9780226184999

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Capital Controls and Capital Flows in Emerging Economies by Sebastian Edwards Pdf

Some scholars argue that the free movement of capital across borders enhances welfare; others claim it represents a clear peril, especially for emerging nations. In Capital Controls and Capital Flows in Emerging Economies, an esteemed group of contributors examines both the advantages and the pitfalls of restricting capital mobility in these emerging nations. In the aftermath of the East Asian currency crises of 1997, the authors consider mechanisms that eight countries have used to control capital inflows and evaluate their effectiveness in altering the maturity of the resulting external debt and reducing macroeconomic vulnerability. This volume is essential reading for all those interested in emerging nations and the costs and benefits of restricting international capital flows.

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 : 40,6 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.

Effects of Capital Flow Liberalization

Tahsin Saadi Sedik,Tao Sun
Effects of Capital Flow Liberalization Book PDF

Author : Tahsin Saadi Sedik,Tao Sun
Publisher : International Monetary Fund
Page : 27 pages
File Size : 50,8 Mb
Release : 2012-11-16
Category : Business & Economics
ISBN : 9781475547276

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Effects of Capital Flow Liberalization by Tahsin Saadi Sedik,Tao Sun Pdf

This paper analyzes the experiences of emerging market economies (EMEs) that have liberalized capital flows over the past 15 years with respect to macroeconomic performance and risks to financial stability. The results of the panel data regressions indicate that greater openness to capital flows is associated with higher growth, gross capital flows, and equity returns and with lower inflation and bank capital adequacy ratios. The effects vary depending on thresholds. As a potential application of these findings, the paper explores the possible effects of liberalization on China by applying the coefficients of explanatory variables to the corresponding variables of China in 2012–16.

Sequencing Capital Account Liberalization

Claudia Echeverria,Mr.Salim M. Darbar,Mr.R. B. Johnston
Sequencing Capital Account Liberalization Book PDF

Author : Claudia Echeverria,Mr.Salim M. Darbar,Mr.R. B. Johnston
Publisher : International Monetary Fund
Page : 116 pages
File Size : 51,5 Mb
Release : 1997-11-01
Category : Business & Economics
ISBN : 9781451857450

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Sequencing Capital Account Liberalization by Claudia Echeverria,Mr.Salim M. Darbar,Mr.R. B. Johnston Pdf

This paper examines issues in sequencing and pacing capital account liberalization and draws lessons from experience in four countries (Chile, Indonesia, Korea, and Thailand). The paper focuses on the interrelationship between capital account liberalization, domestic financial sector reforms, and the design of monetary and exchange rate policy. It concludes that capital account liberalization should be approached as an integrated part of comprehensive reform strategies and should be paced with the implementation of appropriate macroeconomic and exchange rate policies.

Managing Elevated Risk

Iwan J. Azis,Hyun Song Shin
Managing Elevated Risk Book PDF

Author : Iwan J. Azis,Hyun Song Shin
Publisher : Springer
Page : 124 pages
File Size : 47,8 Mb
Release : 2014-12-11
Category : Business & Economics
ISBN : 9789812872845

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Managing Elevated Risk by Iwan J. Azis,Hyun Song Shin Pdf

This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy—An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book.

Managing Volatile Capital Flows: Experiences and Lessons for Sub-Saharan African Frontier Markets

Cheikh A. Gueye,Mr.Javier Arze del Granado,Mr.Rodrigo Garcia-Verdu,Mr.Mumtaz Hussain,Mr.B. Jang,Mr.Sebastian Weber,Mr.Juan S Corrales
Managing Volatile Capital Flows Experiences and Lessons for Sub Saharan African Frontier Markets Book PDF

Author : Cheikh A. Gueye,Mr.Javier Arze del Granado,Mr.Rodrigo Garcia-Verdu,Mr.Mumtaz Hussain,Mr.B. Jang,Mr.Sebastian Weber,Mr.Juan S Corrales
Publisher : International Monetary Fund
Page : 39 pages
File Size : 44,7 Mb
Release : 2014-03-26
Category : Business & Economics
ISBN : 9781616358440

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Managing Volatile Capital Flows: Experiences and Lessons for Sub-Saharan African Frontier Markets by Cheikh A. Gueye,Mr.Javier Arze del Granado,Mr.Rodrigo Garcia-Verdu,Mr.Mumtaz Hussain,Mr.B. Jang,Mr.Sebastian Weber,Mr.Juan S Corrales Pdf

During the past three years the frontier markets of sub-Saharan Africa have received growing amounts of portfolio capital flows, with heightened interest from foreign investors. Compared with foreign direct investment, portfolio capital flows tend to be more volatile, and thus pose challenges for sub-Saharan African frontier markets. This study examines the evolution of capital flows since 2010 and discusses the policies these countries have designed to reduce risks from the inherent volatility of these flows.

The Impact of Gray-Listing on Capital Flows: An Analysis Using Machine Learning

Mizuho Kida,Simon Paetzold
The Impact of Gray Listing on Capital Flows An Analysis Using Machine Learning Book PDF

Author : Mizuho Kida,Simon Paetzold
Publisher : International Monetary Fund
Page : 37 pages
File Size : 49,5 Mb
Release : 2021-05-27
Category : Business & Economics
ISBN : 9781513582436

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The Impact of Gray-Listing on Capital Flows: An Analysis Using Machine Learning by Mizuho Kida,Simon Paetzold Pdf

The Financial Action Task Force’s gray list publicly identifies countries with strategic deficiencies in their AML/CFT regimes (i.e., in their policies to prevent money laundering and the financing of terrorism). How much gray-listing affects a country’s capital flows is of interest to policy makers, investors, and the Fund. This paper estimates the magnitude of the effect using an inferential machine learning technique. It finds that gray-listing results in a large and statistically significant reduction in capital inflows.