Managing Capital Inflows

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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 : 51,5 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.

Recent Experiences in Managing Capital Inflows—Cross-Cutting Themes and Possible Policy Framework

International Monetary Fund. Strategy, Policy, & Review Department
Recent Experiences in Managing Capital Inflows Cross Cutting Themes and Possible Policy Framework Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 98 pages
File Size : 42,7 Mb
Release : 2011-02-14
Category : Business & Economics
ISBN : 9781498339353

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Recent Experiences in Managing Capital Inflows—Cross-Cutting Themes and Possible Policy Framework by International Monetary Fund. Strategy, Policy, & Review Department Pdf

Emerging markets (EMs) are experiencing a surge in capital inflows, lifting asset prices and growth prospects. While inflows are typically beneficial for receiving countries, inflow surges can carry macroeconomic and financial stability risks. This paper reviews the recent experience of EMs in dealing with capital inflows and suggests a possible framework for IMF policy advice on the spectrum of measures available to policymakers to manage inflows, including macroeconomic policies, prudential measures and capital controls. Illustrative applications of this framework suggest that it may be appropriate for several countries, based on their current circumstances, to consider prudential measures or capital controls in response to capital inflows. The suggested framework is intended to inform staff policy advice to all Fund members with open capital accounts. It forms part of a broader effort to sharpen Fund surveillance, preserve evenhandedness, and foster greater global policy coordination. As indicated in the Supplement to this paper, this broader effort includes the development of “global rules of the game” on macroprudential policies, capital account liberalization, and reserve adequacy, and the preparation of spillover reports assessing spillovers from the five systemic economies—all of which will inform the current and broader framework being developed.

Managing Capital Inflows

Mr.Jonathan David Ostry,Mr.Atish R. Ghosh,Mr.Karl Friedrich Habermeier,Mr.Luc Laeven,Mr.Marcos Chamon,MissMahvash Qureshi,Annamaria Kokenyne
Managing Capital Inflows Book PDF

Author : Mr.Jonathan David Ostry,Mr.Atish R. Ghosh,Mr.Karl Friedrich Habermeier,Mr.Luc Laeven,Mr.Marcos Chamon,MissMahvash Qureshi,Annamaria Kokenyne
Publisher : International Monetary Fund
Page : 41 pages
File Size : 45,9 Mb
Release : 2011-04-05
Category : Business & Economics
ISBN : 9781463926540

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Managing Capital Inflows by Mr.Jonathan David Ostry,Mr.Atish R. Ghosh,Mr.Karl Friedrich Habermeier,Mr.Luc Laeven,Mr.Marcos Chamon,MissMahvash Qureshi,Annamaria Kokenyne Pdf

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

Recent Experiences in Managing Capital Inflows—Cross-Cutting Themes and Possible Policy Framework—Supplementary Information

International Monetary Fund. Strategy, Policy, & Review Department
Recent Experiences in Managing Capital Inflows Cross Cutting Themes and Possible Policy Framework Supplementary Information Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 4 pages
File Size : 43,5 Mb
Release : 2011-02-15
Category : Business & Economics
ISBN : 9781498339346

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Recent Experiences in Managing Capital Inflows—Cross-Cutting Themes and Possible Policy Framework—Supplementary Information by International Monetary Fund. Strategy, Policy, & Review Department Pdf

This supplement provides further information on some of the issues covered in Recent Experiences in Managing Capital Inflows—Cross-Cutting Themes and Possible Policy Framework that have been highlighted in staff’s informal discussions with Directors. These include the role of supply-side factors behind the surge in capital flows and the nature of the framework pertaining to the use of capital flow management measures (CFMs).

Managing Capital Flows and Exchange Rates

Reuven Glick
Managing Capital Flows and Exchange Rates Book PDF

Author : Reuven Glick
Publisher : Cambridge University Press
Page : 148 pages
File Size : 46,6 Mb
Release : 1998-06-13
Category : Business & Economics
ISBN : 0521623235

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Managing Capital Flows and Exchange Rates by Reuven Glick Pdf

"This is a very timely book that brings the reader to the forefront of current research on macroeconomic policy issues in economies subject to sizable capital flows".--Guillermo A. Calvo, University of Maryland.

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 : 54,5 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.

Managing Capital Flows in East Asia

World Bank
Managing Capital Flows in East Asia Book PDF

Author : World Bank
Publisher : World Bank Publications
Page : 164 pages
File Size : 53,7 Mb
Release : 1996
Category : Business & Economics
ISBN : UCSD:31822023405426

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Managing Capital Flows in East Asia by World Bank Pdf

Looks in greater detail at the relations between the macro- and the microeconomic impact of external capital flows and the range of policy responses available for managing these flows.

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 : 47,9 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.

Managing Capital Inflows in Latin America

Manuel Agosin,Ricardo Ffrench-Davis
Managing Capital Inflows in Latin America Book PDF

Author : Manuel Agosin,Ricardo Ffrench-Davis
Publisher : UN
Page : 52 pages
File Size : 45,9 Mb
Release : 1996
Category : Capital investments
ISBN : UCSD:31822033154394

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Managing Capital Inflows in Latin America by Manuel Agosin,Ricardo Ffrench-Davis Pdf

Draft for comments only, September 1995.

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 : 52,6 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.

Shocks Matter: Managing Capital Flows with Multiple Instruments in Emerging Economies

Mr.Ruy Lama,Juan Pablo Medina
Shocks Matter Managing Capital Flows with Multiple Instruments in Emerging Economies Book PDF

Author : Mr.Ruy Lama,Juan Pablo Medina
Publisher : International Monetary Fund
Page : 44 pages
File Size : 43,8 Mb
Release : 2020-06-19
Category : Business & Economics
ISBN : 9781513545684

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Shocks Matter: Managing Capital Flows with Multiple Instruments in Emerging Economies by Mr.Ruy Lama,Juan Pablo Medina Pdf

We study the optimal management of capital flows in a small open economy model with financial frictions and multiple policy instruments. The paper reports two main findings. First, both foreign exchange intervention (FXI) and macroprudential polices are tools complementary to the monetary policy rate that can largely reduce inflation and output volatility in a scenario of capital outflows. Second, the optimal policy mix depends on the underlying shock driving capital flows. FXI takes the leading role in response to foreign interest rate shocks, while macroprudential policy becomes the prominent tool for domestic risk shocks. These results highlight the importance of calibrating the use of multiple instruments according to the underlying shocks that induce shifts in capital flows.

Managing Large-Scale Capital Inflows

Mr.Ibrahim Chowdhury,Ms.Leonor Keller
Managing Large Scale Capital Inflows Book PDF

Author : Mr.Ibrahim Chowdhury,Ms.Leonor Keller
Publisher : International Monetary Fund
Page : 46 pages
File Size : 51,5 Mb
Release : 2012-05-01
Category : Business & Economics
ISBN : 9781475536584

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Managing Large-Scale Capital Inflows by Mr.Ibrahim Chowdhury,Ms.Leonor Keller Pdf

Many emerging market economies have in the recent past experienced a surge in capital inflows that may threaten their economic and financial stability. The IMF in early 2011 proposed a framework intended to guide Fund advice to policymakers on how to best respond to such inflows, including both macroeconomic instruments and so-called capital flow management measures (CFMs). The paper applies this framework to three countries that have experienced elevated capital inflows after the onset of the 2008 global financial crisis - the Czech Republic, Poland, and Romania. It finds that the evaluation of the macroeconomic criteria as prescribed by the framework does not support the use of CFMs, but instead advocates macroeconomic policies as the first line of defense against large-scale capital inflows. This finding is by and large consistent with the IMF’s policy advice given to country authorities in the context of surveillance missions.

Facing the Tides

Mr.Harald Finger,Pablo Lopez Murphy
Facing the Tides Book PDF

Author : Mr.Harald Finger,Pablo Lopez Murphy
Publisher : International Monetary Fund
Page : 76 pages
File Size : 55,7 Mb
Release : 2019-10-14
Category : Business & Economics
ISBN : 9781513516844

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Facing the Tides by Mr.Harald Finger,Pablo Lopez Murphy Pdf

This paper looks empirically at some economic effects of volatile exchange rates and financial conditions and examines policy responses for managing such volatility. It also sheds light on some economic costs that stem from volatile capital flows and exchange rates and analyzes how countries deploy their policy toolkits in response. The data-driven analysis should contribute to ongoing reflections about how to manage volatile capital flows and exchange rates both in Asian EMEs and more broadly.

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 : 54,7 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.

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 : 47,5 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.