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

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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

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 : 47,8 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.

Review of The Institutional View on The Liberalization and Management of Capital Flows

International Monetary Fund
Review of The Institutional View on The Liberalization and Management of Capital Flows Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 98 pages
File Size : 47,6 Mb
Release : 2022-03-30
Category : Business & Economics
ISBN : 9798400204593

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Review of The Institutional View on The Liberalization and Management of Capital Flows by International Monetary Fund Pdf

The Institutional View (IV) on the Liberalization and Management of Capital Flows, adopted in 2012, provides the basis for consistent advice, and where relevant, assessments on policies related to capital flows. This paper reviews the IV, informed by advances in research, notably the work on an Integrated Policy Framework (IPF), the findings of the 2020 evaluation by the Independent Evaluation Office (IEO) on IMF Advice on Capital Flows, and staff’s experience with the implementation of the IV. The core premises and objectives of the IV remain unchanged. The IV rests on the premises that capital flows are desirable as they can bring substantial benefits for countries, and that capital flow management measures (CFMs) can be useful in certain circumstances but should not substitute for warranted macroeconomic adjustment. With those premises in mind, the IV aims to help countries reap the benefits of capital flows, while managing the associated risks in a way that preserves macroeconomic and financial stability and does not generate significant negative outward spillovers.

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 : 44,7 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.

Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Principles for the Design of Measures to Address Systemic Risks from FX Mismatches

Mr. Heedon Kang,Mr. Paavo A Miettinen,Erlend Nier,Mr. Thorvardur Tjoervi Olafsson,Gurnain Kaur Pasricha
Review of The Institutional View on The Liberalization and Management of Capital Flows Background Note on Principles for the Design of Measures to Address Systemic Risks from FX Mismatches Book PDF

Author : Mr. Heedon Kang,Mr. Paavo A Miettinen,Erlend Nier,Mr. Thorvardur Tjoervi Olafsson,Gurnain Kaur Pasricha
Publisher : International Monetary Fund
Page : 6 pages
File Size : 52,9 Mb
Release : 2022-03-30
Category : Business & Economics
ISBN : 9798400206238

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Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Principles for the Design of Measures to Address Systemic Risks from FX Mismatches by Mr. Heedon Kang,Mr. Paavo A Miettinen,Erlend Nier,Mr. Thorvardur Tjoervi Olafsson,Gurnain Kaur Pasricha Pdf

This note describes the key principles for the design and implementation of preemptive CFM/MPMs. These measures should be designed to be effective—so they achieve their intended goal and are not easily circumvented—and efficient—so they minimize distortions and costs. Preemptive CFM/MPMs should be targeted, calibrated to risks, transparent, and as temporary as possible. The appropriate design depends on country circumstances, such as institutional and legal constraints, as well as the precise source of the vulnerability. Where measures that do not discriminate by residency are available and effective, they should be preferred.

Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Using the IPF Analytical Toolkit to Enhance Policy Assessments

Marcin Kolasa,Gurnain Kaur Pasricha,Mr. Suman S Basu,Ms. Emine Boz,Dimitre Milkov
Review of The Institutional View on The Liberalization and Management of Capital Flows Background Note on Using the IPF Analytical Toolkit to Enhance Policy Assessments Book PDF

Author : Marcin Kolasa,Gurnain Kaur Pasricha,Mr. Suman S Basu,Ms. Emine Boz,Dimitre Milkov
Publisher : International Monetary Fund
Page : 4 pages
File Size : 41,5 Mb
Release : 2022-03-30
Category : Business & Economics
ISBN : 9798400206528

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Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Using the IPF Analytical Toolkit to Enhance Policy Assessments by Marcin Kolasa,Gurnain Kaur Pasricha,Mr. Suman S Basu,Ms. Emine Boz,Dimitre Milkov Pdf

Insights from the IPF workstream can help guide the appropriate policy mix during an inflow surge, based on the shock and country characteristics. Inflow surges may be caused by a range of shocks and can take different forms in different countries. The IPF models suggest that warranted macroeconomic policy adjustments depend on the nature of the shock and country characteristics. The IPF models point to shocks and country characteristics that make it difficult to effectively respond to surges using only macroeconomic policy and exchange rate adjustment. The IPF models also suggest that, in the presence of overheating and overvaluation, the use of FXI and CFMs can enhance monetary autonomy in certain circumstances without generating other distortions. The relative costs and benefits of FXI and CFMs depend on country-specific factors. The IPF models also illustrate how surges can lead to a build-up of systemic financial risks. The IPF workstream connects the appropriate mix of MPMs and CFM/MPMs to the structure of the country's financial system.

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 : 54,5 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.

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 : 44,6 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.

Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Assessing Systemic Financial Stability Risks Due to FX Mismatches

International Monetary Fund
Review of The Institutional View on The Liberalization and Management of Capital Flows Background Note on Assessing Systemic Financial Stability Risks Due to FX Mismatches Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 18 pages
File Size : 45,7 Mb
Release : 2022-03-30
Category : Business & Economics
ISBN : 9798400206016

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Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Assessing Systemic Financial Stability Risks Due to FX Mismatches by International Monetary Fund Pdf

This note outlines the approach of the proposed revision to the Institutional View (IV) when assessing whether systemic financial stability risks are elevated due to foreign currency (FX) mismatches. The approach builds on the staff guidance regarding risk assessments in bilateral surveillance, while allowing for flexibility to draw on future advances in best practice. This note proposes a two-step approach to assess systemic risks from FX mismatches. This note is organized as follows. Section II outlines the sources of systemic risks stemming from FX debt and potential amplification channels. Section III outlines the risk assessment approach in practice and Section IV concludes.

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 : 45,9 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 : 42,8 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.

Integrated Policy Framework—Principles for the Use of Foreign Exchange Intervention

International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Institute for Capacity Development,International Monetary Fund. Strategy, Policy, & Review Department
Integrated Policy Framework Principles for the Use of Foreign Exchange Intervention Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Institute for Capacity Development,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 61 pages
File Size : 47,6 Mb
Release : 2023-12-21
Category : Business & Economics
ISBN : 9798400263842

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Integrated Policy Framework—Principles for the Use of Foreign Exchange Intervention by International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Institute for Capacity Development,International Monetary Fund. Strategy, Policy, & Review Department Pdf

This note guides policy advice on the use of foreign exchange intervention (FXI) as part of the Integrated Policy Framework (IPF) in Fund surveillance. The note provides general principles for the advice in countries with flexible exchange rates and sets out three use cases for FXI that are tied to specific frictions. It explores the use of FXI as part of an overall policy response, allowing the advice to differ with shocks, frictions, and country-specific circumstances.

Liberalization of the Capital Account

Mr.Donald J. Mathieson,Ms.Liliana Rojas-Suárez
Liberalization of the Capital Account Book PDF

Author : Mr.Donald J. Mathieson,Ms.Liliana Rojas-Suárez
Publisher : International Monetary Fund
Page : 60 pages
File Size : 51,7 Mb
Release : 1992-06-01
Category : Business & Economics
ISBN : 9781451973754

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Liberalization of the Capital Account by Mr.Donald J. Mathieson,Ms.Liliana Rojas-Suárez Pdf

This paper reviews the experience with capital controls in industrial and developing countries, considers the policy issues raised when the effectiveness of capital controls diminishes, examines the medium-term benefits and costs of an open capital account, and analyzes the policy measures that could help sustain capital account convertibility. As the effectiveness of capital controls eroded more rapidly in the 1980s than in earlier periods, new constraints were placed on the formulation of stabilization and structural reform programs. However, experience suggests that certain macroeconomic, financial, and risk management policies would allow countries to attain the benefits of capital account convertibility and reduce the financial risks created by an open capital account.

Monetary Policy Challenges in Latin America

Fernando Toledo,Louis-Philippe Rochon
Monetary Policy Challenges in Latin America Book PDF

Author : Fernando Toledo,Louis-Philippe Rochon
Publisher : Edward Elgar Publishing
Page : 305 pages
File Size : 44,5 Mb
Release : 2023-10-06
Category : Business & Economics
ISBN : 9781802200706

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Monetary Policy Challenges in Latin America by Fernando Toledo,Louis-Philippe Rochon Pdf

This ground-breaking book analyses the severe monetary policy challenges facing Latin American countries. Contributors reflect on how these issues should be addressed by policy-makers, identifying the need for a synergic response from regional central banks.

Sustainable Growth and Global Social Development in Competitive Economies

Jean Vasile, Andrei,Vasi?, Mile,Vukovic, Predrag
Sustainable Growth and Global Social Development in Competitive Economies Book PDF

Author : Jean Vasile, Andrei,Vasi?, Mile,Vukovic, Predrag
Publisher : IGI Global
Page : 355 pages
File Size : 45,7 Mb
Release : 2023-09-05
Category : Business & Economics
ISBN : 9781668488126

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Sustainable Growth and Global Social Development in Competitive Economies by Jean Vasile, Andrei,Vasi?, Mile,Vukovic, Predrag Pdf

In the process of transitioning to the New Normal model of society and economy, business models, development patterns, and structural transformations have started to become major instruments in creating the new reality. Creating the basic conditions and promoting the sustainable economic development criteria for contemporary communities needs not only a massive rearrangement of the classical structures but also a rethinking of the old economic paradigm to promote new business models and sustainable entrepreneurship. Sustainable Growth and Global Social Development in Competitive Economies fulfills a gap between theory and practice in the field of resilient economies, sustainable growth, and global social development in the New Normal. It also provides some holistic approaches regarding business models, development patterns, and transformations in the New Normal paradigm. Covering key topics such as globalization, business process modeling, and resource economics, this premier reference source is ideal for business owners, managers, government officials, policymakers, industry professionals, researchers, academicians, scholars, practitioners, instructors, and students.

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 : 45,6 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.