Taming Capital Flows

Author : J. Stiglitz
Publisher : Springer
ISBN 13 : 113742768X
Total Pages : 215 pages
Book Rating : 4.87/5 ( download)

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Download or read book Taming Capital Flows written by J. Stiglitz and published by Springer. This book was released on 2015-05-05 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains country experiences explained by policy makers and studies by leading experts on causes and consequences of capital flows as well as policies to control these flows. It addresses portfolio flow issues central to open economies, especially emerging markets.

Author : Atish R. Ghosh
Publisher : MIT Press
ISBN 13 : 0262343762
Total Pages : 489 pages
Book Rating : 4.63/5 ( download)

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Download or read book Taming the Tide of Capital Flows written by Atish R. Ghosh and published by MIT Press. This book was released on 2018-01-12 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive examination of policy measures intended to help emerging markets contend with large and volatile capital flows. While always episodic in nature, capital flows to emerging market economies have been especially volatile since the global financial crisis. After peaking at $680 billion in 2007, flows to emerging markets turned negative at the onset of crisis in 2008, then rebounded only to recede again during the U.S. sovereign debt downgrade in 2011. Since then, flows have continued to swing wildly, leaving emerging market policy makers wondering whether they can put in place policies during the inflow phase that will soften the blow when flows subsequently recede. This book offers the first comprehensive treatment of policy measures intended to help emerging markets contend with large and volatile capital flows. The authors, all IMF experts, explain that, in the spirit of liberalization and deregulation in the 1980s and 1990s, many emerging market governments eliminated capital inflow controls along with outflow controls. By 2012, however, capital inflow controls were again acknowledged as legitimate policy tools. Focusing on the macroeconomic and financial-stability risks associated with capital flows, the authors combine theoretical and empirical analysis to consider the interaction between monetary, exchange rate, macroprudential, and capital control policies to mitigate these risks. They examine the effectiveness of various policy tools, discuss the practical considerations and multilateral implications of their use, and provide concrete policy advice for dealing with capital inflows.

Author : Mr.R. G Gelos
Publisher : International Monetary Fund
ISBN 13 : 1513522906
Total Pages : 44 pages
Book Rating : 4.06/5 ( download)

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Download or read book Capital Flows at Risk: Taming the Ebbs and Flows written by Mr.R. G Gelos and published by International Monetary Fund. This book was released on 2019-12-20 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new framework to answer critical policy questions: What policies and policy frameworks are most effective in dampening sharp capital flow movements in response to global shocks? What are the near- versus medium-term trade-offs of different policies? We tackle these questions using a quantile regression framework to predict the entire future probability distribution of capital flows to emerging markets, based on current domestic structural characteristics, policies, and global financial conditions. This new approach allows policymakers to quantify capital flows risks and evaluate policy tools to mitigate them, thus building the foundation of a risk management framework for capital flows.

Author : Mr.R. G Gelos
Publisher : International Monetary Fund
ISBN 13 : 1513524798
Total Pages : 44 pages
Book Rating : 4.95/5 ( download)

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Download or read book Capital Flows at Risk: Taming the Ebbs and Flows written by Mr.R. G Gelos and published by International Monetary Fund. This book was released on 2019-12-20 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new framework to answer critical policy questions: What policies and policy frameworks are most effective in dampening sharp capital flow movements in response to global shocks? What are the near- versus medium-term trade-offs of different policies? We tackle these questions using a quantile regression framework to predict the entire future probability distribution of capital flows to emerging markets, based on current domestic structural characteristics, policies, and global financial conditions. This new approach allows policymakers to quantify capital flows risks and evaluate policy tools to mitigate them, thus building the foundation of a risk management framework for capital flows.

Author : Barry J. Eichengreen
Publisher : MIT Press
ISBN 13 : 9780262550598
Total Pages : 396 pages
Book Rating : 4.98/5 ( download)

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Download or read book Capital Flows and Crises written by Barry J. Eichengreen and published by MIT Press. This book was released on 2004 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the connections between capital flows and financial crises as well as between capital flows and economic growth.

Author : Barry Eichengreen
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.73/5 ( download)

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Download or read book Taming Capital Flows written by Barry Eichengreen and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The argument of this paper is that growing capital mobility is unavoidable. Domestic financial liberalization and the revolution in information and communications technologies make it much more difficult to stop capital flows at the border. Effective controls will therefore have to become increasingly comprehensive, onerous, and distortionary. The issue is therefore how to cope with the reality of high capital mobility and to manage the transition. This means not freeing capital flows before substantial progress has been made in liberalizing domestic financial markets and strengthening financial supervision. It means liberalizing foreign direct investment first, access to stock and bond markets second, and offshore bank-funding last. It means putting in place exchange rate, monetary and fiscal policies that do not destabilize the capital account. It means reforming monetary and fiscal institutions to assure the markets of the capacity to deliver desirable monetary and fiscal outcomes.

Author : Ricardo Hausmann
Publisher :
ISBN 13 :
Total Pages : 118 pages
Book Rating : 4.81/5 ( download)

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Download or read book Volatile Capital Flows written by Ricardo Hausmann and published by . This book was released on 2015 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines how large capital inflows should be managed in a volatile macroeconomic environment. Noted authorities on Latin America balance the lessons of Mexico's peso crisis with the argument that economic liberalization remains a valid long-term strategy.

Author : Erlend Nier
Publisher : International Monetary Fund
ISBN 13 : 1498352928
Total Pages : 35 pages
Book Rating : 4.25/5 ( download)

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Download or read book Gross Private Capital Flows to Emerging Markets written by Erlend Nier and published by International Monetary Fund. This book was released on 2014-10-27 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses empirically the key drivers of private capital flows to a large sample of emerging market economies in the last decade. It analyzes the effect of the global financial cycle, measured by the VIX, on capital flows and investigates the role of fundamentals and country characteristics in mitigating or amplifying its effect. Using interaction models, we find the effect of the VIX to be non-linear. For low levels of the VIX, capital flows are driven by fundamental factors. During periods of stress, the VIX becomes the dominant driver of capital flows while other determinants, with the exception of interest rate differentials, lose statistical significance. Our results also suggest that the effect of global financial conditions on gross private capital flows increases with the host country’s level of financial sector development. Finally, our results imply that countries cannot fully insulate themselves from global financial shocks, unless creating a fragmented global financial system.

Author : Gaston Gelos
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.48/5 ( download)

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Download or read book Capital Flows at Risk written by Gaston Gelos and published by . This book was released on 2021 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new quantile regression framework to predict the entire future probability distribution of capital flows to emerging markets, based on changes in global financial conditions, domestic structural characteristics, and policies. The approach allows us to differentiate between short- and medium-term effects. We find that FX- and macroprudential interventions are effective in mitigating downside risks to portfolio flows stemming from adverse global shocks, while tightening of capital controls in response appears to be counterproductive. Good institutional frameworks are not able to shield countries from the increased volatility of portfolio flows in the immediate aftermath of global shocks. However, they do contribute to a more rapid bounce-back of foreign flows over the medium term.

Author : Ricardo Hausmann
Publisher : IDB
ISBN 13 : 1886938040
Total Pages : 114 pages
Book Rating : 4.45/5 ( download)

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Download or read book Volatile Capital Flows written by Ricardo Hausmann and published by IDB. This book was released on 1996 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: