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Domestic and multilateral effects of capital controls in emerging markets

Pasricha, Gurnain Kaur; Falagiarda, Matteo; … - 2015

capital inflow management. Tightening of capital inflow restrictions in Brazil, Russia, India, China and South Africa (the …

Persistent link: https://www.econbiz.de/10011372773

Monetary policy independence and the strength of the global financial cycle

Friedrich, Christian; Guérin, Pierre; Leiva-Léon, Danilo - 2020 - Last updated: June 5, 2020

We propose a new strength measure of the global financial cycle by estimating a regimeswitching factor model on cross-border equity flows for 61 countries. We then assess how the strength of the global financial cycle affects monetary policy independence, which is defined as the response of...

Persistent link: https://www.econbiz.de/10012243375

Interest rate uncertainty as a policy tool

Ghironi, Fabio; Ozhan, G. Kemal - 2020 - Last updated: April 16, 2020

We study a novel policy tool-interest rate uncertainty-that can be used to discourage inefficient capital inflows and to adjust the composition of external account between shortterm securities and foreign direct investment (FDI). We identify the trade-offs faced in navigating between external...

Persistent link: https://www.econbiz.de/10012201386

Motivations for capital controls and their effectiveness

Pandey, Radhika; Pasricha, Gurnain Kaur; Patnaik, Ila; … - 2015

We assess the motivations for changing capital controls and their effectiveness in India, a country with extensive and … macroprudential concerns. We construct a fine-grained data set on capital control actions on foreign borrowing in India. Using event …

Persistent link: https://www.econbiz.de/10010472535

Macroprudential FX regulations : shifting the snowbanks of FX vulnerability?

Ahnert, Toni; Forbes, Kristin; Friedrich, Christian; … - 2018

Can macroprudential foreign exchange (FX) regulations on banks reduce the financial and macroeconomic vulnerabilities created by borrowing in foreign currency? To evaluate the effectiveness and unintended consequences of macroprudential FX regulations, we develop a parsimonious model of bank and...

Persistent link: https://www.econbiz.de/10011928172

The dynamics of capital flow episodes

Friedrich, Christian; Guérin, Pierre - 2016

This paper proposes a novel methodology for identifying episodes of strong capital flows based on a regime-switching model. In comparison with the existing literature, a key advantage of our methodology is to estimate capital flow regimes without the need for context- and sample-specific...

Persistent link: https://www.econbiz.de/10011438852

International capital flows and bond risk premia

Sierra, Jesus - 2010

This paper studies the impact of international capital flows on asset prices through risk premia. We investigate whether foreign purchases of U.S. Treasury securities significantly contributed to the decline in excess returns on long-term bonds between 1995 and 2008. We run forecasting...

Persistent link: https://www.econbiz.de/10003981333

Determinants of financial stress and recovery during the great recession

Aizenman, Joshua; Pasricha, Gurnain Kaur - 2011

In this paper, we explore the link between stress in the domestic financial sector and the capital flight faced by countries in the 2008-9 global crisis. Both the timing of emergence of internal financial stress in developing economies, and the size of the peak-trough declines in the stock price...

Persistent link: https://www.econbiz.de/10009355200

News-driven international credit cycles

Ozhan, G. Kemal - 2021 - Last updated: December 23, 2021

How does news about future economic fundamentals affect within-country and cross-country credit allocation? How effective is unconventional policy when financial crises are driven by unfulfilled favorable news? I study these questions by employing a two-sector, two-country macroeconomic model...

Persistent link: https://www.econbiz.de/10012793564

Effectiveness of capital controls in India : evidence from the offshore NDF market

Hutchison, Michael M.; Pasricha, Gurnain Kaur; Singh, … - 2011

This paper examines the effectiveness of international capital controls in India over time by analyzing daily return … begin with a detailed narrative on the evolution of capital controls in India and calculate deviations from covered interest … several distinct periods reflecting changes in capital control application and intensity for India, and estimate the model …

Persistent link: https://www.econbiz.de/10009383025

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