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Estimated policy rules for capital controls

Pasricha, Gurnain Kaur - 2020

This paper borrows the tradition of estimating policy reaction functions from monetary policy literature to ask whether capital controls respond to macroprudential or mercantilist motivations. I explore this question using a novel, weekly dataset on capital control actions in 21 emerging...

Persistent link: https://www.econbiz.de/10012251900

One shock, many policy responses

Mano, Rui C.; Sgherri, Silvia - 2020

Policymakers have relied on a wide range of policy tools to cope with capital flow shocks. And yet, the effects and interaction of these policies remain under debate, as does the motivation for using them. In this paper, quantile local projections are used to estimate the entire distribution of...

Persistent link: https://www.econbiz.de/10012170084

Capital flows at risk : taming the ebbs and flows

Gelos, Gaston; Gornicka, Lucyna; Koepke, Robin; Sahay, Ratna - 2019

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...

Persistent link: https://www.econbiz.de/10012155045

Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence

Blanchard, Olivier - 2015

The workhorse open-economy macro model suggests that capital inflows are contractionary because they appreciate the currency and reduce net exports. Emerging market policy makers however believe that inflows lead to credit booms and rising output, and the evidence appears to go their way. To...

Persistent link: https://www.econbiz.de/10012418076

Shocks matter : managing capital flows with multiple instruments in emerging economies

Lama C., Ruy; Medina, Juan Pablo - 2020

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...

Persistent link: https://www.econbiz.de/10012252000

Managing the tide : how do emerging markets respond to capital flows?

Ghosh, Atish R.; Ostry, Jonathan David; Qureshi, … - 2017

This paper examines whether-and how-emerging market economies (EMEs) respond to capital flows to mitigate their untoward consequences. Based on a sample of about 50 EMEs over 2005Q1-2013Q4, we find that EME policy makers respond proactively to capital inflows by using a combination of policy...

Persistent link: https://www.econbiz.de/10011671113

Financial openness and capital inflows to emerging markets : in search of robust evidence

Cerdeiro, Diego A.; Komaromi, Andras - 2019

We reassess the connection between capital account openness and capital flows in an empirical framework that is … openness and traditional push-pull factors. Within our proposed framework, we ask: what can be said robustly about the effect …. Countries with a higher degree of financial openness are more susceptible to some, but by no means all, push and pull factors …

Persistent link: https://www.econbiz.de/10012103692

Capital flows and financial stability : monetary policy and macroprudential responses

Unsal, D. Filiz - 2011

Persistent link: https://www.econbiz.de/10009423198

Capital controls or macroprudential regulation?

Korinek, Anton; Sandri, Damiano - 2015

International capital flows can create significant financial instability in emerging economies because of pecuniary externalities associated with exchange rate movements. Does this make it optimal to impose capital controls or should policymakers rely on domestic macroprudential regulation? This...

Persistent link: https://www.econbiz.de/10011446372

Effectiveness of capital controls in selected emerging markets in the 2000s

Baba, Chikako; Kokenyne, Annamaria - 2011

Persistent link: https://www.econbiz.de/10009419723