Recent Experiences In Managing Capital Inflows Cross Cutting Themes And Possible Policy Framework
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Recent Experiences In Managing Capital Inflows Cross Cutting Themes And Possible Policy Framework
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2011-02-14
Recent Experiences In Managing Capital Inflows Cross Cutting Themes And Possible Policy Framework written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-02-14 with Business & Economics categories.
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.
Recent Experiences In Managing Capital Inflows Cross Cutting Themes And Possible Policy Framework Supplementary Information
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2011-02-15
Recent Experiences In Managing Capital Inflows Cross Cutting Themes And Possible Policy Framework Supplementary Information written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-02-15 with Business & Economics categories.
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).
Global Capital Flows
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Author : Stephany Griffith-Jones
language : en
Publisher: Palgrave Macmillan
Release Date : 1998
Global Capital Flows written by Stephany Griffith-Jones and has been published by Palgrave Macmillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
Global Capital Flows examines the rapid growth and dramatic changes in capital flows globally and in emerging markets. In the context of relevant economic theory, it analyzes benefits and costs of large and volatile capital flows to developing countries; the latter include damaging currency crises in Mexico and East Asian economies. The book makes innovative proposals on how national governments--and especially--international organizations can best avoid such crises.
Recent Experiences In Managing Capital Inflows
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Author :
language : en
Publisher:
Release Date : 2011
Recent Experiences In Managing Capital Inflows written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Capital movements categories.
"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."--Abstract.
The Imf S Financial Surveillance Work Agenda
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2012-10-04
The Imf S Financial Surveillance Work Agenda written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-10-04 with Business & Economics categories.
The Fund has the responsibility to ensure the effective operation of the international monetary system, thereby promoting economic and financial stability and growth. The recent crisis was a reminder that these goals are best served by Fund surveillance that seeks to ensure that members’ financial systems are properly regulated and supervised, and maintain the right balance between dynamism and stability.
The Multilateral Aspects Of Policies Affecting Capital Flows
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2011-10-13
The Multilateral Aspects Of Policies Affecting Capital Flows written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-13 with Business & Economics categories.
The crisis is prompting a reconsideration of capital flows and the policies that affect them. A breakdown in the domestic stability of a large country can spill over into stress in other countries and even to the global system as a whole. The activities of global institutions and markets—some regulated and some not—can bear on the riskiness of flows. Thus, national policies affecting capital flows can transmit multilaterally. This transmission has not been fully appreciated by national policymakers. Further, they may not have incentives to take full account of the cross-border effects of their policies. Looking ahead, the upward trend in the volume of capital flows can be expected to continue, making it ever more important to address the associated cross-border risks. This paper aims to draw greater attention to the multilateral aspects of policies affecting capital flows. Previous work by the Fund has focused on the policies of recipient countries, mainly emerging market economies (EMEs), and addressed the circumstances in which capital flow management measures (CFMs) would be appropriate. This paper provides a complementary assessment of regulatory and supervisory policies of advanced economies, as well as large advanced economy monetary policy. Moreover, it addresses the multilateral transmission of CFMs.
The Multilateral Aspects Of Policies Affecting Capital Flows Background Paper
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2011-10-24
The Multilateral Aspects Of Policies Affecting Capital Flows Background Paper written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-24 with Business & Economics categories.
The case studies document the regulatory and supervisory dimension of episodes during the recent crisis involving capital flows that generated systemic stress. Source country regulation and supervision is the main focus, although recipient country policies also were important in some cases and are thus covered as well. Three of the case studies are motivated by systemic stress that arose from flows between advanced economies. Strong demand by foreign investors for U.S. financial products helped drive gross flows between the United States and other countries, especially Europe, and induced the U.S. financial sector to develop products that transformed their risky assets into highly-rated securities. In turn, large European banks came to depend on short-term liquidity provided from the U.S. These two-way capital flows created a complex web among markets and institutions, some regulated and some not. Against this background, case studies were prepared for European banks and U.S. money market mutual funds (MMMFs) and for German banks and U.S. mortgage-backed securities (MBSs). Another important case is that of the near failure of the American International Group (AIG), which turned out to have complex and systemically cross-border linkages with other global institutions and markets.
Annual Report On Exchange Arrangements And Exchange Restrictions 2011
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2011-10-25
Annual Report On Exchange Arrangements And Exchange Restrictions 2011 written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-25 with Business & Economics categories.
Published since 1950, this authoritative, annual reference is based upon a unique IMF database that tracks exchange and trade arrangements for all 186 IMF member countries, along with Hong Kong SAR, Aruba, and the Netherlands Antilles. The Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER) draws together information available to the IMF from a number of sources, including during official IMF staff visits to member countries. There is a separate chapter for each of the 189 countries included, and these are presented in a clear, easy-to-read tabular format. A summary table allows for simple cross-country comparisons of key features of their exchange and trade regimes. The report's introduction summarizes recent global trends and developments. It discusses such topical issues as exchange rate arrangements, current or capital transactions, or prudential regulations. The individual country chapters outline exchange measures in place, the structure and setting of exchange rates, arrangements for payments and receipts, procedures for resident and nonresident accounts, mechanisms for import and export payments and receipts, controls on capital transactions, and provisions specific to the financial sector. The report now provides more detailed information on the operations of foreign exchange markets and exchange rate mechanisms and better describes the regulatory framework for current and capital account transactions.
Strengthening The International Monetary System Taking Stock And Looking Ahead
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2011-03-23
Strengthening The International Monetary System Taking Stock And Looking Ahead written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03-23 with Business & Economics categories.
The current IMS has survived for over forty years, underpinning strong growth in GDP and in the international exchange of goods and capital, one of its core objectives. As a result, interdependence among the world’s economies has grown dramatically, making the existence of a sound system ever more important. At the same time, the system has exhibited many symptoms of instability—frequent crises, persistent current account imbalances and exchange rate misalignments, volatile capital flows and currencies, and unprecedentedly large reserve accumulation. These symptoms have come to a head since the 2008 crisis and brought renewed international momentum to the idea of attempting to reform the IMS. Yet the debate so far suggests little consensus on the underlying problems, let alone on the solutions. This paper identifies four root causes to these problems: inadequate global adjustment mechanisms to prevent inconsistent or imprudent policies among systemic countries; lack a comprehensive oversight framework for growing cross-border capital flows, covering both source and recipient countries; inadequate systemic liquidity provision mechanisms; and structural challenges in the supply of safe assets.