The Multilateral Aspects Of Policies Affecting Capital Flows Background Paper
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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.
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.
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.
Effects Of Capital Flow Liberalization
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Author : Tahsin Saadi Sedik
language : en
Publisher: International Monetary Fund
Release Date : 2012-11-16
Effects Of Capital Flow Liberalization written by Tahsin Saadi Sedik 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 2012-11-16 with Business & Economics categories.
This paper analyzes the experiences of emerging market economies (EMEs) that have liberalized capital flows over the past 15 years with respect to macroeconomic performance and risks to financial stability. The results of the panel data regressions indicate that greater openness to capital flows is associated with higher growth, gross capital flows, and equity returns and with lower inflation and bank capital adequacy ratios. The effects vary depending on thresholds. As a potential application of these findings, the paper explores the possible effects of liberalization on China by applying the coefficients of explanatory variables to the corresponding variables of China in 2012–16.
Money Finance And Capitalist Crisis
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Author : Nobuharu Yokokawa
language : en
Publisher: Routledge
Release Date : 2022-05-11
Money Finance And Capitalist Crisis written by Nobuharu Yokokawa and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-05-11 with Business & Economics categories.
Extraordinary growth of the financial relative to the nonfinancial sector has marked the development of mature capitalism during the last four decades. The changing balance between the two sectors has altered the outlook of the economy and facilitated the spread of financial concerns, practices, and outlooks across society. The result has been the gradual transformation of contemporary capitalism – namely, its financialization since the late 1970s. There are similarities between the Marxian, the Post-Keynesian and other heterodox approaches to analyzing the profound changes in money and finance in the global economy since the 1980s. Prominent among them is a common focus on financialization but also on the limits of monetary policy, the transformation of banking, the tendency to crisis related to financial excess, and the problematic role of neoliberalism in finance. Furthermore, the complexity of the interrelationship between finance and the rest of the economy has increased since the great crisis of 2007-9. This book tackles several of these developments as well as engaging in debate among different currents of heterodox economics. The chapters in this book were originally published in The Japanese Political Economy.
When Things Don T Fall Apart
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Author : Ilene Grabel
language : en
Publisher: MIT Press
Release Date : 2019-08-06
When Things Don T Fall Apart written by Ilene Grabel and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-06 with Business & Economics categories.
An account of the significant though gradual, uneven, disconnected, ad hoc, and pragmatic innovations in global financial governance and developmental finance induced by the global financial crisis. In When Things Don't Fall Apart, Ilene Grabel challenges the dominant view that the global financial crisis had little effect on global financial governance and developmental finance. Most observers discount all but grand, systemic ruptures in institutions and policy. Grabel argues instead that the global crisis induced inconsistent and ad hoc discontinuities in global financial governance and developmental finance that are now having profound effects on emerging market and developing economies. Grabel's chief normative claim is that the resulting incoherence in global financial governance is productive rather than debilitating. In the age of productive incoherence, a more complex, dense, fragmented, and pluripolar form of global financial governance is expanding possibilities for policy and institutional experimentation, policy space for economic and human development, financial stability and resilience, and financial inclusion. Grabel draws on key theoretical commitments of Albert Hirschman to cement the case for the productivity of incoherence. Inspired by Hirschman, Grabel demonstrates that meaningful change often emerges from disconnected, erratic, experimental, and inconsistent adjustments in institutions and policies as actors pragmatically manage in an evolving world. Grabel substantiates her claims with empirically rich case studies that explore the effects of recent crises on networks of financial governance (such as the G-20); transformations within the IMF; institutional innovations in liquidity support and project finance from the national to the transregional levels; and the “rebranding” of capital controls. Grabel concludes with a careful examination of the opportunities and risks associated with the evolutionary transformations underway.
Guidance Note For Article Iv Consultations
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2012-10-10
Guidance Note For Article Iv Consultations 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 2012-10-10 with Business & Economics categories.
This note provides guidance to staff on the conduct of surveillance in the context of Article IV consultations, a core activity of the Fund. Surveillance involves the continuous monitoring of members‘ economic and financial policies and their impact on their own and global stability. During Article IV consultations, staff holds pointed discussions with country authorities on the economic situation, the authorities‘ policies and how these affect the country‘s stability, the role of potential or actual spillovers where relevant, and desirable policy adjustments. These discussions are then reported to the Fund‘s Executive Board for its consideration. The goal, through thorough analysis, candid discussions, and a peer-review mechanism, is to promote the stability of members‘ economies, as well as the effective operation of the international monetary system, including through maintaining global stability.
The Liberalization And Management Of Capital Flows An Institutional View
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2012-04-11
The Liberalization And Management Of Capital Flows An Institutional View 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 2012-04-11 with Business & Economics categories.
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.
Pilot External Sector Report
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2012-02-07
Pilot External Sector Report 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 2012-02-07 with Business & Economics categories.
This Pilot External Sector Report (ESR) provides a multilaterally consistent analysis of the external positions of major world economies. Following the recommendations of the 2011 Triennial Surveillance Review and the Managing Director’s Statement on Strengthening Surveillance, the focus of the analysis has been broadened beyond exchange rates to detailed examinations of current accounts, reserves, capital flows, and external balance sheets. It draws upon the Research Department’s past and new methods for assessing current accounts and real exchange rates (see Appendix I), and on previous IMF analytical work on exchange rates, capital flows and measures, and reserves adequacy.
Managing Complexity
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Author : Tanim Bayoumi
language : en
Publisher: Brookings Institution Press
Release Date : 2016-01-05
Managing Complexity written by Tanim Bayoumi and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-05 with Business & Economics categories.
A critical look at the challenges facing international policy cooperation in the new postcrisis environment. The global financial crisis of 2007–09 highlighted the economic interdependencies between all major countries, raising the issues of international cooperation. Managing Complexity: Economic Policy Cooperation after the Crisis looks at how, following the global financial crisis, countries have changed the way they cooperate with each other on matters of economic policy. In this volume, the result of a joint research project of Chatham House and the International Monetary Fund, researchers and policymakers who were directly involved in the crisis take a critical look at the challenges facing international policy cooperation in the new postcrisis environment and at how the theory and practice of cooperation have evolved as a result of the crisis.