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  • 1
    Online Resource
    Online Resource
    Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence (2015)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845964054
    Format: Online-Ressource (24 p)
    Edition: Online-Ausg.
    ISBN: 1513500805 , 9781513500805
    Series Statement: IMF Working Papers 15, 226
    Content: 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 reconcile theory and reality, we extend the set of assets included in the Mundell-Fleming model to include both bonds and non-bonds. at a given policy rate, inflows may decrease the rate on non-bonds, reducing the cost of financial intermediation, potentially offsetting the contractionary impact of appreciation. We explore the implications theoretically and empirically, and find support for the key predictions in the data
    Additional Edition: Erscheint auch als Druck-Ausgabe Blanchard, Olivier Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence Washington, D.C. : International Monetary Fund, 2015 ISBN 9781513500805
    Language: English
    Keywords: Arbeitspapier ; Graue Literatur
    DOI: 10.5089/9781513500805.001
    URL: kostenfrei
    URL: kostenfrei
    Author information: Ostry, Jonathan David 1962-
    Author information: Ghosh, Atish R.
    Author information: Chamon, Marcos
    Author information: Blanchard, Olivier 1948-
    Library Location Call Number Volume/Issue/Year Availability
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    Stabi Berlin
  • 2
    Online Resource
    Online Resource
    Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence / (2015)
    Washington, D.C. :International Monetary Fund,
    Details
    UID:
    edocfu_9958068558702883
    Format: 1 online resource (25 pages)
    ISBN: 1-5135-4909-X , 1-5135-5929-X , 1-5135-6310-6
    Series Statement: IMF Working Papers
    Content: 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 reconcile theory and reality, we extend the set of assets included in the Mundell-Fleming model to include both bonds and non-bonds. At a given policy rate, inflows may decrease the rate on non-bonds, reducing the cost of financial intermediation, potentially offsetting the contractionary impact of appreciation. We explore the implications theoretically and empirically, and find support for the key predictions in the data.
    Note: Cover -- Contents -- I. Introduction -- II. A Portfolio Model -- 2.1. The Demand for Assets -- 2.2. Equilibrium Conditions -- III. FX Intervention, Capital Controls, and the Policy Rate -- 3.1. Sterilized Intervention -- 3.2. Capital Controls -- 3.3. Policy Rate -- 3.4. Some Remarks on the Choice of Instruments -- IV. Some Empirical Evidence -- Conclusions -- Table 1. Effect of Capital Flows on GDP and Credit Growth -- Figures -- 1. Increase in bond inflows, s_B> -- 0 -- 2. Increase in non-bond inflows, s_N> -- 0 -- Data Appendix -- References.
    Additional Edition: ISBN 1-5135-0080-5
    Language: English
    Library Location Call Number Volume/Issue/Year Availability
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    FU Berlin
  • 3
    Online Resource
    Online Resource
    Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence / (2015)
    Washington, D.C. :International Monetary Fund,
    Details
    UID:
    edoccha_9958068558702883
    Format: 1 online resource (25 pages)
    ISBN: 1-5135-4909-X , 1-5135-5929-X , 1-5135-6310-6
    Series Statement: IMF Working Papers
    Content: 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 reconcile theory and reality, we extend the set of assets included in the Mundell-Fleming model to include both bonds and non-bonds. At a given policy rate, inflows may decrease the rate on non-bonds, reducing the cost of financial intermediation, potentially offsetting the contractionary impact of appreciation. We explore the implications theoretically and empirically, and find support for the key predictions in the data.
    Note: Cover -- Contents -- I. Introduction -- II. A Portfolio Model -- 2.1. The Demand for Assets -- 2.2. Equilibrium Conditions -- III. FX Intervention, Capital Controls, and the Policy Rate -- 3.1. Sterilized Intervention -- 3.2. Capital Controls -- 3.3. Policy Rate -- 3.4. Some Remarks on the Choice of Instruments -- IV. Some Empirical Evidence -- Conclusions -- Table 1. Effect of Capital Flows on GDP and Credit Growth -- Figures -- 1. Increase in bond inflows, s_B> -- 0 -- 2. Increase in non-bond inflows, s_N> -- 0 -- Data Appendix -- References.
    Additional Edition: ISBN 1-5135-0080-5
    Language: English
    Library Location Call Number Volume/Issue/Year Availability
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    Charité
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