Format:
1 Online-Ressource (circa 27 Seiten)
,
Illustrationen
ISBN:
9781475589207
Series Statement:
IMF working paper WP/17/69
Content:
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 tools: central banks raise the policy interest rate to address economic overheating concerns; intervene in the foreign exchange market to resist currency appreciation pressures; tighten macroprudential measures to dampen credit growth; and deploy capital inflow controls in the face of competitiveness and financial-stability concerns. Contrary to conventional policy advice to EMEs, we find no evidence of counter-cyclical fiscal policy in the face of capital inflows. Overall, policies are more likely to respond, and used in combination, during inflow surges than in more normal times
Additional Edition:
Erscheint auch als Druck-Ausgabe Ghosh, Atish Managing the Tide: How Do Emerging Markets Respond to Capital Flows? Washington, D.C. : International Monetary Fund, 2017 ISBN 9781475589207
Language:
English
Keywords:
Arbeitspapier
;
Graue Literatur
DOI:
10.5089/9781475589207.001
Author information:
Ostry, Jonathan David 1962-
Author information:
Ghosh, Atish R.
