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

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

Volume/Issue: 2015/226

Series: IMF Working Papers

Author(s): Olivier Blanchard , Jonathan Ostry , Atish Ghosh , and Marcos Chamon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 October 2015

DOI: http://dx.doi.org/10.5089/9781513500805.001

ISBN: 9781513500805

Keywords: capital inflows, bonds, bond, return, domestic bonds, All Countries, apital inflows,

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 t...

Capital Controls or Macroprudential Regulation?

Capital Controls or Macroprudential Regulation? »

Volume/Issue: 2015/218

Series: IMF Working Papers

Author(s): Anton Korinek , and Damiano Sandri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2015

DOI: http://dx.doi.org/10.5089/9781513506463.001

ISBN: 9781513506463

Keywords: pecuniary externalities, macroprudential regulation, inequality, exchange rate, exchange, lenders, borrowers, markets, International Lending and Debt Problems, Open Economy Macroeconomics

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...

Capital Inflows, Exchange Rate Flexibility, and Credit Booms

Capital Inflows, Exchange Rate Flexibility, and Credit Booms »

Volume/Issue: 2012/41

Series: IMF Working Papers

Author(s): Nicolas Magud , Esteban Vesperoni , and Carmen Reinhart

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2012

DOI: http://dx.doi.org/10.5089/9781463936426.001

ISBN: 9781463936426

Keywords: foreign currency loans, financial regulation, exchange rate, exchange rate regime, Capital Inflows, Exchange Rate Flexibility, and Credit Booms, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

The prospects of expansionary monetary policies in the advanced countries for the foreseeable future have renewed the debate over policy options to cope with large capital inflows that are, at least partly, driven...

The New Economics of Capital Controls Imposed for Prudential Reasons+L4888

The New Economics of Capital Controls Imposed for Prudential Reasons+L4888 »

Volume/Issue: 2011/298

Series: IMF Working Papers

Author(s): Anton Korinek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2011

DOI: http://dx.doi.org/10.5089/9781463927844.001

ISBN: 9781463927844

Keywords: financial crises, balance sheet effects, pecuniary externalities, capital controls, capital inflows, capital flows, domestic agents, New Economics of Capital Controls,

This paper provides an introduction to the new economics of prudential capital controls in emerging economies. This literature is based on the notion that there are externalities associated with financial crises be...

Economics of Sovereign Wealth Funds

Economics of Sovereign Wealth Funds »

Series: Books

Author(s): Udaibir Das , Adnan Mazarei , and Han Hoorn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 December 2010

DOI: http://dx.doi.org/10.5089/9781589069275.071

ISBN: 9781589069275

Keywords: investors, bonds, investment strategies, principals, financial markets

The book covers a wide range of topics of relevance to policymakers in countries that have sovereign wealth funds (SWFs) and those that receive SWF investments. Renowned experts in the field have contributed chapte...

Capital Inflows
			: The Role of Controls

Capital Inflows : The Role of Controls »

Volume/Issue: 2010/04

Series: IMF Staff Position Notes

Author(s): Jonathan Ostry , Atish Ghosh , Karl Habermeier , Marcos Chamon , Mahvash Qureshi , and Dennis B. S. Reinhardt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 February 2010

DOI: http://dx.doi.org/10.5089/9781462347513.004

ISBN: 9781462347513

Keywords: Cross country analysis, Capital controls, Capital inflows, Banking sector, Financial crisis, Exchange rate appreciation, Reserves accumulation, Global Financial Crisis 2008-2009, Fiscal policy, Monetary policy

With the global economy beginning to emerge from the financial crisis, capital is flowing back to emerging market countries (EMEs). These flows, and capital mobility more generally, allow countries with limited sav...

The Composition Matters
			: Capital Inflows and Liquidity Crunch During a Global Economic Crisis

The Composition Matters : Capital Inflows and Liquidity Crunch During a Global Economic Crisis »

Volume/Issue: 2009/164

Series: IMF Working Papers

Author(s): Hui Tong , and Shang-Jin Wei

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2009

DOI: http://dx.doi.org/10.5089/9781451873115.001

ISBN: 9781451873115

Keywords: Financial globalization, spillover, liquidity constraints, stock price, working capital, financial dependence, Financial Institutions And Services, Corporate Finance And Governance,

We study whether capital flows affect the degree of credit crunch faced by a country's manufacturing firms during the 2007-09 crisis. Examining 3823 firms in 24 emerging countries, we find that the decline in stock...

Macroeconomic Consequences of Remittances

Macroeconomic Consequences of Remittances »

Series: Occasional Papers

Author(s): Connel Fullenkamp , Thomas Cosimano , Michael Gapen , Ralph Chami , Peter Montiel , and Adolfo Barajas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2008

DOI: http://dx.doi.org/10.5089/9781589067011.084

ISBN: 9781589067011

Keywords: Debt sustainability, Capital inflows, Economic models, Economic growth, Real effective exchange rates, Income, Migration, Labor markets, Workers remittances, remittances

Given the large size of aggregate remittance flows (billions of dollars annually), they should be expected to have significant macroeconomic effects on the economies that receive them. This paper directly addresses...

Foreign Direct Investment and Structural Reforms
			: Evidence from Eastern Europe and Latin America

Foreign Direct Investment and Structural Reforms : Evidence from Eastern Europe and Latin America »

Volume/Issue: 2008/26

Series: IMF Working Papers

Author(s): Yuko Kinoshita , and Nauro Campos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2008

DOI: http://dx.doi.org/10.5089/9781451868883.001

ISBN: 9781451868883

Keywords: fdi, financial sector, direct investment

This paper investigates the role of structural reforms -financial reforms, trade liberalization, and privatization- as determinants of FDI inflows based on newly constructed dataset on structural reforms for 19 Lat...

Balance of Payments Crises Under Inflation Targeting

Balance of Payments Crises Under Inflation Targeting »

Volume/Issue: 2007/84

Series: IMF Working Papers

Author(s): Shujing Li , Isabel Yan , and Michael Kumhof

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2007

DOI: http://dx.doi.org/10.5089/9781451866483.001

ISBN: 9781451866483

Keywords: Balance of payments crisis, exchange rate targeting, flow speculative attack, inflation, exchange rate,

This paper analyzes a small open economy model under inflation targeting. It shows why such a monetary regime is vulnerable to speculative attacks that take place over a short period rather than instantaneously. Th...