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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† »

Source: 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

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...

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...

Chapter 14. Capital Flows, Monetary Policy, and Foreign Exchange Intervention in Peru

Chapter 14. Capital Flows, Monetary Policy, and Foreign Exchange Intervention in Peru »

Source: Peru : Staying the Course of Economic Success

Series: Books

Author(s): Alejandro Werner , and Alejandro Santos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 September 2015

ISBN: 9781513599748

Keywords: exchange, tax, investment, exchange rate, foreign exchange

This chapter explains the main features of sterilized interventions in the foreign exchange market by the Central Reserve Bank of Peru (Banco Central de Reserva del Perú [BCRP]), in a context of...

Chapter 9. Global Financial Shocks and Gross Capital Flows in Latin America

Chapter 9. Global Financial Shocks and Gross Capital Flows in Latin America »

Source: Latin America : New Challenges to Growth and Stability

Series: Books

Author(s): Dora Iakova , Luis Cubeddu , Gustavo Adler , and Sebastian Sosa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2014

ISBN: 9781498328166

Keywords: debt, commodity, fiscal policy, interest, growth

Global financial markets have been a source of sizable shocks over the past decade, with broad repercussions across emerging markets. Stark examples are the crisis triggered by the...

Part III: Is Latin America Vulnerable to Rising Capital Flow Volatility?

Part III: Is Latin America Vulnerable to Rising Capital Flow Volatility? »

Source: Latin America : New Challenges to Growth and Stability

Series: Books

Author(s): Dora Iakova , Luis Cubeddu , Gustavo Adler , and Sebastian Sosa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2014

ISBN: 9781498328166

Keywords: debt, commodity, fiscal policy, interest, growth

...

Chapter 4. Brazil’s Experience in Managing Capital Inflows: The Role of Capital Controls

Chapter 4. Brazil’s Experience in Managing Capital Inflows: The Role of Capital Controls »

Source: Managing Economic Volatility in Latin America

Series: Books

Author(s): R. Gelos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2014

ISBN: 9781484364987

Keywords: exchange rate, public debt, inflation, current account, dutch disease

This chapter presents Brazil’s experience in managing capital flows. It discusses the Brazilian authorities’ use of a broad range of instruments to deal with capital inflows, including foreign exchange (FX)...

Chapter 3. Estimating Current Account Norms in Latin American Emerging Markets: A Quantile Regression Approach

Chapter 3. Estimating Current Account Norms in Latin American Emerging Markets: A Quantile Regression Approach »

Source: Managing Economic Volatility in Latin America

Series: Books

Author(s): R. Gelos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2014

ISBN: 9781484364987

Keywords: exchange rate, public debt, inflation, current account, dutch disease

A key tool to assess the equilibrium exchange rate is based on the estimation of the savings-investment balance (current account norms). These norms are projected on a set of macroeconomic fundamentals and d...

Part I: Capital Flows and Dutch Disease

Part I: Capital Flows and Dutch Disease »

Source: Managing Economic Volatility in Latin America

Series: Books

Author(s): R. Gelos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2014

ISBN: 9781484364987

Keywords: exchange rate, public debt, inflation, current account, dutch disease

...

Part II: Assessing Reserve Adequacy and Current Account Levels

Part II: Assessing Reserve Adequacy and Current Account Levels »

Source: Managing Economic Volatility in Latin America

Series: Books

Author(s): R. Gelos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2014

ISBN: 9781484364987

Keywords: exchange rate, public debt, inflation, current account, dutch disease

...

Monetary and Macroprudential Policies to Manage Capital Flows

Monetary and Macroprudential Policies to Manage Capital Flows »

Volume/Issue: 2014/30

Series: IMF Working Papers

Author(s): Juan Pablo Medina Guzman , and Jorge Roldos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2014

DOI: http://dx.doi.org/10.5089/9781484302873.001

ISBN: 9781484302873

Keywords: Welfare Analysis, inflation, reserve requirement, inflation targeting, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments, and Effects), Open Economy Macroeconomics, Welfare Analysis.,

We study interactions between monetary and macroprudential policies in a model with nominal and financial frictions. The latter derive from a financial sector that provides credit and liquidity services that lead t...