Capital Inflows, Exchange Rate Flexibility, and Credit Booms:
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 by low interest rates in the financial centers. Historically, capital flow bonanzas ha...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2012
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 12/41 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | 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 by low interest rates in the financial centers. Historically, capital flow bonanzas have often fueled sharp credit expansions in advanced and emerging market economies alike. Focusing primarily on emerging markets, we analyze the impact of exchange rate flexibility on credit markets during periods of large capital inflows. We show that bank credit grows more rapidly and its composition tilts to foreign currency in economies with less flexible exchange rate regimes, and that these results are not explained entirely by the fact that the latter attract more capital inflows than economies with more flexible regimes. Our findings thus suggest countries with less flexible exchange rate regimes may stand to benefit the most from regulatory policies that reduce banks'' incentives to tap external markets and to lend/borrow in foreign currency; these policies include marginal reserve requirements on foreign lending, currency-dependent liquidity requirements, and higher capital requirement and/or dynamic provisioning on foreign exchange loans |
| Beschreibung: | 1 Online-Ressource (24 p) |
| ISBN: | 1463936427 9781463936426 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:18Z |
| indexdate | 2024-07-10T09:35:25Z |
| institution | BVB |
| isbn | 1463936427 9781463936426 |
| language | English |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Magud, Nicolas E. Verfasser aut Capital Inflows, Exchange Rate Flexibility, and Credit Booms Magud, Nicolas E Washington, D.C International Monetary Fund 2012 1 Online-Ressource (24 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 12/41 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 by low interest rates in the financial centers. Historically, capital flow bonanzas have often fueled sharp credit expansions in advanced and emerging market economies alike. Focusing primarily on emerging markets, we analyze the impact of exchange rate flexibility on credit markets during periods of large capital inflows. We show that bank credit grows more rapidly and its composition tilts to foreign currency in economies with less flexible exchange rate regimes, and that these results are not explained entirely by the fact that the latter attract more capital inflows than economies with more flexible regimes. Our findings thus suggest countries with less flexible exchange rate regimes may stand to benefit the most from regulatory policies that reduce banks'' incentives to tap external markets and to lend/borrow in foreign currency; these policies include marginal reserve requirements on foreign lending, currency-dependent liquidity requirements, and higher capital requirement and/or dynamic provisioning on foreign exchange loans Online-Ausg Reinhart, Carmen Sonstige oth Vesperoni, Esteban Sonstige oth http://elibrary.imf.org/view/IMF001/12618-9781463936426/12618-9781463936426/12618-9781463936426.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Magud, Nicolas E. Capital Inflows, Exchange Rate Flexibility, and Credit Booms |
| title | Capital Inflows, Exchange Rate Flexibility, and Credit Booms |
| title_auth | Capital Inflows, Exchange Rate Flexibility, and Credit Booms |
| title_exact_search | Capital Inflows, Exchange Rate Flexibility, and Credit Booms |
| title_exact_search_txtP | Capital Inflows, Exchange Rate Flexibility, and Credit Booms |
| title_full | Capital Inflows, Exchange Rate Flexibility, and Credit Booms Magud, Nicolas E |
| title_fullStr | Capital Inflows, Exchange Rate Flexibility, and Credit Booms Magud, Nicolas E |
| title_full_unstemmed | Capital Inflows, Exchange Rate Flexibility, and Credit Booms Magud, Nicolas E |
| title_short | Capital Inflows, Exchange Rate Flexibility, and Credit Booms |
| title_sort | capital inflows exchange rate flexibility and credit booms |
| url | http://elibrary.imf.org/view/IMF001/12618-9781463936426/12618-9781463936426/12618-9781463936426.xml |
| work_keys_str_mv | AT magudnicolase capitalinflowsexchangerateflexibilityandcreditbooms AT reinhartcarmen capitalinflowsexchangerateflexibilityandcreditbooms AT vesperoniesteban capitalinflowsexchangerateflexibilityandcreditbooms |