Capital Flows and Financial Stability: Monetary Policy and Macroprudential Responses
The resumption of capital flows to emerging market economies since mid 2009 has posed two sets of interrelated challenges for policymakers: (i) to prevent capital flows from exacerbating overheating pressures and consequent inflation, and (ii) to minimize the risk that prolonged periods of easy fina...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2011
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 11/189 |
| 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 resumption of capital flows to emerging market economies since mid 2009 has posed two sets of interrelated challenges for policymakers: (i) to prevent capital flows from exacerbating overheating pressures and consequent inflation, and (ii) to minimize the risk that prolonged periods of easy financing conditions will undermine financial stability. While conventional monetary policy maintains its role in counteracting the former, there are doubts that it is sufficient to guard against the risks of financial instability. In this context, there have been increased calls for the development of macroprudential measures, with an explicit focus on systemwide financial risks. Against this background, this paper analyses the interplay between monetary policy and macroprudential regulations in an open economy DSGE model with nominal and real frictions. The key result is that macroprudential measures can usefully complement monetary policy. Even under the ""optimal policy,"" which calls for a rather aggressive monetary policy reaction to inflation, introducing macroprudential measures is found to be welfare improving. Broad macroprudential measures are shown to be more effective than those that discriminate against foreign liabilities (prudential capital controls). However, these measures are not a substitute for an appropriate moneraty policy reaction. Moreover, macroprudential measures are less useful in helping economic stability under a technology shock |
| Beschreibung: | 1 Online-Ressource (27 p) |
| ISBN: | 1462307272 9781462307272 |
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| 520 | 3 | |a The resumption of capital flows to emerging market economies since mid 2009 has posed two sets of interrelated challenges for policymakers: (i) to prevent capital flows from exacerbating overheating pressures and consequent inflation, and (ii) to minimize the risk that prolonged periods of easy financing conditions will undermine financial stability. While conventional monetary policy maintains its role in counteracting the former, there are doubts that it is sufficient to guard against the risks of financial instability. In this context, there have been increased calls for the development of macroprudential measures, with an explicit focus on systemwide financial risks. Against this background, this paper analyses the interplay between monetary policy and macroprudential regulations in an open economy DSGE model with nominal and real frictions. The key result is that macroprudential measures can usefully complement monetary policy. Even under the ""optimal policy,"" which calls for a rather aggressive monetary policy reaction to inflation, introducing macroprudential measures is found to be welfare improving. Broad macroprudential measures are shown to be more effective than those that discriminate against foreign liabilities (prudential capital controls). However, these measures are not a substitute for an appropriate moneraty policy reaction. Moreover, macroprudential measures are less useful in helping economic stability under a technology shock | |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Unsal, D. Filiz Verfasser aut Capital Flows and Financial Stability Monetary Policy and Macroprudential Responses Unsal, D. Filiz Washington, D.C International Monetary Fund 2011 1 Online-Ressource (27 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 11/189 The resumption of capital flows to emerging market economies since mid 2009 has posed two sets of interrelated challenges for policymakers: (i) to prevent capital flows from exacerbating overheating pressures and consequent inflation, and (ii) to minimize the risk that prolonged periods of easy financing conditions will undermine financial stability. While conventional monetary policy maintains its role in counteracting the former, there are doubts that it is sufficient to guard against the risks of financial instability. In this context, there have been increased calls for the development of macroprudential measures, with an explicit focus on systemwide financial risks. Against this background, this paper analyses the interplay between monetary policy and macroprudential regulations in an open economy DSGE model with nominal and real frictions. The key result is that macroprudential measures can usefully complement monetary policy. Even under the ""optimal policy,"" which calls for a rather aggressive monetary policy reaction to inflation, introducing macroprudential measures is found to be welfare improving. Broad macroprudential measures are shown to be more effective than those that discriminate against foreign liabilities (prudential capital controls). However, these measures are not a substitute for an appropriate moneraty policy reaction. Moreover, macroprudential measures are less useful in helping economic stability under a technology shock Online-Ausg http://elibrary.imf.org/view/IMF001/12114-9781462307272/12114-9781462307272/12114-9781462307272.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Unsal, D. Filiz Capital Flows and Financial Stability Monetary Policy and Macroprudential Responses |
| title | Capital Flows and Financial Stability Monetary Policy and Macroprudential Responses |
| title_auth | Capital Flows and Financial Stability Monetary Policy and Macroprudential Responses |
| title_exact_search | Capital Flows and Financial Stability Monetary Policy and Macroprudential Responses |
| title_exact_search_txtP | Capital Flows and Financial Stability Monetary Policy and Macroprudential Responses |
| title_full | Capital Flows and Financial Stability Monetary Policy and Macroprudential Responses Unsal, D. Filiz |
| title_fullStr | Capital Flows and Financial Stability Monetary Policy and Macroprudential Responses Unsal, D. Filiz |
| title_full_unstemmed | Capital Flows and Financial Stability Monetary Policy and Macroprudential Responses Unsal, D. Filiz |
| title_short | Capital Flows and Financial Stability |
| title_sort | capital flows and financial stability monetary policy and macroprudential responses |
| title_sub | Monetary Policy and Macroprudential Responses |
| url | http://elibrary.imf.org/view/IMF001/12114-9781462307272/12114-9781462307272/12114-9781462307272.xml |
| work_keys_str_mv | AT unsaldfiliz capitalflowsandfinancialstabilitymonetarypolicyandmacroprudentialresponses |