Capital Inflows: Macroeconomic Implications and Policy Responses
This paper examines the macroeconomic implications of, and policy responses to surges in private capital inflows across a large group of emerging and advanced economies. In particular, we identify 109 episodes of large net private capital inflows to 52 countries over 1987-2007. Episodes of large cap...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2009
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 09/40 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | This paper examines the macroeconomic implications of, and policy responses to surges in private capital inflows across a large group of emerging and advanced economies. In particular, we identify 109 episodes of large net private capital inflows to 52 countries over 1987-2007. Episodes of large capital inflows are often associated with real exchange rate appreciations and deteriorating current account balances. More importantly, such episodes tend to be accompanied by an acceleration of GDP growth, but afterwards growth has often dropped significantly. A comprehensive assessment of various policy responses to the large inflow episodes leads to three major conclusions. First, keeping public expenditure growth steady during episodes can help limit real currency appreciation and foster better growth outcomes in their aftermath. Second, resisting nominal exchange rate appreciation through sterilized intervention is likely to be ineffective when the influx of capital is persistent. Third, tightening capital controls has not in general been associated with better outcomes |
| Beschreibung: | 1 Online-Ressource (62 p) |
| ISBN: | 1451871880 9781451871883 |
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| index_date | 2024-07-03T20:13:30Z |
| indexdate | 2024-07-10T09:35:39Z |
| institution | BVB |
| isbn | 1451871880 9781451871883 |
| language | English |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Elekdag, Selim Verfasser aut Capital Inflows Macroeconomic Implications and Policy Responses Elekdag, Selim Washington, D.C International Monetary Fund 2009 1 Online-Ressource (62 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 09/40 This paper examines the macroeconomic implications of, and policy responses to surges in private capital inflows across a large group of emerging and advanced economies. In particular, we identify 109 episodes of large net private capital inflows to 52 countries over 1987-2007. Episodes of large capital inflows are often associated with real exchange rate appreciations and deteriorating current account balances. More importantly, such episodes tend to be accompanied by an acceleration of GDP growth, but afterwards growth has often dropped significantly. A comprehensive assessment of various policy responses to the large inflow episodes leads to three major conclusions. First, keeping public expenditure growth steady during episodes can help limit real currency appreciation and foster better growth outcomes in their aftermath. Second, resisting nominal exchange rate appreciation through sterilized intervention is likely to be ineffective when the influx of capital is persistent. Third, tightening capital controls has not in general been associated with better outcomes Online-Ausg Cardarelli, Roberto Sonstige oth Kose, M. Ayhan Sonstige oth http://elibrary.imf.org/view/IMF001/09983-9781451871883/09983-9781451871883/09983-9781451871883.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Elekdag, Selim Capital Inflows Macroeconomic Implications and Policy Responses |
| title | Capital Inflows Macroeconomic Implications and Policy Responses |
| title_auth | Capital Inflows Macroeconomic Implications and Policy Responses |
| title_exact_search | Capital Inflows Macroeconomic Implications and Policy Responses |
| title_exact_search_txtP | Capital Inflows Macroeconomic Implications and Policy Responses |
| title_full | Capital Inflows Macroeconomic Implications and Policy Responses Elekdag, Selim |
| title_fullStr | Capital Inflows Macroeconomic Implications and Policy Responses Elekdag, Selim |
| title_full_unstemmed | Capital Inflows Macroeconomic Implications and Policy Responses Elekdag, Selim |
| title_short | Capital Inflows |
| title_sort | capital inflows macroeconomic implications and policy responses |
| title_sub | Macroeconomic Implications and Policy Responses |
| url | http://elibrary.imf.org/view/IMF001/09983-9781451871883/09983-9781451871883/09983-9781451871883.xml |
| work_keys_str_mv | AT elekdagselim capitalinflowsmacroeconomicimplicationsandpolicyresponses AT cardarelliroberto capitalinflowsmacroeconomicimplicationsandpolicyresponses AT kosemayhan capitalinflowsmacroeconomicimplicationsandpolicyresponses |