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

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

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 to credit booms and rising output, and the evidence appears to go their way. To reconci...

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1. Verfasser:	Blanchard, Olivier J. (VerfasserIn)
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	Washington, D.C International Monetary Fund 2015
Schriftenreihe:	IMF Working Papers: Working Paper No. 15 / 226
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 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 to credit booms and rising output, and the evidence appears to go their way. To reconcile theory and reality, we extend the set of assets included in the Mundell-Fleming model to include both bonds and non-bonds. at a given policy rate, inflows may decrease the rate on non-bonds, reducing the cost of financial intermediation, potentially offsetting the contractionary impact of appreciation. We explore the implications theoretically and empirically, and find support for the key predictions in the data
Beschreibung:	1 Online-Ressource (24 p)
ISBN:	1513500805 9781513500805

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series2	IMF Working Papers: Working Paper No. 15 / 226
spelling	Blanchard, Olivier J. Verfasser aut Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence Blanchard, Olivier J Washington, D.C International Monetary Fund 2015 1 Online-Ressource (24 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers: Working Paper No. 15 / 226 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 to credit booms and rising output, and the evidence appears to go their way. To reconcile theory and reality, we extend the set of assets included in the Mundell-Fleming model to include both bonds and non-bonds. at a given policy rate, inflows may decrease the rate on non-bonds, reducing the cost of financial intermediation, potentially offsetting the contractionary impact of appreciation. We explore the implications theoretically and empirically, and find support for the key predictions in the data Online-Ausg Chamon, Marcos Sonstige oth Ghosh, Atish R. Sonstige oth Ostry, Jonathan David Sonstige oth http://www.elibrary.imf.org/view/IMF001/22903-9781513500805/22903-9781513500805/22903-9781513500805.xml Verlag URL des Erstveröffentlichers Volltext
spellingShingle	Blanchard, Olivier J. Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence
title	Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence
title_auth	Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence
title_exact_search	Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence
title_exact_search_txtP	Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence
title_full	Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence Blanchard, Olivier J
title_fullStr	Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence Blanchard, Olivier J
title_full_unstemmed	Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence Blanchard, Olivier J
title_short	Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence
title_sort	are capital inflows expansionary or contractionary theory policy implications and some evidence
url	http://www.elibrary.imf.org/view/IMF001/22903-9781513500805/22903-9781513500805/22903-9781513500805.xml
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