Taming the Tide of Capital Flows : A Policy Guide

A comprehensive examination of policy measures intended to help emerging markets contend with large and volatile capital flows.

Detalles Bibliográficos
Autor principal: Ghosh, Atish R.
Otros Autores: Qureshi, Mahvash S., Ostry, Jonathan D.
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Cambridge : MIT Press, 2018.
Colección:Book collections on Project MUSE.
Temas:
Capital movements.
Mouvements de capitaux.
Electronic books.
Acceso en línea:Texto completo
Tabla de Contenidos:
  • Intro
  • Contents
  • Preface
  • I: Overview
  • 1. Introduction
  • 1.1 Capital Flows: A Snapshot
  • 1.2 Managing Capital Flows
  • 1.3 The Book
  • 2. Regulating Capital Flows: A Historical Perspective
  • 2.1 Introduction
  • 2.2 Capital Flows in the Long Run
  • 2.3 The Academic Literature
  • 2.4 Conclusion
  • II: Surges and Consequences
  • 3. Surges
  • 3.1 Introduction
  • 3.2 Some Stylized Facts
  • 3.3 Occurrence of Surges
  • 3.4 Magnitude of Flows during Surges
  • 3.5 Asset- versus Liability-Flow Surges
  • 3.6 Conclusion
  • Chapter 3 Appendix
  • 4. Consequences and Crashes
  • 4.1 Introduction
  • 4.2 Macroeconomic and Financial Vulnerabilities
  • 4.3 Crisis Likelihood
  • 4.4 Surges, Soft Landings, and Crashes
  • 4.5 Conclusion
  • Chapter 4 Appendix
  • III: Policy Framework
  • 5. Managing Macroeconomic Imbalances: A Simple Model
  • 5.1 Introduction
  • 5.2 The Model
  • 5.3 Initial Equilibrium
  • 5.4 Capital Inflow Shock
  • 5.5 Effects of Policies
  • 5.6 Unavailability of Conventional Policy Instruments and the Use of Cyclical Capital Controls
  • 5.7 Conclusion
  • 6. Should Inflation Targeters Intervene in the Foreign Exchange Market?
  • 6.1 Introduction
  • 6.2 The Setup
  • 6.3 Discretion versus Inflation Targeting: The Policy Interest Rate
  • 6.4 Discretion versus Inflation Targeting: The Policy Rate and FX Intervention
  • 6.5 Comparison of Regimes
  • 6.6 Some Simulations
  • 6.7 FX Intervention: Welfare Gains
  • 6.8 Expanding the Policy Tool Kit
  • 6.9 Conclusion
  • 7. Balance-sheet Vulnerabilities
  • 7.1 Introduction
  • 7.2 Riskiness of External Liabilities
  • 7.3 A Welfare-Theoretic Framework
  • 7.4 Capital Controls versus Prudential Measures
  • 7.5 Conclusion
  • Chapter 7 Appendix: Risk-Sharing Characteristics of External Liabilities
  • 8. What Do Countries Do?
  • 8.1 Introduction
  • 8.2 Macroeconomic Policy Response.
  • 8.3 Macroeconomic Policy Response by Type of Flow
  • 8.4 Macroprudential Measures and Capital Controls
  • 8.5 Policy Combinations
  • 8.6 Conclusion
  • Chapter 8 Appendix
  • IV: Policy Considerations
  • 9. Effectiveness of Policy Instruments
  • 9.1 Introduction
  • 9.2 Sterilized FX Intervention
  • 9.3 Macroprudential Measures
  • 9.4 Capital Controls
  • 9.5 Conclusion
  • Chapter 9 Appendix
  • 10. Multilateral Considerations
  • 10.1 Introduction
  • 10.2 Analytical Framework
  • 10.3 Some Empirics
  • 10.4 Conclusion
  • Chapter 10 Appendix
  • 11. Toward the Policy Maker's Vade Mecum
  • 11.1 Introduction
  • 11.2 Responding to Capital Inflows: Overarching Considerations
  • 11.3 Macroeconomic Imbalances
  • 11.4 Balance-sheet Vulnerabilities
  • 11.5 Conclusion
  • 12 Concluding Thoughts
  • Data Appendix
  • Glossary
  • References
  • Index.

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