Policy Responses to Capital Flows in Emerging Markets
( IMF Staff Discussion Notes )
Publication series ： IMF Staff Discussion Notes
Author： Mahmood Pradhan Ravi Balakrishnan Reza Baqir Geoffrey Heenan Sylwia Nowak Ceyda Oner Mr. Sanjaya Panth
Publisher： INTERNATIONAL MONETARY FUND
Publication year： 2011
E-ISBN: 9781616351373
P-ISBN(Paperback): 9781463935122
Subject： F831 The world financial, banks
Language： ENG
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Description
This paper focuses on the types of "capital flow measures" that have been used, why and whether they met their objectives. The paper presents a balanced assessment of this, concluding that they were mostly implemented to protect financial sector stability (focused on specific targets), or to reduce volatility of inflows while not affecting total volumes. The paper also provides cross country case studies, and focuses on the impact of inflows on long term bond yields, interest rates, and whether monetary policy is still effective in this context.