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Capital flows macroprudential policies and capital controls
Understanding the determinants and patterns of international capital flows is of crucial importance for the design of policies that enhance macroeconomic stability. Traditionally capital flows have been very volatile in developing economies with large inflows in times of economic booms and large sudden ...
A global safe asset for and from emerging market economies
International capital flows are fickle. Short-term debt funding is especially subject to sudden stops. Sudden flight into safe-haven currencies can cause large disruptions and sharp currency movements ultimately leading to a crisis. When markets shift from a risk-on to a risk-off mood cross-country ...
Capital flow management with multiple instruments
Emerging markets (EMs) are affected by a global financial cycle originating in developed economies (Rey 2013). An increase in risk appetite of developed economies perhaps spurred by easy monetary policy leads to a surge in capital flows to EMs. These foreign capital flows especially foreign portfolio ...