Book

Taming the Tide of Capital Flows

Atish R. Ghosh, Jonathan D. Ostry and Mahvash S. Qureshi

Published by The MIT Press

Published in print January 2018 | ISBN: 9780262037167
Published online September 2018 | e-ISBN: 9780262343756 | DOI: https://dx.doi.org/10.7551/mitpress/9780262037167.001.0001
Taming the Tide of Capital Flows

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While always episodic in nature, capital flows to emerging market economies have been especially volatile since the global financial crisis. After peaking at $680 billion in 2007, flows to emerging markets turned negative at the onset of crisis in 2008, then rebounded only to recede again during the U.S. sovereign debt downgrade in 2011. Since then, flows have continued to swing wildly, leaving emerging market policy makers wondering whether they can put in place policies during the inflow phase that will soften the blow when flows subsequently recede. This book offers the first comprehensive treatment of policy measures intended to help emerging markets contend with large and volatile capital flows. The book explains that, in the spirit of liberalization and deregulation in the 1980s and 1990s, many emerging market governments eliminated capital inflow controls along with outflow controls. By 2012, however, capital inflow controls were again acknowledged as legitimate policy tools. Focusing on the macroeconomic and financial-stability risks associated with capital flows, the book combines theoretical and empirical analysis to consider the interaction between monetary, exchange rate, macroprudential, and capital control policies to mitigate these risks. It examines the effectiveness of various policy tools, discuss the practical considerations and multilateral implications of their use, and provide concrete policy advice for dealing with capital inflows.

Keywords: capital flows; global financial crisis; emerging markets; policy measures; capital inflow control; capital outflow control; exchange rate; monetary policy

Book.  488 pages.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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Introduction in Taming the Tide of Capital Flows

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