Do capital controls deflect capital flows?

Paolo Giordani, Michele Ruta, Hans Weisfeld, Ling Zhu, 23 June 2014

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The size and volatility of capital flows to developing countries have increased significantly in recent years (Figure 1), leading many economists to argue that national policies and multilateral institutions are needed to govern these flows (Forbes and Klein 2013, Blanchard and Ostry 2012).

Topics: International finance
Tags: Brazil, capital controls, capital flows, Capital inflows, China, international capital flows, South Africa, spillovers

Tapering talk: The impact of expectations of reduced Federal Reserve security purchases on emerging markets

Barry Eichengreen, Poonam Gupta, 19 December 2013

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In May 2013, Federal Reserve officials first began to talk of the possibility of the US central bank tapering its securities purchases from $85 billion a month to something lower. A milestone to which many observers point is 22 May 2013, when Chairman Bernanke raised the possibility of tapering in his testimony to Congress.

Topics: Exchange rates, Monetary policy
Tags: capital controls, Capital inflows, currency war, emerging markets, exchange rates, Federal Reserve, Macroprudential policies, monetary policy, tapering

Capital inflows and booms in asset prices: Going beyond the current account

Eduardo Olaberría, 7 December 2013

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For decades, policymakers’ perception has been that large capital inflows can fuel booms in asset prices. If this were true, bonanzas in capital inflows would imply an important risk to financial stability, since booms in asset prices are leading indicators of financial crises.

Topics: Financial markets, International finance
Tags: asset prices, booms, bubbles, capital flows, Capital inflows, current account

Low interest rates and housing booms: The role of capital inflows, monetary policy, and financial innovation

Filipa Sá, Pascal Towbin, Tomasz Wieladek, 10 March 2011

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The run-up to the recent global financial crisis was characterised by an environment of low interest rates and a rapid increase in housing market activity across OECD countries.

Topics: International finance, Macroeconomic policy, Monetary policy
Tags: Capital inflows, house prices, interest rates, real estate

The recent surge in capital inflows and policy options for India

Dayanand Arora, Francis Xavier Rathinam , Shuheb Khan, 3 July 2010

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Once again, many emerging economies are grappling with a surge in net capital inflows, particularly through increased foreign portfolio investment. And again, managing these volatile capital inflows is back on the policy agenda. This time round, the need for a debate on policy options has gained added fervour because of the changes in the views of the IMF on capital controls.

Topics: International finance
Tags: Capital inflows, exchange-rate policy, India

Managing capital inflows: Emerging Europe is different, again

Johan Mathisen, Srobona Mitra, 25 May 2010

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Capital inflows were larger in emerging Europe and fell more severely during the crisis than in other emerging economies (IMF 2010). Prior to the crisis, cross-border loans from Western European parent banks to their emerging European affiliates accounted for most of the difference (Figure 1).

Topics: Europe's nations and regions
Tags: Capital inflows, emerging Europe, financial regulation, foreign direct investment

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