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Capital inflows : macroeconomic implications and policy responses
Cardarelli, Roberto (Avtor), Elekdag, Selim (Avtor), Kose, M. Ayhan (Avtor)

URLURL - Predstavitvena datoteka, za dostop obiščite http://www.imf.org/external/pubs/ft/wp/2009/wp0940.pdf Povezava se odpre v novem oknu

Izvleček
This paper examines the macroeconomic implications of, and policy responses to surges in private capital inflows across a large group of emerging and advanced economies. In particular, we identify 109 episodes of large net private capital inflows to 52 countries over 1987-2007. Episodes of large capital inflows are often associated with real exchange rate appreciations and deteriorating current account balances. More importantly, such episodes tend to be accompanied by an acceleration of GDP growth, but afterwards growth has often dropped significantly. A comprehensive assessment of various policy responses to the large inflow episodes leads to three major conclusions. First, keeping public expenditure growth steady during episodes can help limit real currency appreciation and foster better growth outcomes in their aftermath. Second, resisting nominal exchange rate appreciation through sterilized intervention is likely to be ineffective when the influx of capital is persistent. Third, tightening capital controls has not in general been associated with better outcomes.

Jezik:Angleški jezik
Ključne besede:finančni trg, mednarodni tokovi kapitala, makroekonomija, ekonomski razvoj, ekonomska rast, krize, politika, kontrola, financial market, international capital flows, macroeconomics, economic development, economic growth, crises, politics, control
Vrsta gradiva:Delo ni kategorizirano (r6)
Organizacija:EF - Ekonomska fakulteta
Leto izida:2009
Založnik:International Monetary Fund
Št. strani:60 str.
Kraj:[Washington (D.C.)]
UDK:336.76
COBISS.SI-ID:19267302 Povezava se odpre v novem oknu
Število ogledov:409
Število prenosov:95
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