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|z 9781475589207
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|a 1018-5941
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|a Ghosh, Atish.
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|a Managing the Tide :
|b How Do Emerging Markets Respond to Capital Flows? /
|c Atish Ghosh, Jonathan Ostry, Mahvash Qureshi.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2017.
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|a 1 online resource (41 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper examines whether-and how-emerging market economies (EMEs) respond to capital flows to mitigate their untoward consequences. Based on a sample of about 50 EMEs over 2005Q1-2013Q4, we find that EME policy makers respond proactively to capital inflows by using a combination of policy tools: central banks raise the policy interest rate to address economic overheating concerns; intervene in the foreign exchange market to resist currency appreciation pressures; tighten macroprudential measures to dampen credit growth; and deploy capital inflow controls in the face of competitiveness and financial-stability concerns. Contrary to conventional policy advice to EMEs, we find no evidence of counter-cyclical fiscal policy in the face of capital inflows. Overall, policies are more likely to respond, and used in combination, during inflow surges than in more normal times.
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|a Mode of access: Internet
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|a Ostry, Jonathan.
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|a Qureshi, Mahvash.
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|a IMF Working Papers; Working Paper ;
|v No. 2017/069
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| 856 |
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|z Full text available on IMF
|u https://elibrary.imf.org/openurl?genre=journal&issn=1018-5941&volume=2017&issue=069
|z IMF e-Library
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