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  1. The Effectiveness of Capital Controls - The Case of Slovenia
    Autor*in: Buch, Claudia M.; Hanschel, Elke
    Erschienen: 1999
    Verlag:  Kiel Institute for the World Economy (IfW), Kiel

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  2. The effectiveness of capital controls
    the case of Slovenia
    Autor*in: Buch, Claudia M.; Hanschel, Elke
    Erschienen: 1999
    Verlag:  Inst. of World Economics, Kiel

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  3. Crypto, corruption, and capital controls
    cross-country correlations
    Autor*in: Alnasaa, Marwa; Georgiev, Nikolaj; Honda, Jiro; Imamoglu, Eslem; Mauro, Paolo; Primus, Keyra; Rozhkov, Dmitriy
    Erschienen: 2022 MAR
    Verlag:  International Monetary Fund, [Washington, D.C.]

    Empirical investigation of the factors underlying the growing usage of crypto-assets is in its infancy, owing to data limitations. In this paper, we present a simple cross-country analysis drawing on recently released survey-based data. We explore... mehr

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    Empirical investigation of the factors underlying the growing usage of crypto-assets is in its infancy, owing to data limitations. In this paper, we present a simple cross-country analysis drawing on recently released survey-based data. We explore the correlation of crypto-asset usage with indicators of corruption, capital controls, a history of high inflation, and other factors. We find that crypto-asset usage is significantly and positively associated with higher perception of corruption and more intensive capital controls. Notwithstanding the data limitations, the results support the case for regulating crypto-assets, including know-your-customer approaches, as opposed to taking a laissez-faire stance

     
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  4. Financial openness and capital inflows to emerging markets
    in search of robust evidence
    Autor*in: Cerdeiro, Diego A.; Komaromi, Andras
    Erschienen: 2019
    Verlag:  International Monetary Fund, [Washington, DC]

    We reassess the connection between capital account openness and capital flows in an empirical framework that is grounded in theory and makes use of previously unexplored variation in the data. We demonstrate how our theory-consistent regressions may... mehr

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    We reassess the connection between capital account openness and capital flows in an empirical framework that is grounded in theory and makes use of previously unexplored variation in the data. We demonstrate how our theory-consistent regressions may overcome some ubiquitous measurement problems in the literature by relying on interaction terms between financial openness and traditional push-pull factors. Within our proposed framework, we ask: what can be said robustly about the effect of capital account restrictions on capital flows? Our results warrant against over-interpreting the existing cross-country evidence as we find very few robust relationships between capital account restrictiveness and various types of capital inflows. Countries with a higher degree of financial openness are more susceptible to some, but by no means all, push and pull factors. Overall, the results are still consistent with a complex set of tradeoffs faced by policymakers, where the ability to shield the domestic economy from volatile capital flow cycles must be weighed against the sources of exogenous risks and potential long run growth effects

     
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  5. Capital flows at risk
    taming the ebbs and flows
    Autor*in: Gelos, Gaston; Gornicka, Lucyna; Koepke, Robin; Sahay, Ratna; Sgherri, Silvia
    Erschienen: 2019
    Verlag:  International Monetary Fund, [Washington, DC]

    The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new framework to answer critical policy questions: What policies and policy frameworks are most effective in dampening sharp... mehr

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    The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new framework to answer critical policy questions: What policies and policy frameworks are most effective in dampening sharp capital flow movements in response to global shocks? What are the near- versus medium-term trade-offs of different policies? We tackle these questions using a quantile regression framework to predict the entire future probability distribution of capital flows to emerging markets, based on current domestic structural characteristics, policies, and global financial conditions. This new approach allows policymakers to quantify capital flows risks and evaluate policy tools to mitigate them, thus building the foundation of a risk management framework for capital flows

     
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  6. Estimated policy rules for capital controls
    Autor*in: Pasricha, Gurnain Kaur
    Erschienen: 2020
    Verlag:  International Monetary Fund, [Washington, DC]

    This paper borrows the tradition of estimating policy reaction functions from monetary policy literature to ask whether capital controls respond to macroprudential or mercantilist motivations. I explore this question using a novel, weekly dataset on... mehr

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    This paper borrows the tradition of estimating policy reaction functions from monetary policy literature to ask whether capital controls respond to macroprudential or mercantilist motivations. I explore this question using a novel, weekly dataset on capital control actions in 21 emerging economies from 2001 to 2015. I introduce a new proxy for mercantilist motivations: the weighted appreciation of an emerging-market currency against its top five trade competitors. This proxy Granger causes future net initiations of non-tariff barriers in most countries. Emerging markets systematically respond to both mercantilist and macroprudential motivations. Policymakers respond to trade competitiveness concerns by using both instruments-inflow tightening and outflow easing. They use only inflow tightening in response to macroprudential concerns. Policy is acyclical to foreign debt; however, high levels of this debt reduces countercyclicality to mercantilist concerns. Higher exchange rate pass-through to export prices, and having an inflation targeting regime with non-freely floating exchange rates, increase responsiveness to mercantilist concerns

     
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  7. Dampening global financial shocks
    can macroprudential regulation help (more than capital controls)?
    Autor*in: Bergant, Katharina; Grigoli, Francesco; Hansen, Niels-Jakob Harbo; Sandri, Damiano
    Erschienen: 2020
    Verlag:  International Monetary Fund, [Washington, DC]

    We show that macroprudential regulation can considerably dampen the impact of global financial shocks on emerging markets. More specifically, a tighter level of regulation reduces the sensitivity of GDP growth to VIX movements and capital flow... mehr

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    We show that macroprudential regulation can considerably dampen the impact of global financial shocks on emerging markets. More specifically, a tighter level of regulation reduces the sensitivity of GDP growth to VIX movements and capital flow shocks. A broad set of macroprudential tools contribute to this result, including measures targeting bank capital and liquidity, foreign currency mismatches, and risky forms of credit. We also find that tighter macroprudential regulation allows monetary policy to respond more countercyclically to global financial shocks. This could be an important channel through which macroprudential regulation enhances macroeconomic stability. These findings on the benefits of macroprudential regulation are particularly notable since we do not find evidence that stricter capital controls provide similar gains

     
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  8. A conceptual model for the integrated policy framework
    Autor*in: Basu, Suman; Boz, Emine; Gopinath, Gita; Roch, Francisco; Unsal, D. Filiz
    Erschienen: 2020
    Verlag:  International Monetary Fund, [Washington, DC]

    In the Mundell-Fleming framework, standard monetary policy and exchange rate flexibility fully insulate economies from shocks. However, that framework abstracts from many real world imperfections, and countries often resort to unconventional policies... mehr

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    In the Mundell-Fleming framework, standard monetary policy and exchange rate flexibility fully insulate economies from shocks. However, that framework abstracts from many real world imperfections, and countries often resort to unconventional policies to cope with shocks, such as COVID-19. This paper develops a model of optimal monetary policy, capital controls, foreign exchange intervention, and macroprudential policy. It incorporates many shocks and allows countries to differ across the currency of trade invoicing, degree of currency mismatches, tightness of external and domestic borrowing constraints, and depth of foreign exchange markets. The analysis maps these shocks and country characteristics to optimal policies, and yields several principles. If an additional instrument becomes available, it should not necessarily be deployed because it may not be the right tool to address the imperfection at hand. The use of a new instrument can lead to more or less use of others as instruments interact in non-trivial ways

     
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  9. Recent advances in the literature on capital flow management
    Autor*in: Beck, Roland; Berganza, Juan Carlos; Brüggemann, Axel; Cezar, Rafaël; Eijking, Carlijn; Eller, Markus; Fuertes, Alberto; Alves, Joel Graça; Kreitz, Lilian; Marsilli, Clément; Moder, Isabella; Molina, Luis; Naef, Alain; Nispi Landi, Valerio; Scheubel, Beatrice; Theofilakou, Anastasia; Hove, Floriane van den; Wesołowski, Grzegorz
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Large swings in cross-border capital flows can have consequences for domestic stability and open a channel for the transmission of shocks and spillovers across economies, including the euro area. Against this backdrop, the present paper reviews new... mehr

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    Large swings in cross-border capital flows can have consequences for domestic stability and open a channel for the transmission of shocks and spillovers across economies, including the euro area. Against this backdrop, the present paper reviews new evidence for the effectiveness of capital flow management policies in achieving macroeconomic and financial stability. Particular attention is paid to literature that has been used by the International Monetary Fund (IMF) to underpin its so-called Integrated Policy Framework, in which the roles of monetary, exchange rate, macroprudential and capital flow management policies are considered jointly. The literature published since the global financial crisis continues to affirm the effectiveness of capital flow management measures (CFMs) in addressing financial stability risks resulting from capital flow reversals; at the same time, however, it also continues to underscore that such policies should not substitute for warranted economic adjustments and structural reforms. Even so, recent literature also provides a case for considering, under certain circumstances, "precautionary" CFMs which could be applied to capital inflows to prevent a boom-and-bust cycle from being set in motion. This paper also highlights the need for further work on the longterm effects of such precautionary instruments, as well as their joint use with monetary policy instruments. Regarding capital flow management policies within the domain of central banks, the literature points to the usefulness of foreign exchange interventions (FXIs) in mitigating financial stability risks in countries with specific characteristics such as currency mismatches, borrowing constraints and shallow foreign exchange markets that are common to emerging market and developing economies alike. However, the literature also warns that such measures may reduce economic agents' incentives to hedge against currency risks, with the result that unfavourable initial conditions become further entrenched. More research is therefore needed to better understand the long-run effects of FXIs with respect to financial development and central bank credibility.

     
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
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    ISBN: 9789289960618
    Weitere Identifier:
    hdl: 10419/299576
    Auflage/Ausgabe: Revised September 2023
    Schriftenreihe: Occasional paper series / European Central Bank ; no 317
    Schlagworte: capital controls; short-term capital movements; capital movement; financial stability; euro area; economic fluctuation; monetary crisis; monetary policy; market intervention; financial risk
    Umfang: 1 Online-Ressource (circa 72 Seiten), Illustrationen
  10. Taming the "capital flows-credit nexus"
    a sectoral approach
    Autor*in: Carvalho, Daniel; Lepers, Etienne; Mercado, Rogelio V.
    Erschienen: August 2022
    Verlag:  The South East Asian Central Banks (SEACEN) Research and Training Centre, Kuala Lumpur, Malaysia

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    Schriftenreihe: Working paper / The South East Asian Central Banks (SEACEN) Research and Training Centre ; 2022, 2
    Schlagworte: capital flows; domestic credit; sectors; capital controls; macroprudential measures
    Umfang: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  11. Quantitative easing in the US and financial cycles in emerging markets
    Autor*in: Kolasa, Marcin; Wesołowski, Grzegorz
    Erschienen: 2022
    Verlag:  University of Warsaw, Faculty of Economic Sciences, Warsaw

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    Schriftenreihe: Working papers / University of Warsaw, Faculty of Economic Sciences ; no. 2022, 15 = 391
    Schlagworte: quantitative easing; global financial cycle; domestic credit; exchange rate interventions; capital controls; macroprudential policy
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  12. Leaning against the global financial cycle
    Autor*in: Ferrero, Andrea; Habib, Maurizio Michael; Stracca, Livio; Venditti, Fabrizio
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    We study the role and the interaction of the quality of institutions and of counter-cyclical policies in leaning against the Global Financial Cycle (GFC) in Emerging Economies (EMEs). We show that heteroegeneity in institutional strength is a key... mehr

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    We study the role and the interaction of the quality of institutions and of counter-cyclical policies in leaning against the Global Financial Cycle (GFC) in Emerging Economies (EMEs). We show that heteroegeneity in institutional strength is a key determinant of the different effects of the GFC on EME domestic financial conditions. Institutional strength also shapes the response in terms of counter-cyclical policies to sudden changes in global financial conditions as well as the effectiveness of such policies. We illustrate in a simple stylised model that countries may in fact decide to undertake ex ante costly structural reforms that reduce their vulnerability to the GFC or react ex post to the financial s hock. However, we also find that the Covid-19 episode seems to deviate somewhat from the general pattern of EME reaction to shifts in the GFC.

     
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    ISBN: 9789289954754
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    hdl: 10419/278291
    Schriftenreihe: Working paper series / European Central Bank ; no 2763 (December 2022)
    Schlagworte: Global Financial Cycle; monetary policy; macro-prudential policies; foreign-exchange intervention; capital controls; emerging markets; institutions
    Umfang: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  13. Global financial cycle and liquidity management
    Autor*in: Jeanne, Olivier; Sandri, Damiano
    Erschienen: January 2023
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Schriftenreihe: BIS working papers ; no 1069
    Schlagworte: capital flows; foreign exchange reserves; sudden stop; capital flow management; capital controls
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  14. Currency-based measures targeting banks
    balancing national regulation of risk and financial openness
    Autor*in: De Crescenzio, Annamaria; Golin, Marta; Ott, Anne-Christelle
    Erschienen: 2015
    Verlag:  OECD Publishing, Paris

    This paper presents and analyses new datasets of de jure Currency-Based Measures (CBMs) directed at banks in a sample of 49 countries between 2005 and 2013. These measures are bank regulations that apply a discrimination−e.g. a less favourable... mehr

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    This paper presents and analyses new datasets of de jure Currency-Based Measures (CBMs) directed at banks in a sample of 49 countries between 2005 and 2013. These measures are bank regulations that apply a discrimination−e.g. a less favourable treatment−on the basis of the currency of an operation, typically foreign currencies. The new data shows that CBMs have been increasingly used in the post-crisis period, including for macro-prudential purposes. In particular, some Emerging Market Economies, including some OECD countries, have increasingly resorted to and tightened their CBMs, especially to manage capital inflows. Information from these new datasets is also matched with measures on countries’ inability to borrow in domestic currency on international markets, defined as the original sin concept. With the exception of China, only countries suffering from original sin used and tightened CBMs on banks’ foreign exchange liabilities.

     
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
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    Schriftenreihe: OECD working papers on international investment ; 2015, 03
    Schlagworte: financial stability; macroprudential policy; capital flows; banking regulations; capital controls; foreign currency; Finance and Investment
    Umfang: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  15. Navigating strong currents
    Erschienen: January 2011
    Verlag:  The World Bank, Washington, DC

    Economic activity in most developing countries has, or is close to having, recovered. Supported by resurgence in international and domestic financial flows and higher commodity prices, most of the spare capacity in developing countries that was... mehr

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    Economic activity in most developing countries has, or is close to having, recovered. Supported by resurgence in international and domestic financial flows and higher commodity prices, most of the spare capacity in developing countries that was created by the crisis has been reabsorbed, and developing countries have regained trend growth rates close to those observed in the pre-crisis period. The remainder of this report is organized as follows. The next section discusses recent developments in global production, trade, and financial markets, and presents updates of the World Bank's forecast for the global economy and developing countries. The global economy is transitioning from the bounce-back phase of the recovery toward a period of slower but more sustainable growth. Growth in most developing countries is increasingly running into capacity constraints, while in high-income and developing Europe and Central Asia growth is hampered by the concentrated nature of slack and ongoing restructuring. In this environment, policy needs to be moving away from short-term demand stimulus toward measures that generate additional employment by enhancing the supply potential of economies. The global policy environment has become highly charged and uncertain, and presents multiple risks to prospects for developing countries. As emphasized at the recent G-20 meetings in Seoul (G-20 2010), both developing and high-income countries will need to take care to minimize the negative external consequences of their domestic policy actions. Concretely, this means that while countries must remain mindful of domestic conditions, when opportunities present themselves to pursue domestic policy objectives in a manner that support adjustment elsewhere in the global economy these should be taken up.

     
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
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    Weitere Identifier:
    hdl: 10986/12102
    Schriftenreihe: Global economic prospects ; volume 2 (January 2011)
    Schlagworte: Wirtschaftslage; Welt; Global Economic Prospects; asset price; auction; Bank Bond; Bank Equity; bank lending; bank loan; banking assets; banking sector; banking sectors; banking system; basis points; Bond; bond flows; bond issuance; Bond Portfolio; bond yield; bonds; capacity constraints; capital control; capital controls; capital flows; capital formation; capital gains; capital inflow; Capital inflows; capital markets; capital outflows; capital shortages; CDS; Central Bank; commodities; commodity; commodity prices; consumer debt; consumer demand; consumer goods; contingent liabilities; Copyright Clearance; Copyright Clearance Center; corporate bonds; credit default; credit default swap; credit default swaps; credit rating; creditors; Current account balance; current account balances; current account deficit; current account deficits; current account surpluses; debt flows; debt relief; deposits; developing countries; Developing country; developing economies; dividends; dollar value; domestic credit; domestic economy; durable; durable goods; economic developments; economic performance; emerging markets; equipment; equities; equity flows; equity issues; equity market; equity markets; exchange rate; exchange rate movements; exchange rates; exporters; exposure; financial crisis; financial flows; financial inflows; financial institutions; financial integration; financial market; financial markets; financial sector; financial sector policies; Financial Stability; financial support; fiscal consolidation; fiscal consolidations; fiscal deficits; fiscal policy; Fixed investment; flows of capital; Food price; food prices; foreign banks; foreign capital; Foreign direct investment; foreign exchange; foreign exchange market; foreign holdings; foreign investors; fund managers; future growth; futures; global economy; global exports; global financial markets; global investors; global pension; global trade; government finances; government spending; growth rate; growth rates; hedge funds; holdings; host country; import costs; income; incomes; indebtedness; inflation; inflationary pressure; inflationary pressures; infrastructure investment; institutional development; Institutional investor; interest income; interest rate; interest rate differentials; interest rates; International Bank; international bond; International capital; International capital flows; international financial markets; International settlements; investment climate; investment flows; investment funds; investment projects; investment rates; investment spending; investment vehicles; labor market; liquidity; local currency; local economy; local market; long-term interest; loss of confidence; Low-income countries; macroeconomic management; macroeconomic policy; market developments; market expectations; market index; market makers; market participants; market price; market prices; market valuations; market volatility; maturity; middle-income countries; monetary policy; money market; money supply; monopoly; Net debt; oil price; oil prices; output; output gap; output gaps; pension; pension funds; pension systems; political stability; Portfolio; portfolio investment; portfolios; power parity; price volatility; private capital; private capital flows; Private creditors; private savings; public finances; purchasing power; rapid expansion; regulatory requirements; remittance; remittances; repayments; reserve; reserve requirements; reserves; savings; savings rates; securities; short-term assets; short-term debt; sovereign debt; sovereign debt markets; speculative bubble; supply shocks; tax; tax rate; tax rates; Technological change; trading; transaction costs; transition countries; transition economies; Treasuries; Unemployment rates; volatility; withdrawal; world economy; world trade; yield spreads
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  16. Monetary policy in sudden stop-prone economies
    Autor*in: Coulibaly, Louphou
    Erschienen: [2018]
    Verlag:  [Départment de Sciences Économiques, Université de Montréal], [Montréal]

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    hdl: 1866/20649
    Auflage/Ausgabe: This version: June 2, 2018
    Schriftenreihe: [Cahier de recherche] / [Département de Sciences Économiques, Université de Montréal] ; [2018, 3]
    Schlagworte: Financial crises; monetary policy; capital controls; time consistency; aggregate demand externality; pecuniary externality
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  17. The effectiveness of capital controls
    Autor*in: Nispi Landi, Valerio; Schiavone, Alessandro
    Erschienen: [2018]
    Verlag:  Banca d'Italia Eurosistema, [Rom]

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    Schriftenreihe: Temi di discussione / Banca d'Italia ; number 1200 (November 2018)
    Schlagworte: international capital flows; capital controls; prudential tools
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  18. Capital controls spillovers
    Autor*in: Nispi Landi, Valerio
    Erschienen: [2018]
    Verlag:  Banca d'Italia Eurosistema, [Rom]

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    Schriftenreihe: Temi di discussione / Banca d'Italia ; number 1184 (July 2018)
    Schlagworte: capital controls; open economy macroeconomics; international business cycles
    Umfang: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  19. The rise in foreign currency bonds
    the role of US monetary policy and capital controls
    Autor*in: Bacchetta, Philippe; Cordonier, Rachel; Merrouche, Ouarda
    Erschienen: 2020
    Verlag:  Swiss Finance Institute, Geneva

    An unintended consequence of loose US monetary policy is the increase in currency risk exposure abroad. Using firm-level data on corporate bond issuances in 17 emerging market economies (EME) between 2003 and 2015, we find that EME companies are more... mehr

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    An unintended consequence of loose US monetary policy is the increase in currency risk exposure abroad. Using firm-level data on corporate bond issuances in 17 emerging market economies (EME) between 2003 and 2015, we find that EME companies are more likely to issue bonds in foreign currency when US interest rates are low. This increase occurs across the board, including for firms more vulnerable to foreign exchange exposure, and is particularly strong for bonds issued in local markets. Interestingly, capital controls on bond inflows significantly decrease the likelihood of issuing in foreign currency and can even eliminate the adverse impact of low US interest rates. In contrast, macroprudential foreign exchange regulations tend to increase foreign currency issuances of non-financial corporates, although this effect can be significantly reduced using capital controls

     
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    Auflage/Ausgabe: This draft: June 2020
    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 20, 51
    Swiss Finance Institute Research Paper ; No. 20-51
    Schlagworte: foreign currency; corporate bonds; emerging markets; capital controls; currency risk
    Umfang: 1 Online-Ressource (circa 66 Seiten), Illustrationen
  20. The Mundellian Trilemma and optimal monetary policy in a world of high capital mobility
    Autor*in: Froyen, Richard T.; Guender, Alfred V.
    Erschienen: [2021]
    Verlag:  Department of Economics and Finance, School of Business, University of Canterbury, Christchurch, New Zealand

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    Schriftenreihe: Working paper / Department of Economics and Finance, School of Business and Economics, University of Canterbury ; no. 2021, 8
    Schlagworte: Mundellian Trilemma; policy independence; capital mobility; instrument shortage; capital controls
    Umfang: 1 Online-Ressource (circa 35 Seiten)
  21. Managing monetary tradeoffs in vulnerable open economies
    Autor*in: Adrian, Tobias; Erceg, Christopher J.; Lindé, Jesper; Kolasa, Marcin; Zabczyk, Pawel
    Erschienen: 30 January 2022
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP16972
    Schlagworte: monetary policy; FX intervention; capital controls; Sudden stops; DSGE model
    Umfang: 1 Online-Ressource (circa 54 Seiten)
  22. Capital controls, domestic macroprudential policy and the bank lending channel of monetary policy
    Autor*in: Peydró, José-Luis; Fabiani, Andrea; Piñeros, Martha Lopéz; Soto, Paul E.
    Erschienen: 03 September 2021
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP16510
    Schlagworte: capital controls; macroprudential and monetary policy; carry trade; credit supply; risktaking
    Umfang: 1 Online-Ressource (circa 87 Seiten), Illustrationen
  23. The rise in foreign currency bonds
    the role of US monetary policy and capital controls
    Autor*in: Bacchetta, Philippe; Cordonier, Rachel; Merrouche, Ouarda
    Erschienen: 2021
    Verlag:  Swiss National Bank, Zurich

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    Schriftenreihe: SNB working papers ; 2021, 11
    Schlagworte: foreign currency; corporate bonds; emerging markets; capital controls; currency risk
    Umfang: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  24. Financial openness and capital inflows to emerging markets
    in search of robust evidence
    Autor*in: Cerdeiro, Diego A.; Komaromi, Andras
    Erschienen: 2019
    Verlag:  International Monetary Fund, [Washington, DC]

    We reassess the connection between capital account openness and capital flows in an empirical framework that is grounded in theory and makes use of previously unexplored variation in the data. We demonstrate how our theory-consistent regressions may... mehr

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    We reassess the connection between capital account openness and capital flows in an empirical framework that is grounded in theory and makes use of previously unexplored variation in the data. We demonstrate how our theory-consistent regressions may overcome some ubiquitous measurement problems in the literature by relying on interaction terms between financial openness and traditional push-pull factors. Within our proposed framework, we ask: what can be said robustly about the effect of capital account restrictions on capital flows? Our results warrant against over-interpreting the existing cross-country evidence as we find very few robust relationships between capital account restrictiveness and various types of capital inflows. Countries with a higher degree of financial openness are more susceptible to some, but by no means all, push and pull factors. Overall, the results are still consistent with a complex set of tradeoffs faced by policymakers, where the ability to shield the domestic economy from volatile capital flow cycles must be weighed against the sources of exogenous risks and potential long run growth effects

     
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  25. Spillover effects of foreign monetary policy on the foreign indebtedness of banks and corporations
    Autor*in: Acevedo, Paola Morales
    Erschienen: July 2019
    Verlag:  Graduate Institute of International and Development Studies, International Economics Department, Geneva, Switzerland

    This paper analyses the impact of foreign monetary policy - from a broad range of countries - on the foreign indebtedness of Colombian banks and corporations, and evaluates if capital controls can help to mitigate these spillover effects. The paper... mehr

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    This paper analyses the impact of foreign monetary policy - from a broad range of countries - on the foreign indebtedness of Colombian banks and corporations, and evaluates if capital controls can help to mitigate these spillover effects. The paper uses two unique loan-level datasets on cross-border lending that cover all the foreign loans granted by foreign-located financial institutions to domestically located financial and non-financial companies, respectively. The results support the existence of spillover effects of foreign monetary policy over the characteristics of cross-border loans. In particular, periods of foreign monetary policy easing (tightening) are associated with: i) increases (decreases) on the cross-border lending to banks, and decreases (increases) on the cross-border lending to corporations; and ii) decreases (increases) on the loan interest rates to banks and corporations. The paper also finds that capital controls play an important role in mitigating these spillover effects, however, their effectiveness depends on the stance of both foreign and domestic monetary policy.

     
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    hdl: 10419/230323
    Schriftenreihe: Working paper series / Graduate Institute of International and Development Studies, International Economics Department ; no. HEIDWP2019, 17
    Schlagworte: cross-border lending; monetary policy; capital controls
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