Managing Capital Flows: What is the Right Policy Mix?
Автор: IMF
Загружено: 2019-04-12
Просмотров: 3528
Описание:
How should emerging markets manage large and volatile flows of foreign capital across their borders? The traditional answer has been to use flexible exchange rates as a shock absorber. But flexible exchange rates do not offer full insulation, may not reflect economic fundamentals, and may themselves be too volatile. As a result, country authorities sometimes reach for a mix of tools, including monetary policy, intervention in the currency market, and macroprudential- and capital flow measures. This seminar explores whether and how a more integrated toolkit could be more effective in navigating complex policy tradeoffs. Would such an integrated approach improve outcomes? Or would it make policy less transparent and undermine hard-earned policy credibility?
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