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Dampening Global Financial Shocks : Can Macroprudential Regulation Help (More than Capital Controls)?

Bergant, Katharina - 2020

We show that macroprudential regulation can considerably dampen the impact of globalfinancial shocks on emerging … markets. More specifically, a tighter level of regulation reducesthe sensitivity of GDP growth to VIX movements and capital … andliquidity, foreign currency mismatches, and risky forms of credit. We also find that tightermacroprudential regulation allows …

Persistent link: https://www.econbiz.de/10012828057

Capital Account Liberalization and Inequality

Furceri, Davide - 2016

This paper examines the distributional impact of capital account liberalization. Using panel data for 149 countries from 1970 to 2010, we find that, on average, capital account liberalization reforms increase inequality and reduce the labor share of income in the short and medium term. We also...

Persistent link: https://www.econbiz.de/10012999758

Financial Regulation and the Current Account

Lanau, Sergi - 2012

This paper examines the relationship between financial regulation and the current account in an intertemporal model of … the current account where financial regulation affects the current account through liquidity constraints. Greater … tested with an interacted panel VAR model where the coefficients are allowed to vary with the degree of financial regulation …

Persistent link: https://www.econbiz.de/10013107071

Baltic and Icelandic Experiences of Capital Flows and Capital Flow Measures

Groenn, Audun - 2014

Iceland and the Baltic countries. During the build-up of the crisis, there were shortcomings in macroeconomic policies and in …

Persistent link: https://www.econbiz.de/10013061327

Liquidity Management Under Fixed Exchange Rate with Open Capital Account

El Hamiani Khatat, Mariam - 2019

This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived from the price-specie flow mechanism of David Hume. The framework highlights that the risk of short-term money market rates un-anchoring from the uncovered interest rate parity...

Persistent link: https://www.econbiz.de/10012888769

Commodity Prices and Exchange Rate Volatility : Lessons from South Africa's Capital Account Liberalization

Arezki, Rabah - 2012

We examine the relationship between South African Rand and gold price volatility using monthly data for the period 1980-2010. Our main findings is that prior to capital account liberalization the causality runs from South African Rand to gold price volatility but the causality runs the other way...

Persistent link: https://www.econbiz.de/10013098635

Capital Account Policies in Chile Macro-Financial Considerations Along the Path to Liberalization

Carriere-Swallow, Yan - 2013

This paper recounts Chile's experience with capital account policies since the 1990s. We present how two external shocks were confronted under very different macroeconomic and capital account frameworks. We show that during the 1997-98 Asian-LTCM-Russia crisis, a closed capital account and...

Persistent link: https://www.econbiz.de/10013080858

Effects of Capital Flow Liberalization - What is the Evidence from Recent Experiences of Emerging Market Economies?

Saadi Sedik, Tahsin - 2013

This paper analyzes the experiences of emerging market economies (EMEs) that have liberalized capital flows over the past 15 years with respect to macroeconomic performance and risks to financial stability. The results of the panel data regressions indicate that greater openness to capital flows...

Persistent link: https://www.econbiz.de/10013089306

Do Inflows or Outflows Dominate? Global Implications of Capital Account Liberalization in China

Bayoumi, Tamim A. - 2013

This paper assesses the implications of Chinese capital account liberalization for capital flows. Stylized facts from capital account liberalization in advanced and large emerging market economies illustrate that capital account liberalization has historically generated large gross capital in-...

Persistent link: https://www.econbiz.de/10013075542

Shocks Matter : Managing Capital Flows with Multiple Instruments in Emerging Economies

Lama, Ruy - 2020

We study the optimal management of capital flows in a small open economy model with financial frictions and multiple policy instruments. The paper reports two main findings. First, both foreign exchange intervention (FXI) and macroprudential polices are tools complementary to the monetary policy...

Persistent link: https://www.econbiz.de/10012828217