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Shocks matter : managing capital flows with multiple instruments in emerging economies

Lama C., Ruy; Medina, Juan Pablo - 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/10012252000

Financial Globalization and Exchange Rates

Milesi-Ferretti, Gian Maria - 2005

a world economy that was characterized by widespread restrictions on international capital mobility. In contrast, the … rapid pace of financial globalization during recent years poses new challenges for the international monetary system. In … explores some of the interconnections between financial globalization and exchange rate adjustment and discusses the policy …

Persistent link: https://www.econbiz.de/10014400701

One ring to rule them all? : new evidence on world cycles

Monnet, Eric; Puy, Damien - 2019

We estimate world cycles using a new quarterly dataset of output, credit and asset prices assembled using IMF archives … and covering a large set of advanced and emerging economies since 1950. World cycles, both real and financial, exist and … time. Although this is true for prices (goods and assets), this not true for quantities (output and credit). The world …

Persistent link: https://www.econbiz.de/10012103742

International Financial Integration, Sovereignty, and Constraintson Macroeconomic Policies

Kletzer, Kenneth - 2006

This paper considers the consequences of international financial market integration for national fiscal and monetary policies that derive from the absence of an international sovereign authority to define and enforce contractual obligations across borders. The sovereign immunity of national...

Persistent link: https://www.econbiz.de/10014401979

Policy Responses to Aid Surges in Countries with Limited International Capital Mobility : The Role of the Exchange Rate Regime

Berg, Andrew - 2014

We study the role of the exchange rate regime, reserve accumulation, and sterilization policies in the macroeconomics of aid surges. Absent sterilization, a peg allows for almost full aid absorption — an increase in the current account deficit net of aid—delivering the same effects as those...

Persistent link: https://www.econbiz.de/10014394328

Exchange Rate Arrangements and Monetary Policy

International Monetary Fund - 1988

This paper examines the relationship between monetary and exchange rate policies by considering the factors that have led the authorities in developed and developing countries in Asia to alter their use of monetary policy instruments and exchange rate arrangements since the mid-1970s. There is...

Persistent link: https://www.econbiz.de/10014396158

Financial globalization and inequality : capital flows as a two-edged sword

Eichengreen, Barry; Csonto, Balazs; ElGanainy, Asmaa Adel; … - 2021

Persistent link: https://www.econbiz.de/10012487207

Financial Globalization and Fiscal Perfomance in Emerging Markets

Hauner, David - 2005

In recent years financial globalization and benign global market conditions have helped emerging markets in their …

Persistent link: https://www.econbiz.de/10014404213

Do old habits die hard? : central banks and the Bretton Woods gold puzzle

Monnet, Eric; Puy, Damien - 2019

Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves,...

Persistent link: https://www.econbiz.de/10012102163

Precautionary Demand for Foreign Assets in Sudden Stop Economies : An Assessment of the New Merchantilism

Mendoza, Enrique G. - 2007

Financial globalization was off to a rocky start in emerging economies hit by Sudden Stops in the 1990s. The surge in … assets via business cycle volatility, financial globalization, and endogenous Sudden Stops. Our results show that financial … globalization and Sudden Stop risk are plausible explanations of the surge in reserves but cyclical volatility, which has declined …

Persistent link: https://www.econbiz.de/10014400221