Tools for managing financial-stability risks from capital inflows

• 成果类型: Article
• 署名作者: Ostry, Jonathan D.; Ghosh, Atish R.; Chamon, Marcos; Qureshi, Mahvash S.
• 署名单位: International Monetary Fund
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2012.02.002
• 发表日期: 2012
• 页码: 407-421
• 关键词: Capital inflows; capital controls; Prudential tools; Currency mismatches

摘要

We examine whether macroprudential policies and capital controls can enhance financial stability in the face of the risks typically associated with large capital inflows. We construct new indices of foreign currency (FX)-related prudential measures, domestic prudential measures, and financial-sector specific capital controls for 51 emerging market economies over the period 1995-2008. Our results indicate that both capital controls and FX-related prudential measures are associated with a lower proportion of FX lending in total domestic bank credit, and with a lower proportion of portfolio debt in total external liabilities. Other prudential policies appear to help restrain the intensity of aggregate credit booms. Experience from the global financial crisis suggests that prudential and capital control policies in place during the boom enhanced economic resilience during the bust. (C) 2012 International Monetary Fund. Published by Elsevier B.V. All rights reserved.