Capital Flow Measures : Structural or Cyclical Policy Tools?

Gupta, Poonam ; Masetti, Oliver

World Bank, Washington, DC

关键词: CAPITAL FLOWS;    CAPITAL FLOW MEASURES;    CAPITAL CONTROLS;    MONETARY POLICY;    EMERGING MARKET ECONOMIES;   

DOI  :  10.1596/1813-9450-8418
RP-ID  :  WPS8418

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper analyzes the use of capitalflow measures in emerging markets. Drawing on a speciallycompiled new database of capital flow measures, itestablishes that policy makers in emerging market economiesdo not use capital flow measures as an active tool atbusiness cycle frequency. While there is a general trendtoward the liberalization of capital accounts, the use ofcapital flow measures as a countercyclical policy tool israther sporadic. Instead, countries show a distinctpreference for using monetary policy, exchange rateadjustments, macro prudential measures, and adjustments inexternal reserves to modulate the impacts of domesticbusiness cycles, international liquidity cycles, and shocksto capital flows. Regulation of different kinds of capitalflows -- resident and nonresident flows; inflows andoutflows; and foreign direct investment, portfolio, andbanking sector flows -- is changed infrequently and isacyclical to domestic business and external liquidity cycles.