Have currency-based capital flow management measures curbed international banking flows?

Annamaria de Crescenzioi ; Marta Golinii ; Francesco Molteniiii iOECDiiUniversity of OxfordiiiEuropean University Institute

Organisation for Economic Co-operation and Development

关键词: banking debt;    currency-based measures;    macro-prudential policies;    external debt;    capital flow management measures;   

DOI  :  https://doi.org/10.1787/c0cc3f28-en

学科分类：社会科学、人文和艺术（综合）

来源: OECD iLibrary

【 摘 要 】

This paper analyses the impact of a specific type of banking regulation on operations in foreign currency, defined as currency-based capital flow management measures (CB-CFMs), on cross-border banking flows in a sample of 18 countries over the period 2005 to 2013. The results show that the introduction and tightening of these measures in the post-crisis period contributed to a reduction of the external debt of banks, controlling for capital flow management measures, domestic macro-prudential regulation, and a large set of push and pull factors. The examination of external debt by maturity and instruments suggests that these measures are more effective in curbing short-term debt and interbank borrowing, which are also the components that contracted more sharply in the aftermath of the 2008 crisis. Further analysis could look at the benefits these measures bring in terms of financial stability, and evaluate the costs of capital account openness against the risks that CB-CFMs aim to address.