
Managing Large-Scale Capital Inflows : The Case of the Czech Republic, Poland and Romania.
Title:
Managing Large-Scale Capital Inflows : The Case of the Czech Republic, Poland and Romania.
Author:
Keller, Leonor.
ISBN:
9781475536584
Personal Author:
Physical Description:
1 online resource (26 pages)
Series:
IMF Working Papers
Contents:
Cover -- Contents -- Abstract -- I. Introduction -- II. Policy Tools for Managing Capital Inflows -- A. Structural Changes -- B. Macroeconomic Policies for Managing Capital Inflows -- C. Capital Flow Management Measures -- III. Policy Framework for Managing Capital Inflows -- IV. Country-Specific Analysis - the Czech Republic, Poland and Romania -- A. The Czech Republic -- B. Poland -- C. Romania -- V. Conclusions and Potential for Enhancing the Framework -- References -- Tables -- 1. Synthesis of Country Assessments and Fund Advice -- Figures -- 1. Policies to Cope with Capital Inflows -- 2. Gross and Net Capital Inflows (in USD billions) -- 3. Gross and Net Portfolio Inflows (in USD billions) -- 4. Composition of Gross and Net Capital Inflows.
Abstract:
Many emerging market economies have in the recent past experienced a surge in capital inflows that may threaten their economic and financial stability. The IMF in early 2011 proposed a framework intended to guide Fund advice to policymakers on how to best respond to such inflows, including both macroeconomic instruments and so-called capital flow management measures (CFMs). The paper applies this framework to three countries that have experienced elevated capital inflows after the onset of the 2008 global financial crisis - the Czech Republic, Poland, and Romania. It finds that the evaluation of the macroeconomic criteria as prescribed by the framework does not support the use of CFMs, but instead advocates macroeconomic policies as the first line of defense against large-scale capital inflows. This finding is by and large consistent with the IMF's policy advice given to country authorities in the context of surveillance missions.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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