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Capital flows, exchange rate management and monetary policy

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  • C. Rangarajan
  • A. Prasad
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    Abstract

    Capital inflows have brought substantial macro and financial benefits; at the same time, the size and nature of capital inflows have complicated macroeconomic management in recipient countries. Multiple concerns have produced multiple responses by countries to capital inflows. Countries have pursued a combination of policies - let the exchange rate appreciate, accumulate foreign exchange reserves, with or without sterilization, liberalize outflows, tighten monetary and fiscal policies and in a few cases impose capital controls on inflows either directly or through prudential regulation. Experience shows that there are no corner solutions and countries have to resort to a judicious mix of these policies depending on the prevailing circumstances.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/17520840701859534
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Macroeconomics and Finance in Emerging Market Economies.

    Volume (Year): 1 (2008)
    Issue (Month): 1 ()
    Pages: 135-149

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    Handle: RePEc:taf:macfem:v:1:y:2008:i:1:p:135-149

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    Web page: http://www.tandfonline.com/REME20

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    Related research

    Keywords: monetary policy; capital flows; exchange rate management; central banking;

    References

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    1. Helmut Reisen, 1998. "Domestic Causes of Currency Crises: Policy Lessons for Crisis Avoidance," OECD Development Centre Working Papers 136, OECD Publishing.
    2. Carmen M. Reinhart & R. Todd Smith, 2001. "Temporary Controls on Capital Inflows," NBER Working Papers 8422, National Bureau of Economic Research, Inc.
    3. Garcia, Marcio G. P. & Barcinski, Alexandre, 1998. "Capital Flows to Brazil in the Nineties: Macroeconomic Aspects and the Effectiveness of Capital Controls," The Quarterly Review of Economics and Finance, Elsevier, vol. 38(3, Part 1), pages 319-357.
    4. Dooley, Michael P, 1996. "Capital Controls and Emerging Markets," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 1(3), pages 197-205, July.
    5. Eliana Cardoso & Ilan Goldfajn, 1998. "Capital Flows to Brazil: The Endogeneity of Capital Controls," IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 161-202, March.
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