Capital Inflows and Balance of Payments Pressures
AbstractAlthough capital inflows are generally beneficial to recipient countries, they also pose a challenge for the conduct of economic policy. This paper proposes a conceptual taxonomy to guide the design of policy responses in the face of capital flows. We explore how responses to capital surges should be differentiated based on the source of balance of payments pressures. We also examine whether the policy choices in emerging market countries conform to the taxonomy's predictions and find some correspondence, especially during periods of high global liquidity.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Policy Discussion Papers with number 08/2.
Date of creation: 01 Jun 2008
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