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Capital Inflows and Balance of Payments Pressures

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Author Info

  • Bikas Joshi
  • Manuela Goretti
  • Uma Ramakrishnan
  • Alun H. Thomas
  • Atish R. Ghosh
  • Juan Zalduendo

Abstract

Although 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 Info

Paper provided by International Monetary Fund in its series IMF Policy Discussion Papers with number 08/2.

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Length: 21
Date of creation: 01 Jun 2008
Date of revision:
Handle: RePEc:imf:imfpdp:08/2

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Related research

Keywords: Capital flows; Capital inflows; Developing countries; current account; current account deficit; current account balance; global liquidity; balance of payments; current account surplus; capital outflows; capital controls; current account surpluses; current account deficits; current account balances; net capital; net capital flows; debt sustainability; capital inflow; short ? term debt; private capital flows; capital mobility; real appreciation; external financing; central bank; private capital; international capital; central banks; floating exchange rate regime; capital transactions; commodity prices; external liquidity; external finance; public finance; short-term capital; short-term debt; reserve accumulation;

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Citations

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Cited by:
  1. Bank for International Settlements, 2009. "Capital flows and emerging market economies," CGFS Papers, Bank for International Settlements, number 33, January.
  2. Daria Zakharova, 2008. "One-Size-Fits-One," IMF Working Papers 08/269, International Monetary Fund.
  3. Brissimis, Sophocles & Hondroyiannis, George & Papazoglou, Christos & Tsaveas, Nicholas & Vasardani, Melina, 2011. "The determinants of current account imbalances in the Euro Area: a panel estimation approach," MPRA Paper 35362, University Library of Munich, Germany.
  4. Jonathan David Ostry & Atish R. Ghosh & Karl Friedrich Habermeier & Marcos Chamon & Mahvash Saeed Qureshi & Dennis B. S. Reinhardt, 2010. "Capital Inflows," IMF Staff Position Notes 2010/04, International Monetary Fund.
  5. Ho-don Yan & Cheng-lang Yang, 2012. "Are there different linkages of foreign capital inflows and the current account between industrial countries and emerging markets?," Empirical Economics, Springer, vol. 43(1), pages 25-54, August.

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