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A Modernized Approach to Managing the Risks in Cross-Border Capital Movements

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Author Info

  • Inci Ötker
  • R. B. Johnston

Abstract

This paper outlines a “modern” approach to managing risks in cross-border capital movements that is consistent with an environment of increased and liberalized capital flows. Key elements of this approach include: a consistent monetary and exchange rate policy mix to avoid incentives for volatile capital flows; prudential management of the specific risks in capital flows; supporting financial sector reforms; and appropriate sequencing of liberalization. The approach can reduce the potential size of the shocks associated with capital movements and increase the resilience of the financial system to such shocks when they occur; overtime, it is expected to reduce the need for recourse to capital controls.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Policy Discussion Papers with number 99/6.

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Length: 24
Date of creation: 01 Jul 1999
Date of revision:
Handle: RePEc:imf:imfpdp:99/6

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Related research

Keywords: Capital flows; exchange rate; capital movements; foreign exchange; capital controls; capital inflows; volatile exchange rate policy; capital account liberalization; capital mobility; capital adequacy; volatile capital; border exchange rates; short-term capital; exchange risk; exchange rate flexibility; capital transactions; exchange markets; foreign exchange risk; short-term capital inflows; hedging; exchange rate regime; flexible exchange rate; international capital; capital markets; movements in exchange rates; exchange rate guarantees; flexible exchange rate regime; foreign exchange markets; foreign exchange market; capital outflows; exchange rate policies; exchange rate regimes; exchange rate peg; currency risks; fixed exchange rate; implicit exchange rate guarantees; forward exchange; international capital markets; foreign exchange risks; capital flow reversals; exchange rate arrangement; domestic bond market; exchange risks; capital flow; securities markets; composition of capital inflows; forward exchange markets; liquid asset; volatility of foreign capital; capital control; capital accounts; foreign exchange rate; exchange market intervention; foreign exchange operations; stable exchange rate; fixed exchange rate policy; prevailing exchange rate; capital standards; currency convertibility; exchange rate target; put options; exchange rate uncertainty; spot exchange rates; forward exchange rates; access to funds; exchange rate risk; government securities; exchange rate arrangements; exchange rate targets; capital account transactions; exchange operations; movements in interest rates; exchange rate changes; issue of securities; foreign exchange rate risk; exchange systems; exchange rate risks; exchange policy; fixed exchange rate peg; spot exchange rate; debt securities; exchange rate management; exchange controls; credit rating;

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Cited by:
  1. Clara Garcia, 2004. "Capital Inflows, Policy Responses, and Their Ill Consequences: Thailand, Malaysia, and Indonesia in the Decade Before the Crises," Working Papers, Political Economy Research Institute, University of Massachusetts at Amherst wp81, Political Economy Research Institute, University of Massachusetts at Amherst.
  2. Ceyla Pazarbasioglu & Gudrun Johnsen & Paul Louis Ceriel Hilbers & Inci Ötker, 2005. "Assessing and Managing Rapid Credit Growth and the Role of Supervisory and Prudential Policies," IMF Working Papers 05/151, International Monetary Fund.

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