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One-Size-Fits-One: Tailor-Made Fiscal Responses to Capital Flows

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Author Info
Daria Zakharova
Abstract

This paper surveys policy responses in recent years to capital inflows in a diverse group of countries that are represented by the Netherlands at the IMF Executive Board. Based on the findings from cross-country empirical literature, the paper distills some guiding principles for policy responses to excessive capital inflows, depending on country-specific circumstances and with a particular focus on fiscal policy. In addition to considering the conventional macroeconomic and structural policy tools, the paper also discusses the role of microfiscal policies in affecting the size and the composition of capital inflows. While conditions in these countries have changed very recently, the policy principles remain salient.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/269.

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Length: 27 pages
Date of creation: 05 Dec 2008
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Handle: RePEc:imf:imfwpa:08/269

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Keywords: Fiscal policy ; Capital flows ; Capital inflows ; Capital account ; Capital account ; Current account deficits ;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
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  1. Peter S. Heller, 1997. "Fiscal Policy Management in an Open Capital Regime," IMF Working Papers 97/20, International Monetary Fund.
  2. Graciela L. Kaminsky & Carmen M. Reinhart & Carlos A. Vegh, 2004. "When it Rains, it Pours: Procyclical Capital Flows and Macroeconomic Policies," NBER Working Papers 10780, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Jesmin Rahman, 2008. "Current Account Developments in New Member States of the European Union: Equilibrium, Excess, and EU-Phoria," IMF Working Papers 08/92, International Monetary Fund. [Downloadable!]
  4. Reinhart, Carmen & Montiel, Peter, 2001. "The Dynamics of Capital Movements to Emerging Economies During the 1990s," MPRA Paper 7577, University Library of Munich, Germany. [Downloadable!]
  5. Masahiro Kawai & Shinji Takagi, 2003. "Rethinking Capital Controls: The Malaysian Experience," Macroeconomics Working Papers 473, East Asian Bureau of Economic Research. [Downloadable!]
  6. Sebastian Edwards, 1998. "Capital Flows, Real Exchange Rates, and Capital Controls: Some Latin American Experiences," NBER Working Papers 6800, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Timothy D. Lane & Leslie Lipschitz & Alex Mourmouras, 2002. "Capital Flows to Transition Economies: Master or Servant," IMF Working Papers 02/11, International Monetary Fund.
  8. Reinhart, Carmen & Calvo, Guillermo, 2000. "When Capital Inflows Come to a Sudden Stop: Consequences and Policy Options," MPRA Paper 6982, University Library of Munich, Germany. [Downloadable!]
  9. David Hauner, 2005. "A Fiscal Price Tag for International Reserves," IMF Working Papers 05/81, International Monetary Fund. [Downloadable!]
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  10. Cottarelli, Carlo & Dell'Ariccia, Giovanni & Vladkova-Hollar, Ivanna, 2005. "Early birds, late risers, and sleeping beauties: Bank credit growth to the private sector in Central and Eastern Europe and in the Balkans," Journal of Banking & Finance, Elsevier, vol. 29(1), pages 83-104, January. [Downloadable!] (restricted)
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  11. Murtaza H. Syed & Michael Keen, 2006. "Domestic Taxes and International Trade: Some Evidence," IMF Working Papers 06/47, International Monetary Fund. [Downloadable!]
  12. Romain Ranciere & Törbjörn I. Becker & Olivier Jeanne & Paolo Mauro & Jonathan David Ostry, 2007. "Country Insurance: The Role of Domestic Policies," IMF Occasional Papers 254, International Monetary Fund.
  13. Lane, Philip R. & Perotti, Roberto, 2003. "The importance of composition of fiscal policy: evidence from different exchange rate regimes," Journal of Public Economics, Elsevier, vol. 87(9-10), pages 2253-2279, September. [Downloadable!] (restricted)
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