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Entradas de capital: el papel de los controles

Author

Listed:
  • Jonathan D. Ostry
  • Atish R. Ghosh
  • Karl Habermeier
  • Marcos Chamon
  • Mahvash S. Qureshi
  • Dennis B. S. Reinhardt

    (International Monetary Fund)

Abstract

This paper analyzes the management of surges in capital inflows to Emerging Markets. It reviews the main policy tools, including fiscal and monetary policy, exchange rate policy, foreign exchange market intervention, domestic prudential regulation, and capital controls. A key conclusion is that, if the economy is operating near potential, if the level of reserves is adequate, if the exchange rate is not undervalued, and if the flows are likely to be transitory, then use of capital controls –in addition to both prudential and macroeconomic policy– is justified as part of the policy toolkit to manage inflows. Evidence from the current crisis suggests that controls aimed at achieving a less risky external liability structure reduced financial fragilities and increased growth resilience.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Jonathan D. Ostry & Atish R. Ghosh & Karl Habermeier & Marcos Chamon & Mahvash S. Qureshi & Dennis B. S. Reinhardt, 2010. "Entradas de capital: el papel de los controles," Boletín, CEMLA, vol. 0(1), pages 38-57, Enero-mar.
    • Handle: RePEc:cml:boletn:v:lvi:y:2010:i:1:p:38-57
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    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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