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International Monetary Fund
The global financial crisis underscored the costs of systemic instability at both the national and global levels and highlighted the importance of dedicated macroprudential and capital flow management policies. The IMF has been assisting its members with policy advice as well as developing and making operational their policy frameworks. Multilateral aspects of both policies need to be fully considered, including the interaction with other domestic and international legal frameworks. To the extent that capital flows are the source of systemic financial sector risks, the tools used to address those risks can be seen as both capital flow management measures (CFMs) and macroprudential measures (MPMs).
International Monetary Fund

ways to move forward on the treatment of such measures . 2 Context . The global financial crisis underscored the costs of systemic instability at both the national and global levels and highlighted the importance of dedicated macroprudential and capital flow management policies. The IMF has been assisting its members with policy advice as well as developing and making operational their policy frameworks. Multilateral aspects of both policies need to be fully considered, including the interaction with other domestic and international legal frameworks. To the extent

International Monetary Fund

the face of domestic and external shocks. It jointly considers the role of monetary, exchange rate, macroprudential and capital flow management policies and their interactions with each other and other policies, accounting for country circumstances. The analysis suggests that the appropriate policy mix depends on the nature of shocks, country characteristics, and initial conditions. This finding, however, does not rationalize indiscriminate use of multiple tools or support their deployment in all circumstances. Reliance on such tools is also not a substitute for

International Monetary Fund
This Work Program translates the strategic directions and policy priorities laid out in the Spring 2019 Global Policy Agenda and the International Monetary and Financial Committee Communiqué into an Executive Board agenda for the next twelve months. Its main policy priorities and related deliverables are as follows: • Support domestic policies to enhance resilience and inclusion: • Upgrade global cooperation to level the playing field and address other shared challenges • Adapt the Fund’s toolkits to lead and support change: • Continue to modernize the Fund to deliver for the future
International Monetary Fund
International cooperation, economic and financial integration, and technological progress have delivered enormous benefits across the globe during the past decades. Yet, in many countries, these benefits have not been shared adequately to prevent eroding trust in institutions and weakening support for the global system that has made these gains possible.
Ms. Longmei Zhang and Ms. Edda Zoli

Front Matter Page Asia and Pacific Contents I. Introduction II. Literature Review III. The Use of Macroprudential and Capital Flow Management Policies in Asia and Other Regions IV. Constructing an Index of Macroprudential and Capital Flow Management Policies V. Assessing the Effectiveness of Macroprudential and Capital Flow Management Policies in Asia A. An Event Study B. The Impact of Macroprudential and Capital Flow Management Policies on Macroeconomic Variables C. The Impact of Macroprudential Policies on Banks in Asia VI

International Monetary Fund

. Nature of Capital Inflows B. Drivers of Inflows C. Domestic Macroeconomic Implications D. Recent Policy Responses IV. A Possible Policy Framework for Managing Capital Inflows A. Macroeconomic Policies B. Capital Flow Management Policies C. Applying the Framework V. Issues for Discussion Tables 1. Inflow Episodes: Summary Statistics 2. Examples of Factors Affecting Capital Inflows to EMs 3. Determinants of Capital Inflows: Panel Regression Results 4. Capital Flow Management (CFM) and Other Measures by Country Figures 1. Capital Flows

International Monetary Fund

Capital Flow Management Measures F. Trade Policies and Capital Flow Management Policies Tables 1.1. United States Money Market Mutual Funds—Holdings of European Bank Paper …. 1.2. Exposure of Selected German Banks to Conduit—Special Investment Vehicles 1.3. Foreign Capital Inflows into Baltic Countries 2.1. Most Important Systematically Important Financial Institutions 2.2. Estimation Results for the Likelihood of Surges 2.3. Estimation Results for the Magnitude of Capital Inflows Surges 2.4. Estimation Results for the Likelihood of Surge Episodes

Ms. Longmei Zhang, Ms. Edda Zoli, and Mr. Romain A Duval

policies on housing prices in emerging Europe. Tovar and others (2012) have focused on Latin America. On Asia, a few country-specific case studies have been conducted (e.g., Hong Kong Monetary Authority (2011) on Hong Kong SAR and Igan and Kang (2011) , Bruno and Shin (2013) on Korea. However, no comprehensive empirical analysis has been carried out for the entire region, despite its heavy use of macroprudential policy. III. The Use of Macroprudential and Capital Flow Management Policies in Asia and Other Regions Country authorities in Asia and other