05511oam 22012854 450 991081357820332120240402045147.01-4755-0837-91-4755-3658-5(CKB)2550000000107088(EBL)1606757(SSID)ssj0000942165(PQKBManifestationID)11967110(PQKBTitleCode)TC0000942165(PQKBWorkID)10972044(PQKB)11007854(Au-PeEL)EBL1606757(CaPaEBR)ebr10574681(OCoLC)870245003(IMF)WPIEE2012138(IMF)WPIEA2012138(MiAaPQ)EBC1606757(EXLCZ)99255000000010708820020129d2012 uf 0engurcn|||||||||txtccrManaging Large-Scale Capital Inflows : The Case of the Czech Republic, Poland and Romania /Leonor Keller, Ibrahim Chowdhury1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (26 p.)IMF Working Papers"Office of Executive Directors.""May 2012."1-4755-6479-1 1-4755-0392-X Includes bibliographical references.Cover; Abstract; Contents; I. Introduction; II. Policy Tools for Managing Capital Inflows; A. Structural Changes; B. Macroeconomic Policies for Managing Capital Inflows; C. Capital Flow Management Measures; III. Policy Framework for Managing Capital Inflows; Figures; 1. Policies to Cope with Capital Inflows; IV. Country-Specific Analysis - the Czech Republic, Poland and Romania; A. The Czech Republic; B. Poland; C. Romania; V. Conclusions and Potential for Enhancing the Framework; Tables; 1. Synthesis of Country Assessments and Fund Advice; References2. Gross and Net Capital Inflows (in USD billions)3. Gross and Net Portfolio Inflows (in USD billions); 4. Composition of Gross and Net Capital InflowsMany emerging market economies have in the recent past experienced a surge in capital inflows that may threaten their economic and financial stability. The IMF in early 2011 proposed a framework intended to guide Fund advice to policymakers on how to best respond to such inflows, including both macroeconomic instruments and so-called capital flow management measures (CFMs). The paper applies this framework to three countries that have experienced elevated capital inflows after the onset of the 2008 global financial crisis - the Czech Republic, Poland, and Romania. It finds that the evaluation of the macroeconomic criteria as prescribed by the framework does not support the use of CFMs, but instead advocates macroeconomic policies as the first line of defense against large-scale capital inflows. This finding is by and large consistent with the IMF’s policy advice given to country authorities in the context of surveillance missions.IMF Working Papers; Working Paper ;No. 2012/138Capital movementsCapital movementsCzech RepublicCapital movementsPolandCapital movementsRomaniaBanks and BankingimfExports and ImportsimfForeign ExchangeimfInflationimfInternational InvestmentimfLong-term Capital MovementsimfCurrent Account AdjustmentimfShort-term Capital MovementsimfPrice LevelimfDeflationimfMonetary PolicyimfInternational economicsimfCurrencyimfForeign exchangeimfMacroeconomicsimfBankingimfCapital inflowsimfExchange ratesimfCapital controlsimfReserves accumulationimfBalance of paymentsimfCentral banksimfPricesimfCapital movementsimfForeign exchange reservesimfCzech RepublicimfCapital movements.Capital movementsCapital movementsCapital movementsBanks and BankingExports and ImportsForeign ExchangeInflationInternational InvestmentLong-term Capital MovementsCurrent Account AdjustmentShort-term Capital MovementsPrice LevelDeflationMonetary PolicyInternational economicsCurrencyForeign exchangeMacroeconomicsBankingCapital inflowsExchange ratesCapital controlsReserves accumulationBalance of paymentsCentral banksPricesCapital movementsForeign exchange reserves332.1/52Keller Leonor1652662Chowdhury Ibrahim1652663DcWaIMFBOOK9910813578203321Managing Large-Scale Capital Inflows4003474UNINA