LEADER 04434nam 2200637Ia 450 001 9910463681403321 005 20180825003211.0 010 $a1-4623-5073-9 010 $a1-4527-6117-5 010 $a1-282-84262-5 010 $a1-4518-7188-0 010 $a9786612842627 035 $a(CKB)3170000000056495 035 $a(EBL)1608215 035 $a(SSID)ssj0000940082 035 $a(PQKBManifestationID)11563709 035 $a(PQKBTitleCode)TC0000940082 035 $a(PQKBWorkID)10946632 035 $a(PQKB)10650494 035 $a(OCoLC)469137306 035 $a(MiAaPQ)EBC1608215 035 $a(EXLCZ)993170000000056495 100 $a20041202d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCapital inflows$b[electronic resource] $emacroeconomic implications and policy responses /$fprepared by Roberto Cardarelli, Selim Elekdag, and M. Ayhan Kose 210 $a[Washington D.C.] $cInternational Monetary Fund$d2009 215 $a1 online resource (62 p.) 225 1 $aIMF working paper ;$vWP/09/40 300 $aDescription based upon print version of record. 311 $a1-4519-1623-X 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Database and Methodology; A. Database; B. Methodology; III. Capital Inflows: Basic Stylized Facts; A. Capital Inflows Over Time; B. Episodes of Large Capital Inflows; IV. Policy Responses to Large Capital Inflows; A. Exchange Rate Policy; B. Sterilization Policy; C. Fiscal Policy; D. Capital Controls; V. Policy Responses: Basic Stylized Facts; A. Policy Responses During Episodes of Large Capital Inflows; VI. Linking Macroeconomic Outcomes and Policy Responses; A. Macroeconomic Outcomes: Basic Stylized Facts; B. How to Avoid a Hard Landing After the Inflows? 327 $aC. How to Contain Real Exchange Rate Appreciation?D. Any Role for Capital Controls?; E. Do Persistence of Inflows and External Imbalances Matter?; VII. Conclusions; Tables; 1. List of Net Private Capital Inflow Episodes; 2. Episodes of Large Net Private Capital Inflows: Summary Statistics; 3. Post-Inflows GDP Growth Regressions; 4. Real Exchange Rate Regressions; Figures; 1. Net Private Capital Inflows to Emerging Markets; 2. Mexico: Identification of Large Net Private Capital Inflow Episodes; 3. Gross Capital Flows, Current Account Balance, and Reserve Accumulation 327 $a4. Current Account Balances, Capital Inflows, and Reserves by Region 5. Net FDP and Non-FDI Inflows by Region; 6. Basic Characteristics of Episodes of Large Net Private Capital Inflows; 7. Exchange Market Pressures (EMP) Across Regions; 8. Exchange Market Pressures, Sterilization, and Government Expenditures; 9. Evolution of Capital Controls; 10. Policy Indicators and Episodes of Large Capital Inflows; 11. Selected Macroeconomic Variables During Large Capital Inflows; 12. Post-Inflow GDP Growth and Policies; 13. Real Exchange Rate Appreciation and Policies When Inflation Accelerates 327 $a14. Macroeconomic Outcomes and Capital Controls15. Exchange Market Pressures and Duration of Capital Inflow Episodes; 16. Fiscal Policy and Balance of Payment Pressures; 17. Regional Dimensions; Appendix; References 330 $aThis paper examines the macroeconomic implications of, and policy responses to surges in private capital inflows across a large group of emerging and advanced economies. In particular, we identify 109 episodes of large net private capital inflows to 52 countries over 1987-2007. Episodes of large capital inflows are often associated with real exchange rate appreciations and deteriorating current account balances. More importantly, such episodes tend to be accompanied by an acceleration of GDP growth, but afterwards growth has often dropped significantly. A comprehensive assessment of various 410 0$aIMF working paper ;$vWP/09/40. 606 $aCapital investments 606 $aCapital movements 608 $aElectronic books. 615 0$aCapital investments. 615 0$aCapital movements. 700 $aCardarelli$b R$g(Roberto)$0122762 701 $aElekdag$b Selim$0894667 701 $aKose$b M. 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