LEADER 06810oam 22012374 450 001 9910788320103321 005 20230721045654.0 010 $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(IMF)WPIEE2009040 035 $a(EXLCZ)993170000000056495 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCapital Inflows : $eMacroeconomic Implications and Policy Responses 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (62 p.) 225 1 $aIMF Working Papers 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 3 $aThis paper examines the macroeconomic implications of, and policy responses to surges in private capital inflows across a large group of emerging and advanced economies. In particular, we identify 109 episodes of large net private capital inflows to 52 countries over 1987-2007. Episodes of large capital inflows are often associated with real exchange rate appreciations and deteriorating current account balances. More importantly, such episodes tend to be accompanied by an acceleration of GDP growth, but afterwards growth has often dropped significantly. A comprehensive assessment of various policy responses to the large inflow episodes leads to three major conclusions. First, keeping public expenditure growth steady during episodes can help limit real currency appreciation and foster better growth outcomes in their aftermath. Second, resisting nominal exchange rate appreciation through sterilized intervention is likely to be ineffective when the influx of capital is persistent. Third, tightening capital controls has not in general been associated with better outcomes. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/040 606 $aCapital investments 606 $aCapital movements 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aFinance: General$2imf 606 $aForeign Exchange$2imf 606 $aInternational Finance: General$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aCentral Banks and Their Policies$2imf 606 $aInternational Financial Markets$2imf 606 $aInternational economics$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aBanking$2imf 606 $aFinance$2imf 606 $aCapital inflows$2imf 606 $aCapital controls$2imf 606 $aExchange rates$2imf 606 $aSterilization$2imf 606 $aCurrency markets$2imf 606 $aBalance of payments$2imf 606 $aCentral banks$2imf 606 $aFinancial markets$2imf 606 $aCapital movements$2imf 606 $aForeign exchange market$2imf 607 $aCosta Rica$2imf 615 0$aCapital investments. 615 0$aCapital movements. 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aFinance: General 615 7$aForeign Exchange 615 7$aInternational Finance: General 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aInternational Lending and Debt Problems 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aCentral Banks and Their Policies 615 7$aInternational Financial Markets 615 7$aInternational economics 615 7$aCurrency 615 7$aForeign exchange 615 7$aBanking 615 7$aFinance 615 7$aCapital inflows 615 7$aCapital controls 615 7$aExchange rates 615 7$aSterilization 615 7$aCurrency markets 615 7$aBalance of payments 615 7$aCentral banks 615 7$aFinancial markets 615 7$aCapital movements 615 7$aForeign exchange market 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788320103321 996 $aCapital Inflows$93747512 997 $aUNINA