LEADER 05650oam 22013454 450 001 9910962266603321 005 20250426110943.0 010 $a9781475508376 010 $a1475508379 010 $a9781475536584 010 $a1475536585 035 $a(CKB)2550000000107088 035 $a(EBL)1606757 035 $a(SSID)ssj0000942165 035 $a(PQKBManifestationID)11967110 035 $a(PQKBTitleCode)TC0000942165 035 $a(PQKBWorkID)10972044 035 $a(PQKB)11007854 035 $a(Au-PeEL)EBL1606757 035 $a(CaPaEBR)ebr10574681 035 $a(OCoLC)870245003 035 $a(IMF)WPIEE2012138 035 $a(IMF)WPIEA2012138 035 $a(MiAaPQ)EBC1606757 035 $aWPIEA2012138 035 $a(EXLCZ)992550000000107088 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aManaging Large-Scale Capital Inflows : $eThe Case of the Czech Republic, Poland and Romania /$fLeonor Keller, Ibrahim Chowdhury 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (26 p.) 225 1 $aIMF Working Papers 300 $a"Office of Executive Directors." 300 $a"May 2012." 311 08$a9781475564792 311 08$a1475564791 311 08$a9781475503920 311 08$a147550392X 320 $aIncludes bibliographical references. 327 $aCover; 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; References 327 $a2. Gross and Net Capital Inflows (in USD billions)3. Gross and Net Portfolio Inflows (in USD billions); 4. Composition of Gross and Net Capital Inflows 330 3 $aMany emerging market economies have in the recent past experienced a surge in capital inflows that may threaten their economic and financial stability. The IMF in early 2011 proposed a framework intended to guide Fund advice to policymakers on how to best respond to such inflows, including both macroeconomic instruments and so-called capital flow management measures (CFMs). The paper applies this framework to three countries that have experienced elevated capital inflows after the onset of the 2008 global financial crisis - the Czech Republic, Poland, and Romania. It finds that the evaluation of the macroeconomic criteria as prescribed by the framework does not support the use of CFMs, but instead advocates macroeconomic policies as the first line of defense against large-scale capital inflows. This finding is by and large consistent with the IMF?s policy advice given to country authorities in the context of surveillance missions. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/138 606 $aCapital movements 606 $aCapital movements$zCzech Republic 606 $aCapital movements$zPoland 606 $aCapital movements$zRomania 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aForeign Exchange$2imf 606 $aInflation$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aMonetary Policy$2imf 606 $aInternational economics$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aMacroeconomics$2imf 606 $aBanking$2imf 606 $aCapital inflows$2imf 606 $aExchange rates$2imf 606 $aCapital controls$2imf 606 $aReserves accumulation$2imf 606 $aBalance of payments$2imf 606 $aCentral banks$2imf 606 $aPrices$2imf 606 $aCapital movements$2imf 606 $aForeign exchange reserves$2imf 607 $aCzech Republic$2imf 615 0$aCapital movements. 615 0$aCapital movements 615 0$aCapital movements 615 0$aCapital movements 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aForeign Exchange 615 7$aInflation 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aPrice Level 615 7$aDeflation 615 7$aMonetary Policy 615 7$aInternational economics 615 7$aCurrency 615 7$aForeign exchange 615 7$aMacroeconomics 615 7$aBanking 615 7$aCapital inflows 615 7$aExchange rates 615 7$aCapital controls 615 7$aReserves accumulation 615 7$aBalance of payments 615 7$aCentral banks 615 7$aPrices 615 7$aCapital movements 615 7$aForeign exchange reserves 676 $a332.1/52 700 $aKeller$b Leonor$01816338 701 $aChowdhury$b Ibrahim$01816339 801 0$bDcWaIMF 906 $aBOOK 912 $a9910962266603321 996 $aManaging Large-Scale Capital Inflows$94372346 997 $aUNINA