Capital flow management with multiple instruments

Emerging markets (EMs) are affected by a global financial cycle originating in developed economies (Rey 2013). An increase in risk appetite of developed economies perhaps spurred by easy monetary policy leads to a surge in capital flows to EMs. These foreign capital flows especially foreign portfoli...

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Autores principales:	Acharya Viral V., Krishnamurthy, Arvind
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	MOVIMIENTOS DE CAPITAL INSTRUMENTOS FINANCIEROS POLÍTICA MONETARIA
Acceso en línea:	https://hdl.handle.net/20.500.12580/3869
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spelling	oai-20.500.12580-38692021-04-24T11:14:35Z Capital flow management with multiple instruments Acharya Viral V. Krishnamurthy, Arvind MOVIMIENTOS DE CAPITAL INSTRUMENTOS FINANCIEROS POLÍTICA MONETARIA Emerging markets (EMs) are affected by a global financial cycle originating in developed economies (Rey 2013). An increase in risk appetite of developed economies perhaps spurred by easy monetary policy leads to a surge in capital flows to EMs. These foreign capital flows especially foreign portfolio investments (FPI) in debt and equity markets (as against foreign direct equity investments or FDI) can reverse quickly thus leading to a sudden stop and a sharp macroeconomic slowdown. Managing this capital flow cycle is a central concern for EM governments (as discussed by De Gregorio 2010 and Ostry and others 2010) and is the focus of this paper. 2019-11-01T00:08:27Z 2019-11-01T00:08:27Z 2019 Artículo 978-956-7421-60-2 https://hdl.handle.net/20.500.12580/3869 eng Series on Central Banking Analysis and Economic Policies no. 26 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 169-203 application/pdf Banco Central de Chile
institution	Banco Mundial
collection	Banco Mundial
language	eng
topic	MOVIMIENTOS DE CAPITAL INSTRUMENTOS FINANCIEROS POLÍTICA MONETARIA
spellingShingle	MOVIMIENTOS DE CAPITAL INSTRUMENTOS FINANCIEROS POLÍTICA MONETARIA Acharya Viral V. Krishnamurthy, Arvind Capital flow management with multiple instruments
description	Emerging markets (EMs) are affected by a global financial cycle originating in developed economies (Rey 2013). An increase in risk appetite of developed economies perhaps spurred by easy monetary policy leads to a surge in capital flows to EMs. These foreign capital flows especially foreign portfolio investments (FPI) in debt and equity markets (as against foreign direct equity investments or FDI) can reverse quickly thus leading to a sudden stop and a sharp macroeconomic slowdown. Managing this capital flow cycle is a central concern for EM governments (as discussed by De Gregorio 2010 and Ostry and others 2010) and is the focus of this paper.
format	Artículo
author	Acharya Viral V. Krishnamurthy, Arvind
author_facet	Acharya Viral V. Krishnamurthy, Arvind
author_sort	Acharya Viral V.
title	Capital flow management with multiple instruments
title_short	Capital flow management with multiple instruments
title_full	Capital flow management with multiple instruments
title_fullStr	Capital flow management with multiple instruments
title_full_unstemmed	Capital flow management with multiple instruments
title_sort	capital flow management with multiple instruments
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3869
work_keys_str_mv	AT acharyaviralv capitalflowmanagementwithmultipleinstruments AT krishnamurthyarvind capitalflowmanagementwithmultipleinstruments
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Capital flow management with multiple instruments

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