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Alexander Landbeck

30 September 2016
OCCASIONAL PAPER SERIES - No. 180
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Abstract
The last decade has been characterised by the pronounced volatility of capital flows. While cross-border capital flows can have many benefits for both advanced and emerging market economies, they may also carry risks, which require appropriate policy responses. Disentangling the push from the pull factors driving capital flows is key to designing appropriate policies to deal with them. Strong institutions, sound fundamentals and a large domestic investor base tend to shield economies from adverse global conditions and attract less volatile types of capital. However, when the policy space for using traditional macroeconomic policies is limited, countries may also turn to macroprudential and capital flow management policies in a pragmatic manner. The IMF can play an important role in helping countries to deal with capital flows, through its surveillance and lending policy and through international cooperation.
JEL Code
F3 : International Economics→International Finance
F32 : International Economics→International Finance→Current Account Adjustment, Short-Term Capital Movements
F38 : International Economics→International Finance→International Financial Policy: Financial Transactions Tax; Capital Controls
F42 : International Economics→Macroeconomic Aspects of International Trade and Finance→International Policy Coordination and Transmission
F65 : International Economics→Economic Impacts of Globalization→Finance
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation