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Managing Large-Scale Capital Inflows: The Case of the Czech Republic, Poland and Romania

Managing Large-Scale Capital Inflows: The Case of the Czech Republic, Poland and Romania by Leonor Keller
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Many 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.
International Monetary Fund; May 2012
25 pages; ISBN 9781475536584
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Title: Managing Large-Scale Capital Inflows: The Case of the Czech Republic, Poland and Romania
Author: Leonor Keller; Ibrahim Chowdhury
 
ISBNs
1475536585
9781475503920
9781475536584
9781475564792