Managing Capital Inflows: What Tools to Use? © IMF

Managing Capital Inflows: What Tools to Use? © IMF

Centro de Documentación e Información Mtro. Jesús Silva Herzog CEDI
Managing Capital Inflows: What Tools to Use? © IMF
INSTITUTO DE INVESTIGACIONES ECONÓMICAS, UNAM
Centro de Documentación e InformaciónINTER t i p s ... 2 0 1 1 Servicio de diseminación selectiva en información económica
© Victor Medina Corona
Ostry, Jonathan David ; Ghosh, Atish R. ; Habermeier, Karl Friedrich ; Laeven, Luc ; Chamon, Marcos ; Qureshi,
Mahvash Saeed ; Kokenyne, Annamaria
Managing Capital Inflows: What Tools to Use? © IMF, Staff Discussion Notes No. 11/06, April 05, 2011
Emerging market economies are facing increasing challenges in managing the current wave of capital inflows. In an
earlier note (Ostry et al., 2010), we laid out a set of circumstances under which capital controls could usefully form part of
the policy response to inflow surges. For countries whose currencies were on the strong side, where reserves were
adequate, where overheating concerns precluded easier monetary policy, and where the fiscal balance was consistent
with macroeconomic and public debt considerations, capital controls were a useful part of the policy toolkit to address
inflow surges. Beyond macroeconomic considerations, capital controls could also help to address financial-stability
concerns when prudential tools were insufficient or could not be made effective in a timely manner. We also stressed that
the use of capital controls needs to take account of multilateral considerations, as well as their costs and the mixed
evidence on their effectiveness in restraining aggregate flows. This note elaborates on how the macro and financialstability rationales for capital controls fit together; how prudential and capital control measures should be deployed
against various risks that inflow surges may bring; and specifically, how capital controls should be designed to best meet
the goals of efficiency and effectiveness. Four broad conclusions emerge.
Palabras Clave: entradas de capital, controles de capital, flujos de capitales, herramientas prudenciales, estabilidad
financiera
JEL Classification Numbers: F21, F23
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