| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10909 |
| DP10909 Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence | |
| Jonathan D. Ostry; Atish R. Ghosh; olivier blanchard; Marcos Chamon | |
| 发表日期 | 2015-10-25 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | The workhorse open-economy macro model suggests that capital inflows are contractionary because they appreciate the currency and reduce net exports. Emerging market policy makers however believe that inflows lead to credit booms and rising output, and the evidence appears to go their way. To reconcile theory and reality, we extend the set of assets included in the Mundell-Fleming model to include both bonds and non-bonds. At a given policy rate, inflows may decrease the rate on non-bonds, reducing the cost of financial intermediation, potentially offsetting the contractionary impact of appreciation. We explore the implications theoretically and empirically, and find support for the key predictions in the data. |
| 主题 | Financial Economics |
| 关键词 | Capital inflows Capital controls Foreign exchange intervention |
| URL | https://cepr.org/publications/dp10909 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539739 |
| 推荐引用方式 GB/T 7714 | Jonathan D. Ostry,Atish R. Ghosh,olivier blanchard,et al. DP10909 Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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