| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10780 |
| 来源ID | Working Paper 10780 |
| When it Rains, it Pours: Procyclical Capital Flows and Macroeconomic Policies | |
| Graciela L. Kaminsky; Carmen M. Reinhart; Carlos A. Vegh | |
| 发表日期 | 2004-09-20 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Based on a sample of 104 countries, we document four key stylized facts regarding the interaction between capital flows, fiscal policy, and monetary policy. First, net capital inflows are procyclical (i.e., external borrowing increases in good times and falls in bad times) in most OECD and developing countries. Second, fiscal policy is procyclical (i.e., government spending increases in good times and falls in bad times) for the majority of developing countries. Third, for emerging markets, monetary policy appears to be procyclical (i.e., policy rates are lowered in good times and raised in bad times). Fourth, in developing countries - and particularly for emerging markets - periods of capital inflows are associated with expansionary macroeconomic policies and periods of capital outflows with contractionary macroeconomic policies. In such countries, therefore, when it rains, it does indeed pour. |
| 主题 | International Economics ; International Macroeconomics ; Macroeconomics ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w10780 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568412 |
| 推荐引用方式 GB/T 7714 | Graciela L. Kaminsky,Carmen M. Reinhart,Carlos A. Vegh. When it Rains, it Pours: Procyclical Capital Flows and Macroeconomic Policies. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10780.pdf（419KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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