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来源类型Working Paper
规范类型报告
DOI10.3386/w17670
来源IDWorking Paper 17670
Capital Inflows, Exchange Rate Flexibility, and Credit Booms
Nicolas E. Magud; Carmen M. Reinhart; Esteban R. Vesperoni
发表日期2011-12-15
出版年2011
语种英语
摘要The prospects of expansionary monetary policies in the advanced countries for the foreseeable future have renewed the debate over policy options to cope with large capital inflows that are, at least partly, driven by low interest rates in the financial centers. Historically, capital flow bonanzas have often fueled sharp credit expansions in advanced and emerging market economies alike. Focusing primarily on emerging markets, we analyze the impact of exchange rate flexibility on credit markets during periods of large capital inflows. We show that credit grows more rapidly and its composition tilts to foreign currency in economies with less flexible exchange rate regimes, and that these results are not explained entirely by the fact that the latter attract more capital inflows than economies with more flexible regimes. Our findings thus suggest countries with less flexible exchange rate regimes may stand to benefit the most from regulatory policies that reduce banks' incentives to tap external markets and to lend/borrow in foreign currency; these policies include marginal reserve requirements on foreign lending, currency-dependent liquidity requirements, and higher capital requirement and/or dynamic provisioning on foreign exchange loans.
主题Macroeconomics ; Monetary Policy ; International Economics ; International Factor Mobility ; Financial Economics ; Financial Markets
URLhttps://www.nber.org/papers/w17670
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/575345
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Nicolas E. Magud,Carmen M. Reinhart,Esteban R. Vesperoni. Capital Inflows, Exchange Rate Flexibility, and Credit Booms. 2011.
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