| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17670 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w17670 |
| 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/575345 |
| 推荐引用方式 GB/T 7714 | Nicolas E. Magud,Carmen M. Reinhart,Esteban R. Vesperoni. Capital Inflows, Exchange Rate Flexibility, and Credit Booms. 2011. |
| 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 | ||
| w17670.pdf（204KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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