| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24443 |
| 来源ID | Working Paper 24443 |
| Capital Flow Management with Multiple Instruments | |
| Viral V. Acharya; Arvind Krishnamurthy | |
| 发表日期 | 2018-03-26 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We examine theoretically the role of reserves management and macro-prudential capital controls as ex-post and ex-ante safeguards, respectively, against sudden stops, and argue that these measures are complements rather than substitutes. Absent capital controls, reserves to be deployed ex post are partially undone ex ante by short-term capital flows, a form of moral hazard from the insurance provided by reserves in sudden stops. Ex ante capital controls offset this distortion and thereby increase the benefit of holding reserves. Thus, these instruments are complements. With foreign investment flows into both domestic and external borrowing markets, capital controls need to account for the possibility of regulatory arbitrage between the markets. Through the lens of the model, we analyze movements in foreign reserves, external debt, and the range of capital controls being employed by one large emerging market, viz. India. |
| 主题 | Macroeconomics ; Money and Interest Rates ; International Economics ; International Finance ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w24443 |
| 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/582116 |
| 推荐引用方式 GB/T 7714 | Viral V. Acharya,Arvind Krishnamurthy. Capital Flow Management with Multiple Instruments. 2018. |
| 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 | ||
| w24443.pdf（523KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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