| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29615 |
| 来源ID | Working Paper 29615 |
| Preemptive Policies and Risk-Off Shocks in Emerging Markets | |
| Mitali Das; Gita Gopinath; Ṣebnem Kalemli-Özcan | |
| 发表日期 | 2022-01-03 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We show that “preemptive” capital flow management measures (CFM) can reduce emerging markets and developing countries' (EMDE) external finance premia during risk-off shocks, especially for vulnerable countries. Using a panel dataset of 56 EMDEs during 1996-2020 at monthly frequency, we document that countries with preemptive policies in place during the five year window before risk-off shocks experienced relatively lower external finance premia and exchange rate volatility during the shock compared to countries which did not have such preemptive policies in place. We use the episodes of Taper Tantrum and COVID-19 as risk-off shocks. Our identification relies on a difference-in-differences methodology with country fixed effects where preemptive policies are ex-ante by construction and cannot be put in place as a response to the shock ex-post. We control the effects of other policies, such as monetary policy, foreign exchange interventions (FXI), easing of inflow CFMs and tightening of outflow CFMs that are used in response to the risk-off shocks. By reducing the impact of risk-off shocks on countries' funding costs and exchange rate volatility, preemptive policies enable countries' continued access to international capital markets during troubled times. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w29615 |
| 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/587288 |
| 推荐引用方式 GB/T 7714 | Mitali Das,Gita Gopinath,Ṣebnem Kalemli-Özcan. Preemptive Policies and Risk-Off Shocks in Emerging Markets. 2022. |
| 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 | ||
| w29615.pdf（557KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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