Capital Inflows: The Role of Controls

Business & Finance, Economics, Money & Monetary Policy, Macroeconomics
Cover of the book Capital Inflows: The Role of Controls by Jonathan Mr. Ostry, Mahvash Saeed Qureshi, Karl Mr. Habermeier, Dennis B. S. Reinhardt, Marcos Mr. Chamon, Atish Mr. Ghosh, INTERNATIONAL MONETARY FUND
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Author: Jonathan Mr. Ostry, Mahvash Saeed Qureshi, Karl Mr. Habermeier, Dennis B. S. Reinhardt, Marcos Mr. Chamon, Atish Mr. Ghosh ISBN: 9781452787657
Publisher: INTERNATIONAL MONETARY FUND Publication: February 19, 2010
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Jonathan Mr. Ostry, Mahvash Saeed Qureshi, Karl Mr. Habermeier, Dennis B. S. Reinhardt, Marcos Mr. Chamon, Atish Mr. Ghosh
ISBN: 9781452787657
Publisher: INTERNATIONAL MONETARY FUND
Publication: February 19, 2010
Imprint: INTERNATIONAL MONETARY FUND
Language: English

With the global economy beginning to emerge from the financial crisis, capital is flowing back to emerging market countries (EMEs). These flows, and capital mobility more generally, allow countries with limited savings to attract financing for productive investment projects, foster the diversification of investment risk, promote intertemporal trade, and contribute to the development of financial markets. In this sense, the benefits from a free flow of capital across borders are similar to the benefits from free trade (see Reaping the Benefits of Financial Globalization, IMF Occasional Paper 264, 2008), and imposing restrictions on capital mobility means foregoing, at least in part, these benefits, owing to the distortions and resource misallocation that controls give rise to (see Edwards and Ostry, 1992, for an example of how capital controls interact with other distortions in the economy).

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With the global economy beginning to emerge from the financial crisis, capital is flowing back to emerging market countries (EMEs). These flows, and capital mobility more generally, allow countries with limited savings to attract financing for productive investment projects, foster the diversification of investment risk, promote intertemporal trade, and contribute to the development of financial markets. In this sense, the benefits from a free flow of capital across borders are similar to the benefits from free trade (see Reaping the Benefits of Financial Globalization, IMF Occasional Paper 264, 2008), and imposing restrictions on capital mobility means foregoing, at least in part, these benefits, owing to the distortions and resource misallocation that controls give rise to (see Edwards and Ostry, 1992, for an example of how capital controls interact with other distortions in the economy).

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