We examine the determinants of net private capital inflows to emerging market economies
(EMEs) since 2002. Our main findings are: First, growth and interest rate differentials …

With the global economy beginning to emerge from the financial crisis, capital is flowing
back to emerging market economies (EMEs). These flows, and capital mobility more …

We examine whether macroprudential policies and capital controls can enhance financial
stability in the face of the risks typically associated with large capital inflows. We construct …

This paper reviews policy tools that have been used and/or are available for policy makers
in the region to lean against the wind and review relevant country experiences using them …

The literature on capital controls has (at least) four very serious apples-to-oranges
problems:(i) There is no unified theoretical framework to analyze the macroeconomic …

How should emerging market countries handle surges in capital inflows that may pose both
prudential and macroeconomic policy challenges? We review the arguments on the …

This paper estimates the effectiveness of capital controls in response to inflow surges in
Brazil, Colombia, Korea, and Thailand in the 2000s. Controls are generally associated with …

Staff Discussion Notes showcase the latest policy-related analysis and research being
developed by individual IMF staff and are published to elicit comment and to further debate …

The purpose of this paper is to evaluate the effectiveness of two macroprudential policies in
Colombia: marginal reserve requirements and dynamic provisions. The first measure was …

Capital controls and intervention in the foreign exchange market are two controversial policy
options that many countries have adopted in the past in order to influence the exchange rate …