SHOCKS AND CAPITAL FLOWS

SHOCKS AND CAPITAL FLOWS

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Shocks Matter: Managing Capital Flows with Multiple Instruments in Emerging Economies

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We study the optimal management of capital flows in a small open economy model with financial frictions and multiple policy instruments. The paper reports two m

Capital Flows at Risk: Taming the Ebbs and Flows

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The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new framework to answer critical p

One Shock, Many Policy Responses

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Policymakers have relied on a wide range of policy tools to cope with capital flow shocks. And yet, the effects and interaction of these policies remain under d

Capital Flows and Economic Fluctuations

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This paper uses a general equilibrium model to examine the central role played by commercial banks in intermediating and amplifying the capital flow shocks to t