Preview

Voprosy Ekonomiki

Advanced search
Open Access Open Access  Restricted Access Subscription Access

Foreign capital inflows regulation by monetary policy tools

https://doi.org/10.32609/0042-8736-2013-6-45-58

Abstract

The paper examines the benefits and limitations of capital control and prudential regulation in order to maintain macroeconomic and financial stability. In practice regulators often use different combinations of capital control and prudential instruments, attempted to identify and correct financial market failures and externalities across financial institutions and between the financial sector and the real economy, which are originated from foreign capital inflows. The concrete option of political instruments depends on risks essence, institutional limitations, and the depth of internal financial market. The regulators need to use different tools in foreign capital inflows management, taking into account the variety of risks and the lack of universal instruments. Their sets can vary across countries.

About the Authors

S. Andryushin
Financial University under the Government of RF (Moscow, Russia); Institute of Economics RAS
Russian Federation


V. Kuznetsova
Institute of Economics RAS; Lomonosov Moscow State University (Moscow, Russia)
Russian Federation


References

1. Kudrin A. (2013). The Influence of Oil and Gas Exports on Russia’s Monetary Policy // Voprosy Ekonomiki. No 3. P. 4—19.

2. Borio C., Disyatat P. (2011). Global Imbalances and the Financial Crisis: Link or no Link? // BIS Working Papers. No 346.

3. Borio C. (2011). Rediscovering the Macroeconomic Roots of Financial Stability Policy: Journey, Challenges and a Way forward // BIS Working Papers. No 354.

4. Claessens S., Pozsar Z., Ratnovski L., Singh M. (2012). Shadow Banking: Economics and Policy // IMF Staff Discussion Note. No 12.

5. Erlend W. N., Osinski J., Jacome L. I., Madrid P. (2011). Towards Effective Macroprudential Policy Frameworks: An Assessment of Stylized Institutional Models // IMF Working Paper. No 250.

6. Favara G., Ratnovski L. (2012). Market Failures and Macroprudential Policy // IMF Research Bulletin. Vol. 4. P. 1—2.

7. IMF (2008). Reaping the Benefits of Financial Globalization // IMF Occasional Paper. No 264.

8. IMF (2011). Macroprudential Policy: An Organizing Framework / Prepared by the Monetary and Capital Markets Department. In consultation with Research and other Departments. Approved by Jose Vinals. March 14.

9. IMF (2012). Pilot External Sector Report. July 2.

10. Lim C., Columba F., Costa A. et al. (2011). Macroprudential Policy: What Instruments and How to Use Them? Lessons from Country Experiences // IMF Working Paper. No 238.

11. Ostry J., Ghosh A., Habermeier K., Chamon M., Qureshi M., Reinhardt D. (2010). Capital Inflows: The Role of Controls // IMF Staff Position Note. No 4.

12. Ostry J. D., Ghosh A. R., Habermeier K., Laeven L., Chamon M., Qureshi M. S., Kokenyne A. (2011). Managing Capital Inflows: What Tools to Use? // IMF Staff Discussion Note. No SDN/11/06.


Review

For citations:


Andryushin S., Kuznetsova V. Foreign capital inflows regulation by monetary policy tools. Voprosy Ekonomiki. 2013;(6):45-58. (In Russ.) https://doi.org/10.32609/0042-8736-2013-6-45-58

Views: 656


ISSN 0042-8736 (Print)