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Tag Archives: capital flows

Global Policy Responses to Capital Flow Volatility

By Annamaria De Crescenzio, Annamaria Kokenyne, Dennis Reinhart, and Julia Schmidt The COVID-19 health and economic crisis has once again focused attention on the fickleness of capital flows and the need to have an adequate policy toolkit to manage the risks that stem from these flows, while maximizing their benefits. A virtual workshop organized by the Bank of England, Banque de France, International Monetary Fund and the Organization for Economic Co-operation and Development (OECD)...

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Navigating Capital Flows—An Integrated Approach

By Tobias Adrian, Gita Gopinath, Ceyla Pazarbasioglu عربي, 中文, Español, Français, 日本語, Português, Русский  In a continuous effort to help countries manage volatile cross-border capital flows, the IMF has taken a major step toward a new analytical macroeconomic framework that can guide appropriate policy responses. The work reflects evolving thinking on macroeconomic policy and will feed into the upcoming review of the IMF’s Institutional View on the Liberalization and Management of Capital...

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Global Imbalances and the COVID-19 Crisis

By Martin Kaufman and Daniel Leigh, عربي, 中文, Español, Français, Português, Русский  The world entered the COVID-19 pandemic with persistent, pre-existing external imbalances. The crisis has caused a sharp reduction in trade and significant movements in exchange rates but limited reduction in global current account deficits and surpluses. The outlook remains highly uncertain as the risks of new waves of contagion, capital flow reversals, and a further decline in global trade still loom large...

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Toward an Integrated Policy Framework for Open Economies

By Tobias Adrian and Gita Gopinath While capital mobility provides many benefits, capital flows to emerging market and developing economies are often volatile and depend critically on global financial conditions. The risks posed by volatile capital flows to macroeconomic and financial stability are often difficult to address with conventional monetary policy tools. Hence, policymakers have complemented interest rate policy with additional tools—including foreign exchange intervention, capital...

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Limiting the Economic Fallout of the Coronavirus with Large Targeted Policies

This blog is part of a special series on the response to the coronavirus. By Gita Gopinath This health crisis will have a significant economic fallout, reflecting shocks to supply and demand different from past crises. Substantial targeted policies are needed to support the economy through the epidemic, keeping intact the web of economic and financial relationships between workers and businesses, lenders and borrowers, and suppliers and end-users for activity to recover once the outbreak...

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Countries in the IMF Financial Spotlight in 2020

By IMFBlog In 2020, the IMF plans to assess the stability of twelve financial systems. Seven assessments are of jurisdictions with systemically important financial sectors (Austria, Denmark, Hong Kong SAR, Italy, Korea, Norway, and the United States), for which it is mandatory to undergo financial stability assessments every five years. The other five assessments are Algeria, Latvia, Philippines, South Africa, and Trinidad and Tobago, which are being done at the request of those countries...

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Ensuring the Benefits of Capital Flows in the Middle East

By Jihad Azour and Ling Zhu عربي, Français Since the global financial crisis of 2008, emerging market economies have experienced a surge in capital flows in response to significant monetary easing by major central banks. Gross capital inflows to the Middle East and North Africa (MENA) have remained high compared to other emerging markets, but their composition has changed significantly, with a surge in portfolio flows (equity and bond instruments) and a decline in foreign direct investment....

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Latin America and the Caribbean in 2019: A Moderate Expansion

By Alejandro Werner Español, Português Economic activity in Latin America continues to rise, but at a slower rate than previously anticipated. The weakening global economy and rising policy uncertainty are contributing to slowing Latin America’s growth momentum. Overall, the region is expected to advance by 2 percent in 2019 and 2.5 percent in 2020—still well below peer countries in other regions. A tightening of global financial conditions and lower commodity prices brought on by...

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G20: Step Up to Boost Inclusive Growth

By Christine Lagarde November 28, 2018 عربي, 中文, Español, Português, Русский Puerto Madero harbor, Buenos Aires, Argentina: G20 countries will need to act swiftly and together to boost inclusive growth (photo: Florian Kopp imageBROKER/Newscom) As G20 leaders gather in Argentina, the global economy faces a critical juncture. We have had a good stretch of solid growth by historical standards, but now we are facing a period where significant risks are materializing and darker clouds are...

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The Financial System Is Stronger, but New Vulnerabilities Have Emerged in the Decade Since the Crisis

By Tobias Adrian October 10, 2018 عربي, 中文, Español, Français, Português, Русский Debt owed by governments, companies and households in economies with globally systemically important financial sectors has risen since the global financial crisis (Photo: Richard B. Levine/Newscom) Although the global expansion has plateaued, easy monetary policies continue to support growth. But we shouldn’t rest too easily. Chapter 1 of the latest Global Financial Stability Report finds that short-term...

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