최신자료
Macroprudential Policy and Capital Flows
Macroprudential instruments have been increasingly used by advanced economics and emerging markets, especially since the global financial crisis. This paper looks at how macroprudential policy can help reduce the risks associated with capital flows. We start by examining different types of macroprudential policy tools and their usage in different countries over time. We revisit the research on the link between capital inflows shocks and house prices and ask whether this link may have been weakened by the more extensive use of macroprudential instruments post global financial crisis. We review the empirical evidence on the effect of macroprudential policies on capital flows volatility and on the transmission of capital flows shocks to the real economy. We discuss the factors that may reduce the effectiveness of macroprudential policies in dealing with potential risks associated with capital flows, particularly leakages and spillovers. We conclude with open questions for policy and research.
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