Tools for managing financial-stability risks from capital inflows
Tools for managing financial-stability risks from capital inflows
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管理资本流入造成的金融稳定风险的工具
DOI：
10.1016/j.jinteco.2012.02.002
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发表时间：
2012
影响因子：
3.3
通讯作者：
M. Qureshi
中科院分区：
文献类型：
--
作者：
J. Ostry;A. Ghosh;M. Chamon;M. Qureshi
我们研究宏观审慎政策和资本管制是否有助于在面对大量资本流入时加强金融稳定。我们构建了51个新兴市场经济体在1995-2008年期间与外汇（FX）相关的审慎措施、国内审慎措施和金融部门资本管制的新指数。我们的研究结果表明，资本管制和外汇相关的审慎措施都与外汇贷款占国内银行信贷总额的比例较低以及投资组合债务占总外债的比例较低有关。其他审慎政策似乎有助于抑制总体信贷繁荣的强度。全球金融危机的经验表明，在繁荣时期实施的审慎和资本控制政策似乎增强了经济在萧条时期的弹性。
We examine whether macroprudential policies and capital controls can contribute to enhancing financial stability in the face of large capital inflows. We construct new indices of foreign currency (FX)-related prudential measures, domestic prudential measures, and financial-sector capital controls for 51 emerging market economies over the period 1995–2008. Our results indicate that both capital controls and FX-related prudential measures are associated with a lower proportion of FX lending in total domestic bank credit and a lower proportion of portfolio debt in total external liabilities. Other prudential policies appear to help restrain the intensity of aggregate credit booms. Experience from the global financial crisis suggests that prudential and capital control policies in place during the boom seem to have enhanced economic resilience during the bust.