| 000 | 02498cam a22003617 4500 | ||
|---|---|---|---|
| 001 | w24443 | ||
| 003 | NBER | ||
| 005 | 20211020104608.0 | ||
| 006 | m o d | ||
| 007 | cr cnu|||||||| | ||
| 008 | 210910s2018 mau fo 000 0 eng d | ||
| 100 | 1 |
_aAcharya, Viral V. _94454 |
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| 245 | 1 | 0 |
_aCapital Flow Management with Multiple Instruments / _cViral V. Acharya, Arvind Krishnamurthy. |
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_aCambridge, Mass. _bNational Bureau of Economic Research _c2018. |
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_a1 online resource: _billustrations (black and white); |
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| 490 | 1 |
_aNBER working paper series _vno. w24443 |
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| 500 | _aMarch 2018. | ||
| 520 | 3 | _aWe examine theoretically the role of reserves management and macro-prudential capital controls as ex-post and ex-ante safeguards, respectively, against sudden stops, and argue that these measures are complements rather than substitutes. Absent capital controls, reserves to be deployed ex post are partially undone ex ante by short-term capital flows, a form of moral hazard from the insurance provided by reserves in sudden stops. Ex ante capital controls offset this distortion and thereby increase the benefit of holding reserves. Thus, these instruments are complements. With foreign investment flows into both domestic and external borrowing markets, capital controls need to account for the possibility of regulatory arbitrage between the markets. Through the lens of the model, we analyze movements in foreign reserves, external debt, and the range of capital controls being employed by one large emerging market, viz. India. | |
| 530 | _aHardcopy version available to institutional subscribers | ||
| 538 | _aSystem requirements: Adobe [Acrobat] Reader required for PDF files. | ||
| 538 | _aMode of access: World Wide Web. | ||
| 588 | 0 | _aPrint version record | |
| 690 | 7 |
_aE44 - Financial Markets and the Macroeconomy _2Journal of Economic Literature class. |
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| 690 | 7 |
_aF3 - International Finance _2Journal of Economic Literature class. |
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| 690 | 7 |
_aG01 - Financial Crises _2Journal of Economic Literature class. |
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| 690 | 7 |
_aG18 - Government Policy and Regulation _2Journal of Economic Literature class. |
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| 700 | 1 |
_aKrishnamurthy, Arvind. _914594 |
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| 710 | 2 | _aNational Bureau of Economic Research. | |
| 830 | 0 |
_aWorking Paper Series (National Bureau of Economic Research) _vno. w24443. |
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| 856 | 4 | 0 | _uhttps://www.nber.org/papers/w24443 |
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_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w24443 |
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_2ddc _cW-PAPER |
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_c323679 _d282241 |
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