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1、IMFSTAFFDISCUSSIONNOTEApril5,2011SDN/11/06ManagingCapitalInflows:WhatToolstoUse?JonathanD.Ostry,AtishR.Ghosh,KarlHabermeier,LucLaeven,MarcosChamon,MahvashS.Qureshi,andAnnamariaKokenyneINTERNATIONALMONETARYFUND2INTERNATIONALMONETARYFUNDManagingCapitalInflows:WhatToolstoUse?Pr
2、eparedbyJonathanD.Ostry,AtishR.Ghosh,KarlHabermeier,LucLaeven,MarcosChamon,MahvashS.Qureshi,andAnnamariaKokenyneAuthorizedfordistributionbyOlivierBlanchardApril5,2011DISCLAIMER:ThisStaffDiscussionNoterepresentstheviewsoftheauthorsanddoesnotnecessarilyrepresentIMFviewsorIMFpo
3、licy.TheviewsexpressedhereinshouldbeattributedtotheauthorsandnottotheIMF,itsExecutiveBoard,oritsmanagement.StaffDiscussionNotesarepublishedtoelicitcommentsandtofurtherdebate.JELClassificationNumbers:F21,F23Keywords:Capitalinflows,capitalcontrols,prudentialtoolsAuthor’sE-mail
4、Address:jostry@imf.org,aghosh@imf.org3ContentsPageExecutiveSummary...................................................................................................................4I.Introduction...............................................................................
5、........................................5II.HowDoMacroandFinancial-StabilityConsiderationsFitTogether?............................7III.ThePolicyToolkit..........................................................................................................10IV.ManagingCapit
6、alInflows:MatchingRisksandTools..................................................12V.SomeEvidenceonEffectivenessofInstrumentsinManagingInflows.........................20VI.DesigningCapitalControlInstruments.....................................................................
7、.....23VII.Conclusions.....................................................................................................................29References............................................................................................................................
8、....31Boxes:1.PrudentialPolicies—MicroversusMacro..........................