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1、IMFSTAFFPOSITIONNOTEFebruary19,2010SPN/10/04CapitalInflows:TheRoleofControlsJonathanD.Ostry,AtishR.Ghosh,KarlHabermeier,MarcosChamon,MahvashS.Qureshi,andDennisB.S.ReinhardtINTERNATIONALMONETARYFUNDINTERNATIONALMONETARYFUNDResearchDepartmentCapitalInflows:
2、TheRoleofControlsPreparedbyJonathanD.Ostry,AtishR.Ghosh,KarlHabermeier,MarcosChamon,MahvashS.Qureshi,andDennisB.S.ReinhardtFebruary19,2010DISCLAIMER:Theviewsexpressedhereinarethoseoftheauthor(s)andshouldnotbeattributedtotheIMF,itsExecutiveBoard,oritsmanag
3、ement.JELClassificationNumbers:F21,F32Keywords:capitalinflows,capitalcontrols,financialcrisisAuthors’E-mailAddresses:jostry@imf.org,aghosh@imf.org,khabermeier@imf.org,mchamon@imf.org,mqureshi@imf.org,anddennis.reinhardt@graduateinstitute.ch3ContentsPageI.
4、IntroductionandOverview..........................................................................................................4II.RespondingtoCapitalInflows................................................................................................
5、...6III.Inflows,Fragilities,andControls—SomeStylizedFacts.......................................................11IV.Conclusions.............................................................................................................................15
6、References......................................................................................................................................25Box1.CountryExperienceswithControlsonShort-TermCapitalInflows.........................................14Figur
7、e1.CopingwithSurgesinCapitalInflows:MacroeconomicandPrudentialConsiderations...........7Table1.SelectedCasesofControlMeasuresonCapitalInflows...........................................................16Appendix1.Inflows,Fragilities,andControls—SomeEmpiric
8、s................................................1841I.INTRODUCTIONANDOVERVIEWWiththeglobaleconomybeginningtoemergefromthefinancialcrisis,capitalisflowingbacktoemergingmarketeconomies(EMEs).Theseflows,andcapitalmobi
