Capital flows, exchange rates and financial conditions in EMEs in an evolving international monetary system

Bank for International Settlements

No 171 in BIS Papers from Bank for International Settlements

Abstract: The papers in this volume reflect the key themes discussed at the meeting, exploring the intersection of global and domestic factors shaping EMEs’ financial conditions. They examine the evolving dynamics of capital flows and exchange rates, the role of local and foreign investors and the transmission of global financial shocks to EMEs. The volume also sheds light on the innovative approaches adopted by central banks to manage exchange rate pressures, address procyclical investor behaviours and enhance market infrastructure. By sharing the insights and experiences in these contributions, we aim to deepen the understanding of how EMEs can address the challenges of an increasingly interconnected and complex international monetary system in the future.

Date: 2026 Written 2026-05
ISBN: 978-92-9259-953-9
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Chapters in this book:

Capital flows, exchange rates and financial conditions in EMEs in an evolving international monetary system , pp 6-62

Paolo Cavallino, Torsten Ehlers, Fredy Gamboa, Rafael Guerra, Berenice Martinez and Ilyhock Shim

Capital flows to emerging markets: insights from Argentina , pp 62-76

Central Bank of Argentina

The rise of non-bank financial institutions: Central Bank of Brazil , pp 77-82

Central Bank of Brazil

Note on the role of non-residents in the Chilean foreign exchange market , pp 83-105

Central Bank of Chile

Characteristics and changes in driving factors of China's cross-border capital flows and monetary policy responses , pp 106-114

People's Bank of China

Global risk transmission to local financial conditions and the participation of foreign investors in emerging market economies' sovereign bond markets: the case of Colombia , pp 115-130

Central Bank of Colombia

Financial conditions in the Czech economy against the backdrop of turbulent global developments , pp 131-143

Czech National Bank

Assessing the impact of stablecoins on exchange rate volatility for emerging market economies and policy implications? , pp 144-157

Hong Kong Monetary Authority

The changing nature of real interest rates: Will positive values become the norm again? , pp 158-173

Central Bank of Hungary

Indonesia: implications of global financial structural shifts , pp 174-189

Bank Indonesia

Exposure to foreign equity futures: a case for macroprudential regulation , pp 190-195

Bank of Israel

The expanding role of non-bank financial institutions in transmitting global financial conditions - the case of Korea , pp 196-209

Bank of Korea

Capital flows, exchange rates and financial conditions in an evolving international monetary system - Malaysia's perspective , pp 210-225

Central Bank of Malaysia

NBFIs' footprint on EMEs' financial markets , pp 226-241

Bank of Mexico

Capital flows, financial conditions and exchange rate dynamics: Implications for monetary policy in Peru , pp 242-264

Central Reserve Bank of Peru

Global structural shifts and spillovers to the Philippine financial markets , pp 265-279

Bangko Sentral ng Pilipinas (Philippines)

Capital flows, exchange rate dynamics and domestic financial conditions in emerging market economies in an evolving international monetary system: The case of Saudi Arabia , pp 280-285

Saudi Central Bank

International capital flow dynamics in Singapore , pp 286-303

Monetary Authority of Singapore

Capital flows, exchange rates and financial conditions in emerging market economies in an evolving international monetary system , pp 304-319

South African Reserve Bank

Capital flows, exchange rates and financial conditions in emerging market economies in an evolving international monetary system , pp 320-326

Bank of Thailand

The unequal effects of global financial conditions on firms' expectations , pp 327-342

Central Bank of the Republic of Türkiye

Volatility in international financial markets: Implications for Viet Nam's monetary policy conduct , pp 343-351

State Bank of Vietnam

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