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Entradas de capital: el papel de los controles

Jonathan Ostry (), Atish Ghosh (), Karl Habermeier, Marcos Chamon (), Mahvash Qureshi and Dennis Reinhardt ()

Revista de Economía Institucional, 2010, vol. 12, issue 23, 135-164

Abstract: This paper analyzes the management of surges in capital inflows to Emerging Markets. It reviews the main policy tools, including fiscal and monetary policy, exchange rate policy, foreign exchange market intervention, domestic prudential regulation, and capital controls. A key conclusion is that, if the economy is operating near potential, if the level of reserves is adequate, if the exchange rate is not undervalued, and if the flows are likely to be transitory, then use of capital controls –in addition to both prudential and macroeconomic policy– is justified as part of the policy toolkit to manage inflows. Evidence from the current crisis suggests that controls aimed at achieving a less risky external liability structure reduced financial fragilities and increased growth resilience.

Keywords: capital inflows; capital controls; financial crisis (search for similar items in EconPapers)
JEL-codes: F21 F32 (search for similar items in EconPapers)
Date: 2010
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