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Facing the Tides: Managing Capital Flows in Asia

Harald Finger and Pablo Lopez Murphy

No 2019/015, IMF Departmental Papers / Policy Papers from International Monetary Fund

Abstract: This paper looks empirically at some economic effects of volatile exchange rates and financial conditions and examines policy responses for managing such volatility. It also sheds light on some economic costs that stem from volatile capital flows and exchange rates and analyzes how countries deploy their policy toolkits in response. The data-driven analysis should contribute to ongoing reflections about how to manage volatile capital flows and exchange rates both in Asian EMEs and more broadly.

Keywords: DPPP; DP; exchange rate; monetary policy; market; capital flow; reaction function; FX liability; balance sheet FX mismatch; foreign exchange intervention; depreciation shock; intervention response; Exchange rates; Capital flows; Capital inflows; Depreciation; Central bank policy rate; Global; Asia and Pacific (search for similar items in EconPapers)
Pages: 77
Date: 2019-10-22
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Handle: RePEc:imf:imfdps:2019/015