Macroprudential Policy in a World of High Capital Mobility: Policy Implications from an Academic Perspective

Charles Engel

No 20951, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The paper explicates the issues raised for macroprudential regulation in a global economy with high capital mobility. The study surveys the recent literature and aims to translate the academic rationale for such policies, in which market imperfections lead to external effects that require policy interventions. The new economics of capital controls is addressed, in which capital controls may be introduced to reduce financial market distortions or to help stabilize exchange rate movements in the face of other market distortions. The empirical literature on the effectiveness of such policies is surveyed.

JEL-codes: F33 F36 F42 (search for similar items in EconPapers)
Date: 2015-02
New Economics Papers: this item is included in nep-cba
Note: IFM
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Citations: View citations in EconPapers (7)

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