Apoorv Bhargava's Books

Capital Controls in Times of Crisis – Do They Work?

By: Apoorv Bhargava,Romain Bouis,Annamaria Kokenyne,Manuel Perez-Archila,Umang Rawat,Ms. Ratna Sahay

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Capital Controls in Times of Crisis – Do They Work?

By: Apoorv Bhargava,Romain Bouis,Annamaria Kokenyne,Manuel Perez-Archila,Umang Rawat,Ms. Ratna Sahay

This paper provides an analysis of the use and effects of capital controls in 27 AEs and EMDEs which experienced at least one financial crisis between 1995 and 2017. Countries often turn to using capital controls in crisis: some ease inflow controls while others tighten controls on outflows. A key finding is that countries with pervasive controls before the start of the crisis are shielded compared to countries with more open capital accounts, which see a significant decline in capital flows during crises. In contrast, the effectiveness of capital controls introduced during crises appears to be weak and difficult to identify. There is also some evidence that the introduction of outflow controls during crises is negatively associated with sovereign debt ratings, but that investors may actually forgive with time.

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International Monetary Fund

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ISBN 13

9798400236235

Some Alternative Monetary Facts

By: Mr.Peter Stella,Mr.Manmohan Singh,Apoorv Bhargava

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Some Alternative Monetary Facts

By: Mr.Peter Stella,Mr.Manmohan Singh,Apoorv Bhargava

In this paper, we discuss the modern history of monetarism and its alternatives, as well as the changing empirical relationship of various measures of money and inflation. After demonstrating that previous naïve correlations between money and inflation as established in the 20th century literature have largely disappeared, we explain why this cannot be taken as support for an increased reliance on permanent monetary finance. Rather, we argue that rapid technological innovation in payments systems—both public and private—including in global pledged collateral markets, portends a declining demand for central bank liabilities.

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International Monetary Fund

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ISBN 10

1513566423

ISBN 13

9781513566429

Leakages from Macroprudential Regulations: The Case of Household-Specific Tools and Corporate Credit

By: International Monetary Fund

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Leakages from Macroprudential Regulations: The Case of Household-Specific Tools and Corporate Credit

By: International Monetary Fund

Sector-specific macroprudential regulations increase the riskiness of credit to other sectors. Using firm-level data, this paper computed the measures of the riskiness of corporate credit allocation for 29 advanced and emerging economies. Consistently across these measures, the paper finds that during credit expansions, an unexpected tightening of household-specific macroprudential tools is followed by a rise in riskier corporate lending. Quantitatively, such unexpected tightening during a period of rapid credit growth increases the riskiness of corporate credit by around 10 percent of the historical standard deviation. This result supports early policy interventions when credit vulnerabilities are still low, since sectoral leakages will be less important at this stage. Further evidence from bank lending standards surveys suggests that the leakage effects are stronger for larger firms compared to SMEs, consistent with recent evidence on the use of personal real estate as loan collateral by small firms.

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International Monetary Fund

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ISBN 10

151357373X

ISBN 13

9781513573731

Do Capital Controls Limit Inflow Surges?

By: Apoorv Bhargava,Romain Bouis,Annamaria Kokenyne,Manuel Perez-Archila,Umang Rawat,Ms. Ratna Sahay

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Do Capital Controls Limit Inflow Surges?

By: Apoorv Bhargava,Romain Bouis,Annamaria Kokenyne,Manuel Perez-Archila,Umang Rawat,Ms. Ratna Sahay

With rising financial integration, the magnitude and swings in capital flows have increased in the past two decades, intensifying the policy debate on how best to deal with these flows. This paper assesses the use and effectiveness of capital controls in limiting inflow surges. Using a novel dataset on capital control changes across 40 advanced and emerging market and developing economies over 1995-2018, we find that the tightening of capital controls reduces the probability of future surges both at the aggregate and the asset flow levels. The results are robust to various definitions of surges and are stronger when controls are matched to the asset class they target. Finally, we also find significant multilateral spillovers from capital control actions, pointing towards the need for international cooperation in the use of these policies.

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