Mahvash S. Qureshi's Books

Taming the Tide of Capital Flows

A Policy Guide

By: Atish R. Ghosh,Jonathan D. Ostry,Mahvash S. Qureshi

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Taming the Tide of Capital Flows

A Policy Guide

By: Atish R. Ghosh,Jonathan D. Ostry,Mahvash S. Qureshi

A comprehensive examination of policy measures intended to help emerging markets contend with large and volatile capital flows. While always episodic in nature, capital flows to emerging market economies have been especially volatile since the global financial crisis. After peaking at $680 billion in 2007, flows to emerging markets turned negative at the onset of crisis in 2008, then rebounded only to recede again during the U.S. sovereign debt downgrade in 2011. Since then, flows have continued to swing wildly, leaving emerging market policy makers wondering whether they can put in place policies during the inflow phase that will soften the blow when flows subsequently recede. This book offers the first comprehensive treatment of policy measures intended to help emerging markets contend with large and volatile capital flows. The authors, all IMF experts, explain that, in the spirit of liberalization and deregulation in the 1980s and 1990s, many emerging market governments eliminated capital inflow controls along with outflow controls. By 2012, however, capital inflow controls were again acknowledged as legitimate policy tools. Focusing on the macroeconomic and financial-stability risks associated with capital flows, the authors combine theoretical and empirical analysis to consider the interaction between monetary, exchange rate, macroprudential, and capital control policies to mitigate these risks. They examine the effectiveness of various policy tools, discuss the practical considerations and multilateral implications of their use, and provide concrete policy advice for dealing with capital inflows.

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489

Publisher

MIT Press

Published Date

ISBN 10

0262343762

ISBN 13

9780262343763

Macro-Financial Stability in the COVID-19 Crisis: Some Reflections

By: Mr. Tobias Adrian,Mr. Fabio M Natalucci,Mahvash S Qureshi

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Macro-Financial Stability in the COVID-19 Crisis: Some Reflections

By: Mr. Tobias Adrian,Mr. Fabio M Natalucci,Mahvash S Qureshi

The global financial system has shown remarkable resilience during the COVID-19 pandemic, despite a sharp decline in economic activity and the initial financial market upheaval in March 2020. This paper takes stock of the factors that contributed to this resilience, focusing on the role of monetary and financial policies. In response to the pandemic-induced crisis, major central banks acted swiftly and decisively, cutting policy rates, introducing new asset purchase programs, providing liquidity support for the banking system, and creating several emergency facilities to sustain the flow of credit to the real economy. Several emerging market central banks also deployed asset purchase programs for the first time. While the pandemic crisis has underscored the importance of policies in preventing calamitous financial outcomes, it has also brought to the fore some unintended consequences of policy actions—in particular, of providing prolonged monetary policy support and applying regulation to specific segments of the financial system rather than taking a broader approach—that could undermine financial stability in the future.

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International Monetary Fund

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ISBN 13

9798400223532

Commercial Real Estate Prices During COVID-19: What is Driving the Divergence?

By: Andrea Deghi,Mr. Fabio M Natalucci,Mahvash S Qureshi

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Commercial Real Estate Prices During COVID-19: What is Driving the Divergence?

By: Andrea Deghi,Mr. Fabio M Natalucci,Mahvash S Qureshi

After dropping sharply in the early phases of the COVID-19 pandemic, commercial real estate prices are on the mend. However, the initial price decline, as well as the pace of recovery, vary widely across regions and different segments of the commercial real estate market. This note analyzes the factors that explain this divergence using city-level data from major advanced and emerging market economies. The findings show that pandemic-specific factors such as the stringency of containment measures and the spread of the virus are strongly associated with a decline in prices, while fiscal support and easy financial conditions maintained by central banks have helped to cushion the shock. A higher vaccination rate has aided the recovery of the sector, especially in the retail segment. Structural changes in private behavior such as the trend toward teleworking and e-commerce have also had an impact on commercial property prices in some segments. The outlook of the sector across regions thus remains closely tied to the trajectory of the pandemic and broader macroeconomic recovery, financial market conditions, and the pace of structural shifts in the demand for specific property types. In an environment of tightening financial conditions and a slowdown in economic activity, continued vigilance is warranted on the part of financial supervisors to minimize financial stability risks stemming from potential adverse shocks to the sector.

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International Monetary Fund

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ISBN 13

9798400216848

Taming the Tide of Capital Flows

A Policy Guide

By: Atish R. Ghosh,Jonathan D. Ostry,Mahvash S. Qureshi

Write a review Read reviews Take a Quiz Solve Book Puzzle

Taming the Tide of Capital Flows

A Policy Guide

By: Atish R. Ghosh,Jonathan D. Ostry,Mahvash S. Qureshi

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

489

Publisher

MIT Press

Published Date

ISBN 10

0262037165

ISBN 13

9780262037167

Book's by Mahvash S. Qureshi

Taming the Tide of Capital Flows

Taming the Tide of Capital Flows

Macro-Financial Stability in the COVID-19 Crisis: Some Reflections

Macro-Financial Stability in the COVID-19 Crisis: Some Reflections

Commercial Real Estate Prices During COVID-19: What is Driving the Divergence?

Commercial Real Estate Prices During COVID-19: What is Driving the Divergence?

Taming the Tide of Capital Flows

Taming the Tide of Capital Flows

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