Nicolas Eyzaguirre's Books

Managing Abundance to Avoid a Bust in Latin America

By: Mr.Martin D Kaufman,Mr.Steven T Phillips,Mr.Rodrigo O. Valdes,Nicolas Eyzaguirre

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Managing Abundance to Avoid a Bust in Latin America

By: Mr.Martin D Kaufman,Mr.Steven T Phillips,Mr.Rodrigo O. Valdes,Nicolas Eyzaguirre

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

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International Monetary Fund

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ISBN 10

1463926553

ISBN 13

9781463926557

Capital Inflows, Exchange Rate Flexibility, and Credit Booms

By: Mr.Nicolas E. Magud,Ms.Carmen Reinhart,Mr.Esteban Vesperoni

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Capital Inflows, Exchange Rate Flexibility, and Credit Booms

By: Mr.Nicolas E. Magud,Ms.Carmen Reinhart,Mr.Esteban Vesperoni

The prospects of expansionary monetary policies in the advanced countries for the foreseeable future have renewed the debate over policy options to cope with large capital inflows that are, at least partly, driven by low interest rates in the financial centers. Historically, capital flow bonanzas have often fueled sharp credit expansions in advanced and emerging market economies alike. Focusing primarily on emerging markets, we analyze the impact of exchange rate flexibility on credit markets during periods of large capital inflows. We show that bank credit grows more rapidly and its composition tilts to foreign currency in economies with less flexible exchange rate regimes, and that these results are not explained entirely by the fact that the latter attract more capital inflows than economies with more flexible regimes. Our findings thus suggest countries with less flexible exchange rate regimes may stand to benefit the most from regulatory policies that reduce banks' incentives to tap external markets and to lend/borrow in foreign currency; these policies include marginal reserve requirements on foreign lending, currency-dependent liquidity requirements, and higher capital requirement and/or dynamic provisioning on foreign exchange loans.

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ISBN 10

1463936427

ISBN 13

9781463936426

Managing Abundance to Avoid a Bust in Latin America

By: Mr.Martin D Kaufman,Mr.Steven T Phillips,Mr.Rodrigo O. Valdes,Nicolas Eyzaguirre

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Managing Abundance to Avoid a Bust in Latin America

By: Mr.Martin D Kaufman,Mr.Steven T Phillips,Mr.Rodrigo O. Valdes,Nicolas Eyzaguirre

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1463926553

ISBN 13

9781463926557

Book's by Nicolas Eyzaguirre

Managing Abundance to Avoid a Bust in Latin America

Managing Abundance to Avoid a Bust in Latin America

Capital Inflows, Exchange Rate Flexibility, and Credit Booms

Capital Inflows, Exchange Rate Flexibility, and Credit Booms

Managing Abundance to Avoid a Bust in Latin America

Managing Abundance to Avoid a Bust in Latin America

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