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dc.contributor.authorGrenville, Stephenen_US
dc.date.accessioned2011-12-15T12:21:27Z-
dc.date.available2011-12-15T12:21:27Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/53484-
dc.description.abstractSudden capital outflows were at the heart of the 1997-98 Asian crisis. Ten years later, capital flows are back on the policy agenda, but in a very different context. The countries of East Asia are now getting more inflows than they can effectively absorb and the upward pressure on exchange rates is unwelcome. These capital inflows reflect an ongoing structural disequilibrium: foreign capital will be attracted by the higher returns and the prospect of currency appreciation. In this environment, the exchange rate will be poorly anchored by fundamentals, which threatens the stability of the financial system. There is a range of possible policy responses. 'Sand in the wheels,' hedging, fiscal surpluses, current account surpluses, intervention using foreign exchange reserves, domestic taxes (both on foreign income and on capital gains), taxes on inflows (unremunerated reserve requirements), better bankruptcy arrangements, and stronger prudential measures may make some contribution, but each will be limited by institutional constraints and administrative capabilities.en_US
dc.language.isoengen_US
dc.publisherAsian Development Bank Institute (ADBI) Tokyoen_US
dc.relation.ispartofseriesADB Institute Discussion Papers 87en_US
dc.subject.jelF21en_US
dc.subject.jelF31en_US
dc.subject.jelF32en_US
dc.subject.jelF36en_US
dc.subject.jelG15en_US
dc.subject.jelG28en_US
dc.subject.ddc330en_US
dc.subject.stwKapitalimporten_US
dc.subject.stwMakroökonomischer Einflussen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwAsienen_US
dc.titleCentral banks and capital flowsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn559359764en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:ADB Institute Discussion Papers, Asian Development Bank Institute

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