Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/249757 
Authors: 
Year of Publication: 
2022
Series/Report no.: 
BoF Economics Review No. 1/2022
Publisher: 
Bank of Finland, Helsinki
Abstract: 
This paper gives an overview on the use of macroprudential policy measures (MPMs) and capital flow management measures (CFMs) by emerging economies, and reviews literature on the effectiveness of these measures in containing the effects of large and volatile capital flows. The main findings of the paper are the following: First, major EMEs tend to use both MPMs and CFMs more than AEs. Second, the empirical evidence on the effectiveness of CFMs remains mixed. Third, there is indicative evidence that MPMs can contain the effects of capital flow volatility. Lastly, there is still little research into the interaction of CFMs and MPMs.
Subjects: 
capital flows
emerging economies
CFMs
MPMs
JEL: 
F32
F33
F38
F42
Persistent Identifier of the first edition: 
Document Type: 
Research Report

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