We examine the determinants of net private capital inflows to emerging market economies
(EMEs) since 2002. Our main findings are: First, growth and interest rate differentials …

In recent years, many countries have adopted macroprudential measures to safeguard
financial stability, in particular to deal with the credit and asset price cycles driven by global …

An account of the significant though gradual, uneven, disconnected, ad hoc, and pragmatic
innovations in global financial governance and developmental finance induced by the …

Many central banks have relied on a range of policy tools, including foreign exchange
intervention (FXI) and capital flow management tools (CFMs), to mitigate the effects of …

This paper compares the effectiveness of macroprudential policies (MaPs) and capital
controls (CCs) in influencing the volume and composition of capital inflows, and the …

We develop a microfounded New Keynesian model to analyze monetary policy and financial
stability issues in open economies with financial fragilities and weakly anchored inflation …

This paper analyzes the case for the international coordination of macroprudential policies
in the context of a simple theoretical framework. Both domestic macroprudential policies and …

This paper investigates the effectiveness of sterilized foreign exchange interventions by
exploiting a discontinuous policy rule used by the Central Bank of Colombia. We use a …

The rebranding of capital controls during the global crisis has widened the policy space in
the financial arena to a greater, more consistent degree than following the Asian crisis. How …

We show that nonbank lenders act as global shock absorbers from US monetary policy
spillovers. For identification, we exploit monetary policy surprises and the global syndicated …