❤️PDF⚡️ Shocks and Capital Flows: Policy Responses in a Volatile World

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Shocks and Capital Flows Policy Responses in a
Volatile World
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Shocks and Capital Flows Policy Responses in a
Volatile World
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Description
The high exposure of open economies to shocks
makes them particularly vulnerable to volatile
capital flows and advanced economy monetary
policy spillovers. How should and do domestic
policymakers respond? The traditional answer
has been to use flexible exchange rates as a
shock absorber. But flexible exchange rates may
not offer full insulation when financial markets
are imperfect. This book brings together recent
empirical studies at the International Monetary
Fund (IMF) on the effectiveness of different
tools in responding to such shocks. The 18
chapters in this volume provide a rich background
to the recently launched Integrated
Policy Framework by the IMF. They comprise
assessments of countries8217actual use of
different tools, as well as in- depth evaluations
of their effectiveness and side effects, covering
macroprudential policies, monetary policy,
foreign- exchange intervention, and capital flow
management policies. Many of the studies involve
new data and methods to tackle the inherently
difficult problems in identifying and
comparing the effects of policies under different
circumstances. As a result, the volume offers the
reader a comprehensive, in-depth coverage of the
policy-oriented empirical research that
has informed the development of a new way of
thinking about open-economy macroeconomics at the
IMF.
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Shocks and Capital Flows Policy Responses in a
Volatile World