Appropriate policy tools to manage capital flow externalities

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dc.citation.epage92en_US
dc.citation.spage82en_US
dc.contributor.authorGürkaynak, Refet S.en_US
dc.contributor.editorStiglitz
dc.contributor.editorGürkaynak, Refet S.
dc.date.accessioned2019-05-06T08:03:57Z
dc.date.available2019-05-06T08:03:57Z
dc.date.issued2015en_US
dc.departmentDepartment of Economicsen_US
dc.description.abstractCentral banks are at the forefront of cyclical policymaking. They therefore become natural candidates to take over all cyclical policy objectives. This is often the case in policies for controlling capital inflows. Giving the duty of controlling capital flows to central banks, explicitly or implicitly, without giving them the appropriate policy tools, leads to inefficient outcomes. It is clear that when a central bank has to use its interest rate tool to satisfy multiple objectives, it will have to make sacrifices. More subtly, but perhaps more importantly, when central banks incur the cost of capital inflows, mostly in terms of taking the public blame, other policymakers often engage in policies that have the side effect of increasing these flows. It then becomes doubly important to give the capital flow management mandate to the policymaker who fosters the inflows, so their possible negative effects will be internalized.en_US
dc.identifier.doi10.1057/9781137427687_5en_US
dc.identifier.doi10.1057/9781137427687en_US
dc.identifier.isbn9781349491216
dc.identifier.urihttp://hdl.handle.net/11693/51102
dc.language.isoEnglishen_US
dc.publisherPalgrave Macmillan, Londonen_US
dc.relation.ispartofTaming capital flows: capital account management in an era of globalizationen_US
dc.relation.ispartofseriesInternational Economic Association Series;
dc.relation.isversionofhttps://doi.org/10.1057/9781137427687_5en_US
dc.relation.isversionofhttps://doi.org/10.1057/9781137427687en_US
dc.subjectMonetary policyen_US
dc.subjectOptimal policy mixen_US
dc.subjectPolicymaker incentivesen_US
dc.titleAppropriate policy tools to manage capital flow externalitiesen_US
dc.typeBook Chapteren_US
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