Capital-account and Counter-cyclical Prudential Regulations in Developing Countries (Google eBook)
This paper examines the use of capital account regulations and the counter-cyclical prudential regulation of domestic financial intermediaries. It explains how these two finance policy tools are used to manage capital account volatility in developing countries.
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The role of countercyclical prudential regulations
accumulation additional América Latina Asian crisis asset prices balance sheets banks boom-bust cycles booms business cycle capital account capital adequacy capital flows capital markets capital-account regulations capital-account volatility CEPAL Chile Chile and Colombia Colombia contractionary monetary policy counter-cyclical macroeconomic policies counter-cyclical prudential regulation credit crunch credit risk developing countries domestic interest rates ECLAC economic exchange rate external borrowing external debt profiles external financing external liabilities financial institutions financial intermediaries floating exchange rate foreign currency foreign-currency liabilities forward-looking provisions information asymmetries instruments interest rates international financial José Antonio Ocampo lending liability policy loans long-term macroeconomic effects macroeconomic risks macroeconomics of boom-bust market agents maturity and currency maturity mismatches minimum maturities Naciones Unidas non-financial agents non-financial firms non-tradables sectors OEBT operating in non-tradables particularly portfolio flows pro-cyclical macroeconomic policies public-sector debt public-sector securities ratios reduce regulation and supervision regulatory ringgit role Sales short-term unremunerated reserve requirement venta vulnerability wealth effects