Capital-account and Counter-cyclical Prudential Regulations in Developing Countries
United Nations Publications, 2003 - Business cycles - 36 pages
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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Ill The role of countercyclical prudential regulations
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ă ă ă 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 foreign currency foreign-currency liabilities forward-looking provisions instruments interest rates international financial José Antonio Ocampo lending liability policy liquidity loans long-term macroeconomic effects macroeconomic risks macroeconomics of boom-bust market agents maturity and currency maturity mismatches minimum maturities Nº de venta non-financial agents non-financial firms non-tradables sectors 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 trend unremunerated reserve requirement vulnerability wealth effects