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Progress and ConfusionThe State of Macroeconomic Policy$
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Olivier Blanchard, Raghuram G. Rajan, Kenneth S. Rogoff, and Lawrence H. Summers

Print publication date: 2016

Print ISBN-13: 9780262034623

Published to MIT Press Scholarship Online: January 2017

DOI: 10.7551/mitpress/9780262034623.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 21 September 2021

Capital Inflows, Exchange Rate Management, and Capital Controls

Capital Inflows, Exchange Rate Management, and Capital Controls

(p.233) 23 Capital Inflows, Exchange Rate Management, and Capital Controls
Progress and Confusion

Agustín Carstens

The MIT Press

The chapter argues that, under a regime of unconventional monetary policies (UMPs) in the main advanced economies, major externalities are generated that make it undesirable for emerging market economies (EMEs) to sustain freely floating exchange rates with free capital mobility. In addition, the monetary policy stance in EMEs is heavily influenced by the UMPs implemented by advanced economies. The accumulation of international reserves by EMEs can be seen as a defensive policy measure.

Keywords:   unconventional monetary policies, floating exchange rates, capital mobility, capital flows, international reserves

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