Capital flows in the post-global financial crisis era: implications for financial stability and monetary policy

摘要: The last three years have been unusual for the major world economies. Output in advanced economies has slumped, deflation risk risen, and policy rates approached zero limit as central bank balance sheets greatly expanded. Emerging market also faced challenges: initial effect of developed world’s difficulties on them included a sudden reversal capital flows, currency depreciation, liquidity problems coupled with negative growth. At later stage, picture was reversed surge inflows, credit growth foreign exchange appreciation emerging While countries coped crisis by deploying monetary fiscal measures, combined measures various sets macroprudential instruments. Hence, global financial highlighted importance using broader set instruments stability, coherent macroeconomic policies.