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Managing Capital Accounts in Emerging Markets: Lessons from the Global Financial Crisis

Gabor, Daniela

Authors



Abstract

AbstractThe global financial crisis forcefully highlighted the importance of curbing the impact of large and volatile capital inflows on growth and financial stability in developing countries. It led the IMF to reconsider its long-standing rejection of capital controls. Yet its new 'macroeconomic policy first' approach has to be reconciled with the hybrid nature of banking activity and its role in transmitting global shocks. A consideration of dominant actors and strategies of intermediating capital inflows offers distinct policy options, ranging from carefully designed central bank strategies to institutional changes that realign bank incentives towards longer horizons and sustainable growth models. © 2012 Copyright Taylor and Francis Group, LLC.

Citation

Gabor, D. (2012). Managing Capital Accounts in Emerging Markets: Lessons from the Global Financial Crisis. Journal of Development Studies, 48(6), 714-731. https://doi.org/10.1080/00220388.2011.649257

Journal Article Type Article
Publication Date Jun 1, 2012
Journal Journal of Development Studies
Print ISSN 0022-0388
Electronic ISSN 1743-9140
Publisher Taylor & Francis (Routledge)
Peer Reviewed Not Peer Reviewed
Volume 48
Issue 6
Pages 714-731
DOI https://doi.org/10.1080/00220388.2011.649257
Keywords emerging countries, financial crisis, central bank liquidity management, quantitative easing, financialized globalization, sovereign debt markets
Public URL https://uwe-repository.worktribe.com/output/952982
Publisher URL http://dx.doi.org/10.1080/00220388.2011.649257