Controls for outflows acc 544

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Controls for outflows acc 544

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The first relates to macroeconomic challenges, especially the intense pressure on a number of emerging-market currencies, which, if not sustained, may create costly dislocations when exchange rates come down, given the erosion in competitiveness and possible exposure to foreign-currency denominated debt on domestic balance sheets.

The second relates to financial-stability risks, especially the possibility that some of the flows may not be channeled towards productive uses, and may thus end up fueling credit and asset price booms that may not be sustainable, amplifying financial fragilities down the road.

Such concerns have led to renewed interest in the effectiveness and design of macroprudential policies and the possible use of capital controls—that is, measures that treat transactions between residents and nonresidents less favorably than those amongst residents—in helping to manage financial-stability risks associated with inflows.


Systematic investigations of the impact of macroprudential policies and capital controls on the financial- stability risks associated with inflows have nevertheless been lacking. As regards capital controls, we focus exclusively on inflow controls. For the purpose of our analysis, we group the available policy tools into four broad categories: We then assess the impact of these various measures on the structure of external liabilities; the growth of domestic banking system credit; and the currency composition of domestic bank lending.

To the extent that portfolio debt is the riskiest type of external liability, and credit booms—especially in foreign currency—can exacerbate financial fragilities, measures that reduce these concerns should be associated with greater resilience of the economy to financial crises.

A few recent studies, particularly in the context of Central and Eastern European economies, also investigate the impact of policies related to foreign currency borrowing on foreign currency lending for example, Rosenberg and Tirpak, While several indices of economy-wide capital controls have been put forward in the recent literature, composite measures of financial sector-specific capital controls, and prudential regulations for a wide range of emerging market economies, have hitherto been unavailable.

We also construct an index of domestic prudential regulations based on a survey of IMF desk economists. Our results suggest that FX-related prudential measures as well as capital controls, are associated with a lower proportion of FX loans in domestic bank lending.

Second, other prudential regulations i. The estimated effects presented below, moreover, are not only statistically significant, but also economically relevant. For instance, moving from the 25th to the 75th percentile of capital controls restrictiveness or FX- related prudential measures lowers the share of portfolio debt in external liabilities by about percentage points and the share of FX credit in the domestic banking sector by percentage points.

Consistent with these results, we also find reasonably strong economically and statistically-significant associations between pre-crisis policies and the extent of economic resilience during the period of sudden stop—suggesting that capital controls and prudential measures can indeed reduce financial fragilities.

Our results dovetail nicely with the existing literature, which has mostly focused on possible macroeconomic effects of capital controls—on the aggregate volume of flows, the exchange rate, and monetary policy autonomy.

By and large, evidence on this is mixed. The survey and meta-analysis of Magud, Reinhart, and Rogoff points to capital controls having only limited effectiveness in altering the overall volume of capital inflows and hence the level of the exchange rate.

Consistent with our findings, evidence that capital controls may affect the composition of capital flows is stronger, with at least some studies finding that capital controls have managed to lengthen the maturity of inflows.

Further, the mixed evidence of the effectiveness of capital controls on the aggregate volume of flows and hence on the exchange rate has been taken to imply a severe limitation on their use in practice. It is worth pointing out, however, that from a financial-stability perspective, altering the composition of inflows without affecting the aggregate level would be the ideal outcome.

One of the contributions of our paper is therefore to highlight this distinction, and show that while capital controls may be of limited or only temporary use in affecting the aggregate volume of flows, inflow controls together with FX-related and other prudential measures can form an important part of the policy toolkit to reduce the financial-stability risks associated with inflow surges.

The remainder of the paper is organized as follows. Section 2 presents an overview of the instruments in the prudential toolkit to manage the macroeconomic and financial stability risks posed by excessive capital inflows.

Section 3 describes the construction of indices of financial sector capital controls, FX-related prudential measures, and domestic prudential policies. Section IV presents some empirical evidence on the association between the policy indices with financial fragilities and crisis resilience.

It is convenient to group these according to whether they discriminate in terms of the residency of the parties to the capital transaction capital controlsthe denomination of the currency of the transaction FX-related prudential measuresor neither other prudential measures.

By definition, prudential measures apply only to the regulated domestic financial system notably banks, but sometimes also other financial institutionswhereas capital controls can apply to all residents though they can also be applied selectively to specific sectors.

Capital controls are measures that restrict capital transactions or transfers and payments necessary to effect them by virtue of the residency of the parties to the transaction. However, Ghosh, Ostry and Tsangarides find significantly lower monetary autonomy in countries with fixed exchange rates compared with more flexible regimes, even in countries with relatively closed capital accounts.

In the broadest sense, they are measures meant to affect the cross-border movement of capital.

Controls for outflows acc 544

Measures may apply to all flows, or may differentiate by type or duration of the flow debt, equity, direct investment; short-term vs.Click the button below to add the ACC Week 5 Individual Assignment Audit Proposal to your wish list. ACC Week 1 Individual Assignment Recommendation Brief for an Internal Accountant.

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Controls for outflows acc 544

ACC Week 5 Controls for Outflows Learning Team Assignment: Controls for Outflows Design a proposal for appropriate controls to cover purchasing, accounts payable, cash disbursements, finance, investment, and payroll.

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