دانلود مقاله ISI انگلیسی شماره 45653
عنوان فارسی مقاله

انعطاف پذیری نرخ ارز و اعتبار در طول جریان سرمایه معکوس: برزخ ... نه بهشت

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
45653 2015 23 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Exchange rate flexibility and credit during capital inflow reversals: Purgatory … not paradise
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of International Money and Finance, Volume 55, July 2015, Pages 88–110

کلمات کلیدی
سرمایه - وارونه - اعتباری - کلان محتاطانه
پیش نمایش مقاله
پیش نمایش مقاله انعطاف پذیری نرخ ارز و اعتبار در طول جریان سرمایه معکوس: برزخ ... نه بهشت

چکیده انگلیسی

We identify periods of capital inflows reversals—looking at both gross and net capital flows—and document the behavior of macro and credit variables in economies with different degrees of exchange rate flexibility. We find that more exchange rate flexibility moderates credit swings during capital flow cycles, mainly because it is associated with milder credit growth during the boom. Flexibility, however, cannot completely shield the economy from a credit reversal. We observe what we dub as a recovery puzzle: credit growth in economies with more flexible exchange rate regimes remains tepid well after the capital flow reversal takes place. This results stress potential complementarity of macro-prudential policies with the exchange rate regime. More flexible regimes could help smoothing the credit cycle through capital surcharges and dynamic provisioning that build buffers to counteract the credit recovery puzzle. In contrast, more rigid exchange rate regimes would benefit the most from measures to contain excessive credit growth during booms, such as reserve requirements, loan-to-income ratios, and debt-to-income and debt-service-to-income limits.

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