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This policy brief summarizes a conference on recent developments in the analysis of current account sustainability held by Research Department of the Inter- American Development Bank (IDB) and Banco de la República de Colombia organized on April 18, 2017 in Washington, DC. The purpose of the conference was to bring together economists from central banks, finance ministries, international organizations, and academics to discuss recent developments and new perspectives on the analysis of current account sustainability. The discussion was divided into three sections: i) methodological issues, ii) practical issues and iii) policy discussion, which are summarized in this document.
This paper presents and describes a new dataset of capital control restrictions on both inflows and outflows of 10 categories of assets for 100 countries over the period 1995 to 2013. Building on the data first presented in Schindler (2009) and other datasets based on the analysis of the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER), this dataset includes addition ... (View publication)
This paper presents an analytical overview of recent contributions to the literature on the policy implications of capital flows in emerging and developing countries, focusing specifically on capital inflows as well as on the links between inflows and subsequent capital-flow reversals. The objective is to clarify the policy challenges that such inflows pose and to evaluate the policy alternatives ... (View publication)
Openness to trade is one factor that has been identified as determining whether a country is prone to sudden stops in capital inflows, crashes in currencies, or severe recessions. Some believe that openness raises vulnerability to foreign shocks, while others believe that it makes adjustment to crises less painful. Several authors have offered empirical evidence that having a large tradable sector ... (View publication)
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