The case for capital account management in emerging market economies: The experiences of the BRICs

Artikel

Currency market intervention cum reserve accumulation has emerged as the favored »self-insurance« strategy in recipient countries of excessive private capital inflows. This paper argues that capital account management represents a less costly alternative line of defense deserving renewed consideration; especially in the absence of fundamental reform of the global monetary and financial order. Mainstream arguments in favor of financial globalization are found unconvincing. It is argued that any indirect benefits allegedly obtainable through hot money inflows are equally obtainable without actually tolerating such inflows. The paper investigates the experiences of Brazil, Russia, India and China (the BRICs) in the global crisis and subsequent recovery, focusing on their respective policies regarding capital flows.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Journal: Intervention. European Journal of Economics and Economic Policies ; ISSN: 2195-3376 ; Volume: 09 ; Year: 2012 ; Issue: 1 ; Pages: 57-90

Klassifikation und Themen

• Klassifikation: Wirtschaft ; International Economic Order and Integration ; Current Account Adjustment; Short-term Capital Movements ; International Monetary Arrangements and Institutions ; International Finance: Other ; Financial Institutions and Services: Government Policy and Regulation ; Fiscal and Monetary Policy in Development
• Thema: capital flows ; self-insurance ; capital controls ; financial regulation

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Bibow, Jörg
• Ereignis: Veröffentlichung
• (wer): Metropolis-Verlag
• (wo): Marburg
• (wann): 2012

Weitere Informationen

• DOI: doi:10.4337/ejeep.2012.01.06
• Handle: http://hdl.handle.net/10419/277234
• Letzte Aktualisierung: 10.03.2025, 11:45 MEZ