Managing Capital Accounts in Emerging Markets: Lessons from the Global Financial Crisis
探讨全球金融危机后发展中国家如何应对大规模、波动的资本流入，分析IMF政策转变及银行中介行为，提出央行策略和制度变革等政策选项。
Abstract The 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.