Macroprudential Policy Interlinkages
研究了新兴市场在投资者可投资多种资产时，为何需要同时管理国际资本流动和实施国内宏观审慎政策，发现将国内资源重新分配给受国际约束的借款人能提升福利，且部分监管可能加剧衰退。
Abstract The IMF recently updated its institutional view on capital flow management and macroprudential policies for emerging markets (EMs). The framework advocates a variety of prudential tools to deal with generally complex and heterogeneous financial flows. This paper provides a normative justification for this integrated approach when investors have access to multiple assets. As is well‐known, the EM overborrows in international markets, which justifies to actively manage international capital flows. However, as a novel result, this paper also advocates complementary domestic macroprudential policies: reallocating domestic resources toward internationally constrained borrowers improves welfare because it shifts funds to households with a higher marginal propensity to consume. This result emerges independent of any domestic externality. A numerical exercise further shows that partial regulation can increase the severity of a recession relative to no regulation.