Capital flows are an important aspect of the international monetary system. They provide significant benefits, both direct and indirect. At the same time, they

A comprehensive examination of policy measures intended to help emerging markets contend with large and volatile capital flows. While always episodic in nature,

The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new framework to answer critical p

Policymakers often face difficult tradeoffs in pursuing domestic and external stabilization objectives. The paper reflects staff’s work to advance the underst

The countercyclical capital buffer (CCB) was proposed by the Basel committee to increase the resilience of the banking sector to negative shocks. The interactio