Baltic and Icelandic Experiences of Capital Flows and Capital Flow Measures

December 16, 2013

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Audun Groenn, and Maria Wallin Fredholm. Baltic and Icelandic Experiences of Capital Flows and Capital Flow Measures, (USA: International Monetary Fund, 2013) accessed December 22, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

The aim of this empirical study is to describe and provide analysis on the experience of managing capital flows in Iceland and the Baltic countries. During the build-up of the crisis, there were shortcomings in macroeconomic policies and in the policy mix, as well as in financial supervision in the countries covered. While the use of traditional macroeconomic and structural policies was far from exhausted, recognizing that there are no substitutes for sound macroeconomic policies, with an IMF framework on capital flows in place prior to the crisis, it might have been easier for the IMF and national policymakers to identify accelerating problems at an early stage and address them with targeted measures.

Subject: Balance of payments, Banking, Capital controls, Capital flows, Capital inflows, Fiscal policy, Institutional View on capital flows

Keywords: Authority, Baltic Countries, Baltics, Bank, Capital, Capital controls, Capital Flow Measures, Capital Flows, Capital inflows, Capital requirement, Control, Country, Fiscal policy mix, Global, Iceland, IMF article, IMF framework, IMF ideology, IMF recommendation, IMF surveillance, IMF's article VIII, IMF's framework, IMF's support, Institutional View on capital flows, Monetary policy response, Risk appetite, WP

Publication Details

Pages:

32
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2013/242
Stock No:

WPIEA2013242
ISBN:

9781475598179
ISSN:

1018-5941

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