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This paper reviews the causes, consequences, and policy responses to large capital flows in several emerging markets. It opens by studying recent patterns of capital flows, and then discusses the causes of capital flows. Emphasis is given to the reasons behind the capital inflow episode in the 1990s, the major reversals, and the volatility observed in these flows. The paper goes on to examine the consequences of capital inflows and the pros and cons of alternative policy responses. It concludes with policy lessons derived from country experiences.

Exports and Imports --- Foreign Exchange --- Current Account Adjustment --- Short-term Capital Movements --- Open Economy Macroeconomics --- International Investment --- Long-term Capital Movements --- International economics --- Currency --- Foreign exchange --- Capital inflows --- Capital flows --- Real exchange rates --- Capital controls --- Private capital flows --- Balance of payments --- Capital movements --- Chile

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Central America, Panama, and the Dominican Republic coped well with the global financial crisis of 2008-09. The impact was generally less severe and shorter lived than in previous episodes, the balance of payments adjustment was orderly, and the stability of the financial system was not compromised. This resilience can be attributed to a large extent to the strengthening of the fiscal frameworks, monetary management, and financial reforms conducted in the years preceding the global crisis. Nevertheless, the region faces considerable challenges for the period ahead, including the need to raise medium term growth above historical levels and protect macroeconomic and financial stability. This book argues that meeting these challenges will have to come from within, in light of the anticipated modest demand growth from trade partners. Raising growth in the region will depend on the adoption of structural reforms that generate substantial productivity gains. Rebuilding fiscal space and securing debt sustainability will hinge on efforts to increase tax revenue and reorienting spending to social and investment priorities. In the non-officially dollarized economies, it will also be essential to strengthen the monetary policy frameworks to keep inflation low and increase exchange rate flexibility, and improve financial regulation and supervision.

Global Financial Crisis, 2008-2009 --- Financial crises --- Fiscal policy --- Monetary policy --- Banks and banking --- Business & Economics --- Economic History --- State supervision --- Global Financial Crisis, 2008-2009. --- Central America --- Economic conditions. --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Banks and Banking --- Finance: General --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Foreign Exchange --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- Interest Rates: Determination, Term Structure, and Effects --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Taxation, Subsidies, and Revenue: General --- Monetary Policy --- Banking --- Public finance & taxation --- Monetary economics --- Financial services law & regulation --- Public debt --- Central bank policy rate --- Revenue administration --- Monetary policy frameworks --- Financial services --- Dollarization --- Currencies --- Money --- Debts, Public --- Interest rates --- Revenue --- Dominican Republic

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Uruguay has experienced a remarkable recovery since the 2002 crisis, supported by sound policies and favorable external conditions. With the framework put in place in 2002, Uruguay abandoned an exchange rate peg in favor of a free float, adoped a monetary regime initially based on money targets, improved financial prudential norms and supervision, and accumulated significant central bank reserves. Against this background, Uruguay now faces issues beyond those addressed to stabilize the economy. As the country pursues key postcrisis monetary and financial reforms, the analysis provided in this paper has a direct bearing on the ongoing efforts to move toward a fully fledged inflation-targeting regime and develop interest rates as monetary instruments, as well as on the preparedness of the financial system to deal with shocks, and the adequacy of current central bank reserves.

Monetary Policy --- Banks And Banking --- Finance --- Business & Economics --- Banks and Banking --- Finance: General --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Price Level --- Deflation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- General Financial Markets: General (includes Measurement and Data) --- Banking --- Monetary economics --- Macroeconomics --- Currency --- Foreign exchange --- Bank deposits --- Bank credit --- Exchange rates --- Prices --- Money --- Reserve positions --- Central banks --- Financial services --- Emerging and frontier financial markets --- Financial markets --- Banks and banking --- Monetary policy --- Credit --- Foreign exchange reserves --- Uruguay

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Cambodia's reconstruction and reform efforts have spanned almost 25 years following the Khmer Rouge period, which ended in 1979. Economic reforms began in earnest in the early 1990s, but reform efforts were beset by ongoing internal tensions and civil unrest. Although external factors, including sizable aid inflows and a trade agreement with the United States, helped boost growth in the past decade, the country remains one of the poorest in the region. The current coalition government has announced a strategy aimed at revitalizing economic reforms, and in 2004 Cambodia formally joined the World Trade Organization. But elimination of the garment quota system under the Agreement on Textiles and Clothing is exposing an underlying deterioration in competitiveness, which, coupled with slow growth in the agriculture sector and other structural obstacles to private sector growth, has resulted in a medium-term outlook that remains uncertain.

Poverty --- Foreign exchange rates --- Fiscal policy --- Cambodia --- Economic policy. --- Economic conditions. --- Economic conditions --- Foreign economic relations. --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Destitution --- Wealth --- Basic needs --- Begging --- Poor --- Subsistence economy --- Government policy --- Rates --- Cambodge --- Khmer Republic --- Cam Bot --- Cambotja --- République khmère --- Kambodscha --- Kamboja --- Kambodža --- Tchin-la --- Chien-pʻu-chai --- Democratic Kampuchea --- Kambujā --- Democratic Cambodia --- Camboja --- Preah Reach Ana Chak Kampuchea --- Kâmpŭchéa Prâchéathĭpâteyy --- Kampuchea démocratique --- République du Cambodge --- Campuchia --- Kampuchea (Coalition Government, 1983- ) --- Kampuchea --- Kampuchii︠a︡ --- Kamphūchā --- Kingdom of Cambodia --- Preăhréachéanachâkr Kâmpŭchéa --- Cambogia --- Roat Kampuchea --- State of Cambodia --- Cambodja --- Royal Government of Cambodia --- Braḥrājāṇacakr Kambujā --- Rājraṭṭhabhipāl Kambujā --- French Indochina --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Poverty and Homelessness --- National Government Expenditures and Related Policies: General --- Taxation, Subsidies, and Revenue: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Foreign Aid --- Trade: General --- Public finance & taxation --- International economics --- Monetary economics --- Currency --- Public financial management (PFM) --- Legal support in revenue administration --- Currencies --- Exports --- Revenue administration --- Money --- International trade --- Aid flows --- Foreign aid --- Revenue