Discussion of Capital Flow Policies, Monetary Policy and Coordination
نویسنده
چکیده
The paper by Marcel Fratzscher investigates capital flows to emerging market economies (EMEs) prior to, during and after the global financial crisis (GFC). It considers the relative importance of ‘push’ versus ‘pull’ factors in driving capital flows, where ‘push’ factors are external variables such as US macroeconomic news and ‘pull’ factors are internal variables such as a country’s institutions and policies. The paper also considers the impact of changes in Brazil’s capital controls on portfolio allocations.
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