La Liberalización Y El Manejo De Los Flujos De Capital: Una Visión Institucional (The Liberalization and Management of Capital Flows: An Institutional View)

Revista de Economia Institucional, Vol. 15, No. 28, primer semestre de 2013

51 Pages Posted: 7 Aug 2013

See all articles by Vivek B. Arora

Vivek B. Arora

International Monetary Fund (IMF) - African Department

Karl Habermeier

International Monetary Fund (IMF)

Jonathan D. Ostry

Georgetown University; International Monetary Fund (IMF)

Rhoda Weeks-Brown

International Monetary Fund (IMF)

Date Written: August 5, 2013

Abstract

Los flujos de capital han aumentado notablemente en los últimos años y son un aspecto clave del sistema monetario mundial. Ofrecen beneficios potenciales a los países, pero su tamaño y su volatilidad también pueden plantear problemas de política. El Fondo debe estar en condiciones de proporcionar asesoría clara y coherente respecto de los flujos de capital y las políticas relacionadas. En 2011, el Comité Monetario y Financiero Internacional llamó a “seguir trabajando en un enfoque integral, flexible y equilibrado para el manejo de los flujos de capital”. En este documento se propone una visión institucional que apoye este enfoque, con base en documentos de política anteriores, estudios analíticos y discusiones de la Junta sobre los flujos de capital.

Capital flows have increased significantly in recent years and are a key aspect of the global monetary system. They offer potential benefits to countries, but their size and volatility can also pose policy challenges. The Fund needs to be in a position to provide clear and consistent advice with respect to capital flow and policies related to them. In 2011, the International Monetary and Financial Committee called for “further work on a comprehensive, flexible, and balanced approach for the management of capital flows”. This paper proposes an institutional view to underpin this approach, drawing on earlier Fund policy papers, analytical work, and Board discussions on capital flow.

Note: Downloadable document is in Spanish.

Keywords: capital flow, monetary system, public policy

JEL Classification: F21, F32, O16

Suggested Citation

Arora, Vivek and Habermeier, Karl and Ostry, Jonathan D. and Weeks-Brown, Rhoda, La Liberalización Y El Manejo De Los Flujos De Capital: Una Visión Institucional (The Liberalization and Management of Capital Flows: An Institutional View) (August 5, 2013). Revista de Economia Institucional, Vol. 15, No. 28, primer semestre de 2013, Available at SSRN: https://ssrn.com/abstract=2306284

Vivek Arora (Contact Author)

International Monetary Fund (IMF) - African Department ( email )

700 19th Street, NW
Washington, DC 20431
United States

Karl Habermeier

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Jonathan D. Ostry

Georgetown University ( email )

Washington, DC 20057
United States

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Rhoda Weeks-Brown

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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