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"Based on a sample of 104 countries, we document four key stylized facts regarding the interaction between capital flows, fiscal policy, and monetary policy. First, net capital inflows are procyclical (i.e., external borrowing increases in good times and falls in bad times) in most OECD and developing countries. Second, fiscal policy is procyclical (i.e., government spending increases in good times and falls in bad times) for the majority of developing countries. Third, for emerging markets, monetary policy appears to be procyclical (i.e., policy rates are lowered in good times and raised in bad times). Fourth, in developing countries - and particularly for emerging markets - periods of capital inflows are associated with expansionary macroeconomic policies and periods of capital outflows with contractionary macroeconomic policies. In such countries, therefore, when it rains, it does indeed pour"--National Bureau of Economic Research web site.
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Subjects
Monetary policy, Fiscal policy, Capital movementsShowing 1 featured edition. View all 1 editions?
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When it rains, it pours: procyclical capital flows and macroeconomic policies
2004, National Bureau of Economic Research
Electronic resource
in English
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Book Details
Published in
Cambridge, MA
Edition Notes
Includes bibliographical references.
Title from PDF file as viewed on 1/24/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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