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220928 ||| eng |
| 020 |
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|a 9781513547763
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| 100 |
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|a Bergant, Katharina
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| 245 |
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|a Dampening Global Financial Shocks: Can Macroprudential Regulation Help (More than Capital Controls)?
|c Katharina Bergant, Francesco Grigoli, Niels-Jakob Hansen, Damiano Sandri
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2020
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| 300 |
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|a 41 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Interest rates
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| 653 |
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|a Finance
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| 653 |
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|a Financial services
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| 653 |
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|a Balance of payments
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| 653 |
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|a Long-term Capital Movements
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| 653 |
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|a Exports and Imports
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a International economics
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| 653 |
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|a Capital flows
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| 653 |
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|a Financial markets
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| 653 |
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|a Emerging and frontier financial markets
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Capital controls
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| 653 |
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|a Financial services industry
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| 653 |
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|a Banking
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| 653 |
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|a Capital outflows
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| 653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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| 653 |
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|a Capital movements
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| 653 |
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|a Finance: General
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| 653 |
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|a International Investment
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| 653 |
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|a Central bank policy rate
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| 700 |
1 |
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|a Grigoli, Francesco
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| 700 |
1 |
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|a Hansen, Niels-Jakob
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| 700 |
1 |
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|a Sandri, Damiano
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781513547763.001
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| 856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/2020/106/001.2020.issue-106-en.xml?cid=49516-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a We show that macroprudential regulation can considerably dampen the impact of global financial shocks on emerging markets. More specifically, a tighter level of regulation reduces the sensitivity of GDP growth to VIX movements and capital flow shocks. A broad set of macroprudential tools contribute to this result, including measures targeting bank capital and liquidity, foreign currency mismatches, and risky forms of credit. We also find that tighter macroprudential regulation allows monetary policy to respond more countercyclically to global financial shocks. This could be an important channel through which macroprudential regulation enhances macroeconomic stability. These findings on the benefits of macroprudential regulation are particularly notable since we do not find evidence that stricter capital controls provide similar gains
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