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220928 ||| eng |
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|a 9781513589749
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|a Yepez, Juan
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| 245 |
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|a Unintended Consequences of U. S. Monetary Policy Shocks: Dutch Disease and Capital Flow Measures in Emerging Markets and Developing Economies
|c Juan Yepez
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2021
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| 300 |
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|a 32 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Economic & financial crises & disasters
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| 653 |
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|a Exchange rate arrangements
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| 653 |
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|a Economic Theory
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| 653 |
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|a Dutch disease
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| 653 |
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|a Currency; Foreign exchange
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| 653 |
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|a Economics: General
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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 Open Economy Macroeconomics
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| 653 |
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|a Informal sector; Economics
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| 653 |
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|a Exports and Imports
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| 653 |
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|a Economic forecasting
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| 653 |
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|a Economic theory & philosophy
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| 653 |
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|a Resource Booms
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| 653 |
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|a International economics
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| 653 |
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|a International Lending and Debt Problems
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| 653 |
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|a Debts, External
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| 653 |
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|a External debt
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| 653 |
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|a Economics of specific sectors
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Currency crises
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| 653 |
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|a Capital inflows
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Capital movements
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| 653 |
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|a Economic theory
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| 653 |
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|a Exchange rates
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| 653 |
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|a Monetary Policy
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| 653 |
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|a Foreign exchange
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| 653 |
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|a International Investment
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| 041 |
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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 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781513589749.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2021/209/001.2021.issue-209-en.xml?cid=463349-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 Dutch disease is often referred as a situation in which large and sustained foreign currency inflows lead to a contraction of the tradable sector by giving rise to a real appreciation of the home currency. This paper documents that this syndrome has been witnessed by many emerging markets and developing economies (EMDEs) as a result of surges in capital inflows driven by accommodative U. S. monetary policy. In a sample of 25 EMDEs from 2000-17, U. S. monetary policy shocks coincided with episodes of currency appreciation and a contraction in tradable output in these economies. The paper also shows empirically that the use of capital flow measures (CFMs) has been a common policy response in several EMDEs to U.S. monetary policy shocks. Against this background, the paper presents a two sector small open economy augmented with a learning-by-doing (LBD) mechanism in the tradable sector to rationalize these empirical findings. A welfare analysis provides a rationale for the use of CFMs as a second-best policy when agents do not internalize the LBD externality of costly resource misallocation as a result of greater capital inflows. However, the adequate calibration of CFMs and the quantification of the LBD externality represent important implementation challenges
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