Poor co-ordination on capital controls could prove ‘highly detrimental’, paper warns

RBA paper calls for greater co-ordination in controlling capital flows


Poor co-ordination by countries seeking to resist capital flows could simply lead to bubbles being shunted from one country to another, according to a paper presented at the Reserve Bank of Australia's (RBA) annual conference.

In Capital Flows, Monetary Policy and Coordination, author Marcel Fratzscher identifies a "significant effect" from monetary policy changes in advanced economies, particularly the US, in driving capital to and from emerging markets.

Instead of recommending that the US

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