IMF paper tracks Asian authorities’ responses to volatile capital flows

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Asian emerging market economies (EMEs) have deployed a wide range of tools to insulate themselves against volatile capital flows, with monetary policy particularly stretched, analysis by the International Monetary Fund finds.

Reflecting a growing recognition of the destabilising impact of capital movements, the IMF team finds a floating exchange rate can, “under certain circumstances”, amplify shocks rather than absorbing them. Exchange rate depreciation can “aggravate” firms’ vulnerabilities

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