Comparison of Policy Stances on Capital Flows by the OECD and the IMF : Case Studies of Macro-prudential Measures with Capital Flow Management

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  • OECDとIMFによる資本移動に対する政策姿勢の比較 : 資本移動管理を伴うマクロプルーデンス措置の事例
  • OECD ト IMF ニ ヨル シホン イドウ ニ タイスル セイサク シセイ ノ ヒカク : シホン イドウ カンリ オ トモナウ マクロプルーデンス ソチ ノ ジレイ

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Abstract

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Macro-prudential measures (MPMs), which aim at stability of the financial system by analysis and assessment of its risks as well as soundness of each financial institution, have been regarded as important policy tools since the global financial crisis in 2008. In particular, precautious measures are expected to prevent financial institutions from bankruptcy in advance by regulation of capital adequacy ratios, regulation of foreign exchange transactions and inspection of them. This paper analyses how two international organisations perceive such MPMs with capital flow management between residents and non-residents using some main case studies, which are the OECD (Organisation for Economic Cooperation and Development) with of the Code of Liberalisation of Capital Movements (CLCM) as the multilateral treaty, and the IMF (International Monetary Fund) trying to stabilise financial markets through policy advices and loans. Then it examines their roles and problems in the field of capital flows, and makes suggestions for a desirable cooperation between both. Further, discussions about the review ofthe CLCM at the OECD started from April 2016 are also referred.

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