## Recent Experiences in Managing Capital Inflows—Cross-Cutting Themes and Possible Policy Framework

_Policy Papers, February 14, 2011_

## Source details

**Canonical URL:** [Recent Experiences in Managing Capital Inflows—Cross-Cutting Themes and Possible Policy Framework](https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/recent-experiences-in-managing-capital-inflows-cross-cutting-themes-and-possible-policy-pp4542)

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## Bibliographic details
- Published: February 14, 2011
- Series: Policy Papers

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### Summary of the paper
- Publication date: February 14, 2011
- Core observation: Emerging markets (EMs) are experiencing a surge in capital inflows, lifting asset prices and growth prospects.
- Key tension: While inflows are typically beneficial for receiving countries, inflow surges can carry macroeconomic and financial stability risks.
- Purpose: Reviews recent experience of EMs in dealing with capital inflows and suggests a possible framework for IMF policy advice on the spectrum of measures available to policymakers to manage inflows.

### Framework and spectrum of measures reviewed
- Policy instruments considered:
  - Macroeconomic policies
  - Prudential measures
  - Capital controls
- Intended use: To inform IMF staff policy advice to all Fund members with open capital accounts.
- Implementation guidance: Illustrative applications of the framework suggest it may be appropriate for several countries, based on their current circumstances, to consider prudential measures or capital controls in response to capital inflows.

### Illustrative applications and implications
- Findings from illustrative applications:
  - For several countries, given their current circumstances, prudential measures or capital controls could be appropriate responses to capital inflows.
- Policy objective alignment:
  - The suggested framework aims to sharpen Fund surveillance, preserve evenhandedness, and foster greater global policy coordination.

### Broader effort and supplementary work referenced
- The paper is part of a broader effort that includes development of:
  - “Global rules of the game” on macroprudential policies
  - “Global rules of the game” on capital account liberalization
  - “Global rules of the game” on reserve adequacy
  - Preparation of spillover reports assessing spillovers from the five systemic economies
- Role of supplement: The Supplement to this paper indicates the broader effort and will inform the current and broader framework being developed.

### Metadata and related notes
- Subject tags as given: Capital flows, Capital inflows, Cross country analysis, Emerging markets, Fiscal policy
- Access point referenced on the page: IMF eLibrary offers over 25,000 IMF publications in multiple formats.

*Source: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/recent-experiences-in-managing-capital-inflows-cross-cutting-themes-and-possible-policy-pp4542 (accessed 9/18/2026)*

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## Content in this bundle

- **_021411a**
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_Source: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/recent-experiences-in-managing-capital-inflows-cross-cutting-themes-and-possible-policy-pp4542_