宏观审慎政策的相互关联

摘要

The IMF recently updated its institutional view on capital flow management and macroprudential policies for emerging markets (EMs). The framework advocates a variety of prudential tools to deal with generally complex and heterogeneous financial flows. This paper provides a normative justification for this integrated approach when investors have access to multiple assets. As is well‐known, the EM overborrows in international markets, which justifies to actively manage international capital flows. However, as a novel result, this paper also advocates complementary domestic macroprudential policies: reallocating domestic resources toward internationally constrained borrowers improves welfare because it shifts funds to households with a higher marginal propensity to consume. This result emerges independent of any domestic externality. A numerical exercise further shows that partial regulation can increase the severity of a recession relative to no regulation.