Jonathan D. Ostry

Jonathan D. Ostry is Deputy Director of the Research Department of the International Monetary Fund.

  • Taming the Tide of Capital Flows

    Taming the Tide of Capital Flows

    A Policy Guide

    Atish R. Ghosh, Jonathan D. Ostry, and Mahvash S. Qureshi

    A comprehensive examination of policy measures intended to help emerging markets contend with large and volatile capital flows.

    While always episodic in nature, capital flows to emerging market economies have been especially volatile since the global financial crisis. After peaking at $680 billion in 2007, flows to emerging markets turned negative at the onset of crisis in 2008, then rebounded only to recede again during the U.S. sovereign debt downgrade in 2011. Since then, flows have continued to swing wildly, leaving emerging market policy makers wondering whether they can put in place policies during the inflow phase that will soften the blow when flows subsequently recede. This book offers the first comprehensive treatment of policy measures intended to help emerging markets contend with large and volatile capital flows. The authors, all IMF experts, explain that, in the spirit of liberalization and deregulation in the 1980s and 1990s, many emerging market governments eliminated capital inflow controls along with outflow controls. By 2012, however, capital inflow controls were again acknowledged as legitimate policy tools. Focusing on the macroeconomic and financial-stability risks associated with capital flows, the authors combine theoretical and empirical analysis to consider the interaction between monetary, exchange rate, macroprudential, and capital control policies to mitigate these risks. They examine the effectiveness of various policy tools, discuss the practical considerations and multilateral implications of their use, and provide concrete policy advice for dealing with capital inflows.

    • Hardcover $45.00 £35.00

Contributor

  • The Great Recession

    The Great Recession

    Lessons for Central Bankers

    Jacob Braude, Zvi Eckstein, Stanley Fischer, and Karnit Flug

    Experts assess the role of central banks in responding to the recent financial crisis and in preventing future crises.

    The recent financial crisis shook not only the global economy but also conventional wisdom about economic policy. After the collapse of Lehman Brothers in September 2008, policy makers reversed course and acted on an unprecedented scale. The policy response was remarkable both for its magnitude and for the variety of measures undertaken. This book examines both the major role central banks played in the crisis and the role they might play in preventing or preparing for future crises.

    The contributors, central bankers from around the world, focus on monetary policy, the new area of macroprudential policy, and issues of exchange rates, capital flows, and banking and financial markets. They look at the experiences of both developed and emerging economies, considering why some, including Israel and Australia, suffered only mild effects while others—Ireland for example—plunged into severe financial crisis.

    • Hardcover $35.00 £24.95
    • Paperback $19.75 £14.99