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- W2892403521 abstract "This chapter presents a welfare-theoretic framework for considering optimal policies to address balance-sheet vulnerabilities. As capital inflows accumulate into stocks of liabilities, they can result in balance-sheet vulnerabilities: heavy indebtedness or maturity or currency mismatches relative to the balance sheet or repayment capacity of the borrower. The theoretically optimal tax would vary according to the stock of liabilities; the composition of the liability, whether the liability is owed to resident or to nonresident creditors; and the extent to which the end-borrower is hedged against the relevant currency risk. Against highly risky forms of liabilities, there may be structural measures—capital controls or prudential policies. But typically the measure should include a cyclical component. This is because the optimal tax depends on the cyclical position of capital flows, as the likelihood that the country suffers a future sudden stop is at maximum at the peak of the cycle." @default.
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- W2892403521 date "2018-01-05" @default.
- W2892403521 modified "2023-09-25" @default.
- W2892403521 title "Balance-sheet Vulnerabilities" @default.
- W2892403521 doi "https://doi.org/10.7551/mitpress/9780262037167.003.0007" @default.
- W2892403521 hasPublicationYear "2018" @default.
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