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연구정보

[경제] Capital flows, exchange rates and monetary policy frameworks in Latin American and other economies

중남미 일반 국외연구자료 연구보고서 - BIS 발간일 : 2021-04-15 등록일 : 2021-04-23 원문링크

In early 2020, the Bank for International Settlements (BIS) Representative Office for the Americas contacted a group of nine central banks that includes the members of the Consultative Council of the Americas (CCA) except the US Federal Reserve (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru), and two non-CCA members, the Central Bank of the Republic of Turkey and the South African Reserve Bank, to take stock of their monetary policy frameworks (MPFs) and understand whether they continue to be fit for purpose in the face of rapidly changing economic and financial conditions.

Central banks were asked to answer two questionnaires. The initial one asked central banks to report on the main drivers of swings in exchange rates and capital flows as well as the transmission channels through which those impact on their economy. The survey also covered the indicators and models central banks use to evaluate the nature of the shocks to exchange rates and capital flows and their impact. In addition, the survey explored the challenges central banks face in communicating to financial markets and the general public. A second supplementary survey circulated a few months after the beginning of the Covid-19 pandemic asked central banks to assess how well their policy frameworks had worked during these latest challenging times. The report presented here summarises the answers to these questionnaires, complementing a similar report on "Capital flows, exchange rates and policy frameworks in emerging Asia" by a Working Group established by the Asian Consultative Council of the BIS.

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