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Irrational expectations, financial amplification and prudential capital controls

In: Macroprudential Regulation of International Finance

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  • Sangwon Suh
  • Jinsoo Lee

Abstract

Recent events, such as capital flow reversals and banking sector crises, have shaken faith in the widely held belief in the benefits of greater financial integration and financial deepening, which are typical in advanced economies. This book shows that emerging economies have often weathered the storm best despite the supposed burden of ‘weak institutions’. It demonstrates that a better policy framework requires reliable indicators of vulnerability to financial instability, as well as improved policy tools and automatic stabilizers that anticipate and limit the vulnerabilities to financial crises.

Suggested Citation

  • Sangwon Suh & Jinsoo Lee, 2016. "Irrational expectations, financial amplification and prudential capital controls," Chapters, in: Dongsoo Kang & Andrew Mason (ed.), Macroprudential Regulation of International Finance, chapter 5, pages 104-124, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17234_5
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    Keywords

    Asian Studies; Economics and Finance;

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