2015年-IMF国际货币组织全球_Group_of_Twenty_9页_660kb

IMF Approach to Measures that are Both Macroprudential and Capital Flow Management Measures

Core Content

This document outlines the IMF's approach to assessing measures that are both macroprudential and capital flow management (CFM) measures. It emphasizes the importance of understanding the dual nature of these measures and how they align with the IMF's mandate to promote economic and financial stability. The analysis also compares the IMF's approach with that of the OECD, highlighting differences in legal frameworks and policy objectives.

Main Objectives

• To evaluate whether additional work is needed on measures that are both macroprudential and capital flow management.
• To ensure consistency in international signals regarding the use of such measures.
• To support domestic and global financial stability by identifying appropriate tools.

Key Definitions

• Capital Flow Management Measures (CFMs): Measures designed to limit capital flows, including those that discriminate on the basis of residency.
• Macroprudential Measures (MPMs): Measures designed to limit systemic financial risks, including those associated with capital flows.

IMF Approach

The IMF's institutional view on capital flow management is based on the following principles:

• Avoiding substitution: Measures should not be used as a substitute for necessary macroeconomic adjustments.
• Effectiveness and efficiency: Policy instruments should be the most effective, efficient, and direct, while being the least distortive.
• Evenhanded treatment: Measures should treat residents and non-residents in a fair manner, unless justified by specific systemic risks.

The IMF's approach is primarily guided by surveillance considerations, meaning it focuses on measures that have implications for domestic or global stability. These measures are typically discussed in staff reports and are not subject to formal assessment unless they conflict with Article VIII of the IMF Articles of Agreement.

OECD Approach

The OECD's Code of Liberalisation of Capital Movements promotes progressive liberalization of capital flows. It requires members to:

• Notify and consult with other members on capital flow restrictions.
• Lodge reservations or derogations when introducing or re-imposing such measures.

The OECD framework covers only restrictions explicitly targeting capital flow operations listed in the Code, regardless of the declared intent of the measure. This contrasts with the IMF, which considers a measure as a CFM if it is designed to limit capital flows, even if not explicitly listed in the Code.

Comparison of Approaches

Selected Measures and Assessments

1. Limit on Banks' Foreign Exchange Derivative Contracts

• Type: Limit
• Description: Limits foreign exchange derivative contracts to a percentage of bank capital, increasing the cost of short-term external funding.
• IMF Assessment: Considered both a CFM and MPM as it limits capital flows and mitigates systemic liquidity risks.
• OECD Assessment: May affect Code obligations under Liberalisation List B, Item XII if it applies to operations abroad by residents.

2. Limit on Daily Balance of Banks' Short-Term Liabilities to Nonresidents

• Type: Limit
• Description: Limits the daily balance of short-term liabilities from nonresidents, increasing the cost of such funding.
• IMF Assessment: Both a CFM and MPM due to its impact on capital flows and systemic liquidity risk.
• OECD Assessment: Affects Code obligations under Liberalisation List A and B, particularly items related to deposit accounts and money markets.

3. Additional Buyer's Stamp Duty on Nonresidents

• Type: Tax
• Description: Imposes a higher stamp duty on nonresidents purchasing residential property.
• IMF Assessment: Both a CFM and MPM as it limits capital inflows and reduces systemic risk in property markets.
• OECD Assessment: Affects Code obligations under Liberalisation List B, Item III, regarding non-residents' real estate operations.

4. Bank Levy on Short-Term Non-Core FX Liabilities

• Type: Tax
• Description: Imposes a levy on short-term non-core foreign exchange liabilities.
• IMF Assessment: Both a CFM and MPM due to its impact on capital flows and systemic liquidity risk.
• OECD Assessment: Affects Code obligations under Liberalisation List B, particularly money market and credit operations.

5. Reserve Requirement on FX Swap and Forward Transactions with Nonresidents

• Type: Reserve Requirement
• Description: Imposes a reserve requirement on foreign currency swap and forward transactions with nonresidents.
• IMF Assessment: Both a CFM and MPM as it limits currency and maturity mismatches, reducing systemic liquidity risk.
• OECD Assessment: Affects Code obligations under Liberalisation List B, particularly foreign exchange and negotiable instruments operations.

6. Reserve Requirement on Credit Lines and External Obligations with Nonresidents

• Type: Reserve Requirement
• Description: Imposes a reserve requirement on credit lines and external obligations with nonresidents of three years or less.
• IMF Assessment: Both a CFM and MPM as it limits reliance on external funding and mitigates systemic risks.
• OECD Assessment: Affects Code obligations under Liberalisation List A and B, particularly deposit accounts and credit operations.

Conclusion and Forward Steps

The IMF maintains a consistent and flexible approach to assessing measures that are both CFMs and MPMs. It encourages a global dialogue on capital flow management to enhance policy coherence. The IMF will continue exchanges with the OECD to align perspectives and improve understanding of these measures. The OECD Code remains relevant, but its framework is more rigid in terms of obligations and procedures. The IMF's approach is intended to support systemic stability and provide consistent policy advice across its near-universal membership.