A competitive and stable real exchange rate (RER) has been recognised as an important variable for promoting economic development, especially in emerging and developing economies (EMDEs). The postglobal financial crisis era, however, has seen a marked deluge of global liquidity from ultra-loose monetary policy in advanced economies, which has led to a surge in capital inflows and consequent loss of external competitiveness in several EMDEs. Given this context, this paper empirically investigates if and what types of macroprudential policies (MaPs) have been effective in countering RER appreciations in a panel of 93 EMDEs over the period 2000–2013. Our results show strong evidence that MaPs moderate RER appreciation through the real interest rate channel, though this is limited to MaPs that target financial institutions rather than borrowers. There is also evidence to suggest that MaPs work more effectively during periods of rising rather than falling real interest rates.

中文翻译：

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宏观审慎政策是否对抗新兴市场的实际汇率升值？

具有竞争力和稳定的实际汇率（RER）已被公认为促进经济发展的重要变量，尤其是在新兴和发展中经济体（EMDE）。然而，在后全球金融危机时代，发达经济体的超宽松货币政策导致全球流动性显着泛滥，导致资本流入激增，从而导致一些新兴市场经济体失去外部竞争力。在此背景下，本文实证研究了 2000 年至 2013 年期间 93 个 EMDE 小组中的宏观审慎政策 (MaP) 是否以及何种类型的宏观审慎政策 (MaP) 能够有效应对 RER 升值。我们的结果显示强有力的证据表明，MaP 通过实际利率渠道缓和 RER 升值，尽管这仅限于针对金融机构而非借款人的 MaP。