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Do Capital Controls Limit Inflow Surges?
Apoorv Bhargava
Romain Bouis
Annamaria Kokenyne
Manuel Perez-Archila
Umang Rawat
Ms. Ratna Sahay
出版
International Monetary Fund
, 2023-03-10
主題
Business & Economics / Exports & Imports
Business & Economics / Economics / Macroeconomics
Business & Economics / Economics / General
ISBN
9798400235092
URL
http://books.google.com.hk/books?id=Nc24EAAAQBAJ&hl=&source=gbs_api
EBook
SAMPLE
註釋
With rising financial integration, the magnitude and swings in capital flows have increased in the past two decades, intensifying the policy debate on how best to deal with these flows. This paper assesses the use and effectiveness of capital controls in limiting inflow surges. Using a novel dataset on capital control changes across 40 advanced and emerging market and developing economies over 1995-2018, we find that the tightening of capital controls reduces the probability of future surges both at the aggregate and the asset flow levels. The results are robust to various definitions of surges and are stronger when controls are matched to the asset class they target. Finally, we also find significant multilateral spillovers from capital control actions, pointing towards the need for international cooperation in the use of these policies.
