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Effectiveness of Capital Controls in Selected Emerging Markets in the 2000s

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  • Effectiveness of Capital Controls in Selected Emerging Markets in the 2000s
  • Baba, Chikako; Kokenyne, Annamaria
  • International Monetary Fund (IMF)


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Title Effectiveness of Capital Controls in Selected Emerging Markets in the 2000s
Similar Titles
Material Type Reports
Author(English)

Baba, Chikako; Kokenyne, Annamaria

Publisher

International Monetary Fund (IMF)

Date 2011
Pages 44
Language English
File Type Link
Subject Economy < Financial Policy

Abstract

This paper estimates the effectiveness of capital controls in response to inflow surges in Brazil, Colombia, Korea, and Thailand in the 2000s. Controls are generally associated with a decrease in inflows and a lengthening of maturities, but the relationship is not statistically significant in all cases, and the effects are temporary. Controls are more successful in providing room for monetary policy than dampening currency appreciation pressures. We argue that the macroeconomic impact of capital controls depends on the extensiveness of the policy, the level of capital market development, the support provided by other policies, and the persistence of capital flows.