全球智库信息集成服务系统(G2TT): DP8979 Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP8979
	DP8979 Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls
	Marcel Fratzscher; Kristin Forbes; Roland Straub
发表日期	2012-05-21
出版年	2012
语种	英语
摘要	We use changes in Brazil?s tax on capital inflows from 2006 to 2011 to test for direct portfolio effects and externalities from capital controls on investor portfolios. The analysis is structured based on information from investor interviews. We find that an increase in Brazil?s tax on foreign investment in bonds causes investors to significantly decrease their portfolio allocations to Brazil in both bonds and equities. Investors simultaneously increase allocations to other countries that have substantial exposure to China and decrease allocations to countries viewed as more likely to use capital controls. Much of the effect of capital controls on portfolio flows appears to occur through signalling (i.e. changes in investor expectations about future policies) rather than the direct cost of the controls. This evidence of significant externalities from capital controls suggests that any assessment of controls should consider their effects on portfolio flows to other countries.
主题	International Macroeconomics
关键词	Brazil Capital controls Emerging markets Externalities Mutual funds Portfolio effects Signalling Spillovers
URL	https://cepr.org/publications/dp8979
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/537798
推荐引用方式 GB/T 7714	Marcel Fratzscher,Kristin Forbes,Roland Straub. DP8979 Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls. 2012.