| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9798 |
| DP9798 Capital Controls and Macroprudential Measures: What Are They Good For? | |
| Marcel Fratzscher; Kristin Forbes; Roland Straub | |
| 发表日期 | 2014-01-26 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | Are capital controls and macroprudential measures successful in achieving their objectives? Assessing their effectiveness is complicated by selection bias and endogeneity; countries which change their capital-flow management measures (CFMs) often share specific characteristics and are responding to changes in variables that the CFMs are intended to influence. This paper addresses these challenges by using a propensity-score matching methodology. We also create a new database with detailed information on weekly changes in controls on capital inflows, capital outflows, and macroprudential measures from 2009 to 2011 for 60 countries. Results show that macroprudential measures can significantly reduce some measures of financial fragility. Most CFMs do not significantly affect other key targets, however, such as exchange rates, capital flows, interest-rate differentials, inflation, equity indices, and different volatilities. One exception is that removing controls on capital outflows may reduce real exchange rate appreciation. Therefore, certain CFMs can be effective in accomplishing specific goals?but most popular measures are not ?good for? accomplishing their stated aims. |
| 主题 | International Macroeconomics |
| 关键词 | Capital controls Capital flows Emerging markets Macroprudential measures Propensity-score matching Selection bias |
| URL | https://cepr.org/publications/dp9798 |
| 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/538634 |
| 推荐引用方式 GB/T 7714 | Marcel Fratzscher,Kristin Forbes,Roland Straub. DP9798 Capital Controls and Macroprudential Measures: What Are They Good For?. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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