| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11689 |
| DP11689 Modelling Portfolio Capital Flows in a Global Framework: Multilateral Implications of Capital Controls | |
| Mark Taylor | |
| 发表日期 | 2016-12-07 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | In the aftermath of the global financial crisis, many emerging market countries resorted to capital controls to tackle the excessive surge of capital inflows. A number of recent research papers have suggested that the imposition of controls may have imposed negative externalities on other countries by deflecting flows. Our aim in the research reported in this paper is to construct a comprehensive global econometric model which captures the dynamic interactions of capital flows with domestic and global fundamentals, and to assess the efficacy of capital controls and potential deflection effects on other countries. The results suggest that capital controls are effective for some countries in the short run, but have no lasting effects. Moreover, there is only limited evidence of deflection effects for a small number of emerging market countries. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Portfolio capital flows Global var (gvar) Capital controls Emerging markets |
| URL | https://cepr.org/publications/dp11689 |
| 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/540503 |
| 推荐引用方式 GB/T 7714 | Mark Taylor. DP11689 Modelling Portfolio Capital Flows in a Global Framework: Multilateral Implications of Capital Controls. 2016. |
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