| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12283 |
| 来源ID | Working Paper 12283 |
| Ineffective Controls on Capital Inflows Under Sophisticated Financial Markets: Brazil in the Nineties | |
| Bernardo S. de M. Carvalho; Márcio G.P. Garcia | |
| 发表日期 | 2006-06-05 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | We analyze the Brazilian experience in the 1990s to assess the effectiveness of controls on capital inflows in restricting financial inflows and changing their composition towards long term flows. Econometric exercises (VARs) showed that controls on capital inflows were effective in deterring financial inflows for only a brief period, from two to six months. The hypothesis to explain the ineffectiveness of the controls is that financial institutions performed several operations aimed at avoiding capital controls. To check this hypothesis, we conducted interviews with market players. We collected several examples of the financial strategies engineered to avoid the capital controls and invest in the Brazilian fixed income market. The main conclusion is that controls on capital inflows, while they may be desirable, are of very limited effectiveness under sophisticated financial markets. |
| 主题 | Macroeconomics ; Money and Interest Rates ; International Economics ; International Finance ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w12283 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569937 |
| 推荐引用方式 GB/T 7714 | Bernardo S. de M. Carvalho,Márcio G.P. Garcia. Ineffective Controls on Capital Inflows Under Sophisticated Financial Markets: Brazil in the Nineties. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12283.pdf（476KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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