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来源类型Working Paper
规范类型报告
DOI10.3386/w12283
来源IDWorking 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
URLhttps://www.nber.org/papers/w12283
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/569937
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Bernardo S. de M. Carvalho,Márcio G.P. Garcia. Ineffective Controls on Capital Inflows Under Sophisticated Financial Markets: Brazil in the Nineties. 2006.
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