| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18052 |
| 来源ID | Working Paper 18052 |
| Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls | |
| Kristin Forbes; Marcel Fratzscher; Thomas Kostka; Roland Straub | |
| 发表日期 | 2012-05-10 |
| 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 Economics ; International Finance ; International Macroeconomics ; Globalization and International Relations ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w18052 |
| 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/575728 |
| 推荐引用方式 GB/T 7714 | Kristin Forbes,Marcel Fratzscher,Thomas Kostka,et al. Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls. 2012. |
| 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 | ||
| w18052.pdf（562KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
