| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19205 |
| 来源ID | Working Paper 19205 |
| Capital Controls in Brazil - Stemming a Tide with a Signal? | |
| Yothin Jinjarak; Ilan Noy; Huanhuan Zheng | |
| 发表日期 | 2013-07-11 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Controls on capital inflows have been experiencing a renaissance since 2008, with several prominent emerging markets implementing them. We focus on Brazil, which instituted five changes in its capital account regime in 2008-2011. Using the synthetic control method, we construct counterfactuals (i.e., Brazil with no policy change) for each of these changes. We find no evidence that any tightening of controls was effective in reducing the magnitudes of capital inflows, but we observe some modest and short-lived success in preventing further declines in inflows when the capital controls were relaxed. We hypothesize that price-based capital controls' only perceptible effect is to be found in the content of the signal they broadcast regarding the government's larger intentions and sensibilities. Brazil's left-of-center government's willingness to remove controls was perceived as a noteworthy indication that the government was not as hostile to the international financial markets as many expected it to be. |
| 主题 | Macroeconomics ; Fiscal Policy ; International Economics ; International Finance ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w19205 |
| 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/576878 |
| 推荐引用方式 GB/T 7714 | Yothin Jinjarak,Ilan Noy,Huanhuan Zheng. Capital Controls in Brazil - Stemming a Tide with a Signal?. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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