| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20726 |
| 来源ID | Working Paper 20726 |
| The Real Effects of Capital Controls: Firm-Level Evidence from a Policy Experiment | |
| Laura Alfaro; Anusha Chari; Fabio Kanczuk | |
| 发表日期 | 2014-12-08 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | This paper evaluates the effects of capital controls on firm-level stock returns and real investment using data from Brazil. On average, there is a statistically significant drop in cumulative abnormal returns consistent with an increase in the cost of capital for Brazilian firms following capital control announcements. Large firms and the largest exporting firms appear less negatively affected compared to external-finance-dependent firms, and capital controls on equity inflows have a more negative announcement effect on equity returns than those on debt inflows. Overall, the findings have implications for macro-finance models that abstract from heterogeneity at the firm level to examine the optimality of capital control taxation. |
| 主题 | International Economics ; International Finance ; International Macroeconomics ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Industrial Organization ; Firm Behavior |
| URL | https://www.nber.org/papers/w20726 |
| 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/578401 |
| 推荐引用方式 GB/T 7714 | Laura Alfaro,Anusha Chari,Fabio Kanczuk. The Real Effects of Capital Controls: Firm-Level Evidence from a Policy Experiment. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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