全球智库信息集成服务系统(G2TT): Capital Flow Management Measures: What Are They Good For?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w20860
来源ID	Working Paper 20860
	Capital Flow Management Measures: What Are They Good For?
	Kristin Forbes; Marcel Fratzscher; Roland Straub
发表日期	2015-01-19
出版年	2015
语种	英语
摘要	Are capital controls and macroprudential measures related to international exposures successful in achieving their objectives? Assessing their effectiveness is complicated by selection bias; countries which change their capital-flow management measures (CFMs) often share specific characteristics and are responding to changes in variables that the CFMs are intended to influence. This paper addresses these challenges by using a propensity-score matching methodology. We also create a new database with detailed information on weekly changes in controls on capital inflows, capital outflows, and macroprudential measures related to international transactions from 2009 to 2011 for 60 countries. Results show that these macroprudential measures can significantly reduce some measures of financial fragility. Most CFMs do not significantly affect other key targets, however, such as exchange rates, capital flows, interest-rate differentials, inflation, equity indices, and different volatilities. One exception is that removing controls on capital outflows may reduce real exchange rate appreciation. Therefore, certain CFMs can be effective in accomplishing specific goals—but most popular measures are not “good for” accomplishing their stated aims
主题	International Economics ; International Finance ; International Macroeconomics ; Globalization and International Relations ; Financial Economics ; Financial Markets
URL	https://www.nber.org/papers/w20860
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/578535
推荐引用方式 GB/T 7714	Kristin Forbes,Marcel Fratzscher,Roland Straub. Capital Flow Management Measures: What Are They Good For?. 2015.