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The Effectiveness of Capital Controls and Prudential Policies in Managing Large Inflows

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Author Info

  • Karl Friedrich Habermeier
  • Annamaria Kokenyne
  • Chikako Baba
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    Abstract

    Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=25049
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Staff Discussion Notes with number 11/14.

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    Length: 35
    Date of creation: 05 Aug 2011
    Date of revision:
    Handle: RePEc:imf:imfsdn:11/14

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    Postal: International Monetary Fund, Washington, DC USA
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    Related research

    Keywords: Capital controls; Capital inflows; Exchange rate appreciation; Credit expansion; Macroprudential Policy; Risk management; Emerging markets; Cross country analysis; financial regulation; macroprudential policies; emerging market economies; capital flows; foreign exchange; foreign currency; fdi; portfolio investments; international capital flows; capital transactions; capital outflows; equity investments; debt securities; stock market; government securities; foreign investments; net capital flows; capital markets; foreign exchange position; foreign banks; foreign currencies; current account balance; border capital flows; foreign securities; volatile capital flows; stock exchange; securities companies; foreign investors; international settlements; foreign exchange reserves; foreign companies; capital requirement; option contracts; subsidiaries; commercial credits; foreign direct investment; determinants of capital flows; domestic credit; derivative markets; liberalization of capital; foreign exchange positions; capital market development; foreign affiliates; foreign liabilities; fixed income securities; foreign payments; swap transactions; equity inflows; securities exchanges; foreign trade;

    References

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Hyun Song Shin & Kwanho Shin, 2011. "Procyclicality and Monetary Aggregates," NBER Working Papers 16836, National Bureau of Economic Research, Inc.
    2. Levy Yeyati, Eduardo & Schmukler, Sergio L. & Van Horen, Neeltje, 2009. "International financial integration through the law of one price: The role of liquidity and capital controls," Journal of Financial Intermediation, Elsevier, vol. 18(3), pages 432-463, July.
    3. De Gregorio, Jose & Edwards, Sebastian & Valdes, Rodrigo O., 2000. "Controls on capital inflows: do they work?," Journal of Development Economics, Elsevier, vol. 63(1), pages 59-83, October.
    4. Chikako Baba & Annamaria Kokenyne, 2011. "Effectiveness of Capital Controls in Selected Emerging Markets in the 2000's," IMF Working Papers 11/281, International Monetary Fund.
    5. Bruno Coelho & Kevin Gallagher, 2010. "Capital Controls and 21st Century Financial Crises: Evidence from Colombia and Thailand," Working Papers wp213, Political Economy Research Institute, University of Massachusetts at Amherst.
    6. Sen Gupta, Abhijit, 2010. "Management of International Capital Flows: The Indian Experience," MPRA Paper 23747, University Library of Munich, Germany.
    7. Montiel, Peter & Reinhart, Carmen M., 1999. "Do capital controls and macroeconomic policies influence the volume and composition of capital flows? Evidence from the 1990s," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 619-635, August.
    8. Jonathan David Ostry & Atish R. Ghosh & Karl Friedrich Habermeier & Marcos Chamon & Mahvash Saeed Qureshi & Dennis B. S. Reinhardt, 2010. "Capital Inflows," IMF Staff Position Notes 2010/04, International Monetary Fund.
    9. Francisco A. Gallego F & Leonardo Hernández, 2003. "Microeconomic Effects of Capital Controls: The Chilean Experience During the 1990s," Working Papers Central Bank of Chile 203, Central Bank of Chile.
    10. Michael Hutchison & Jake Kendall & Gurnain Pasricha & Nirvikar Singh, 2009. "Indian Capital Control Liberalization : Evidence from NDF Markets," Finance Working Papers 22971, East Asian Bureau of Economic Research.
    11. Nicolas E. Magud & Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "Capital Controls: Myth and Reality - A Portfolio Balance Approach," NBER Working Papers 16805, National Bureau of Economic Research, Inc.
    12. Reinhart, Carmen & Smith, R. Todd, 1998. "Too much of a good thing: The macroeconomic effects of taxing capital inflows," MPRA Paper 13234, University Library of Munich, Germany.
    13. Sebastian Edwards, 1999. "How Effective are Capital Controls?," NBER Working Papers 7413, National Bureau of Economic Research, Inc.
    14. Campion, Mary Kathryn & Neumann, Rebecca M., 2004. "Compositional effects of capital controls: evidence from Latin America," The North American Journal of Economics and Finance, Elsevier, vol. 15(2), pages 161-178, August.
    15. Eliana Cardoso & Ilan Goldfajn, 1998. "Capital Flows to Brazil: The Endogeneity of Capital Controls," IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 161-202, March.
    16. David Vávra & Inci Ötker & Barry Topf & Zbigniew Polanski, 2007. "Coping with Capital Inflows," IMF Working Papers 07/190, International Monetary Fund.
    17. Guonan Ma & RobertN McCauley, 2008. "Efficacy Of China'S Capital Controls: Evidence From Price And Flow Data," Pacific Economic Review, Wiley Blackwell, vol. 13(1), pages 104-123, 02.
    18. Edwards, Sebastian & Rigobon, Roberto, 2009. "Capital controls on inflows, exchange rate volatility and external vulnerability," Journal of International Economics, Elsevier, vol. 78(2), pages 256-267, July.
    19. Cardenas, Mauricio & Barrera, Felipe, 1997. "On the effectiveness of capital controls: The experience of Colombia during the 1990s," Journal of Development Economics, Elsevier, vol. 54(1), pages 27-57, October.
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