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Capital Flows to Brazil-The Endogeneity of Capital Controls

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  • Eliane A. Cardoso
  • Ilan Goldfajn

Abstract

This paper creates an index of capital controls to analyze the determinants of capital flows to Brazil, accounting for the endogeneity of capital controls by considering a government that sets controls in response to capital flows. It finds that the government reacts strongly to capital flows by increasing controls on inflows during booms and relaxing them in moments of distress. The paper estimates a vector autoregression with capital flows, controls, and interest differentials. It shows that controls have been temporarily effective in altering levels and composition of capital flows but have had no sustained effects in the long run.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 97/115.

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Length: 48
Date of creation: 01 Sep 1997
Date of revision:
Handle: RePEc:imf:imfwpa:97/115

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  1. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1993. "“Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," MPRA Paper 7125, University Library of Munich, Germany.
  2. Ilan Goldfajn & Rodrigo Valdés, 1997. "The Aftermath of Appreciations," Working Papers Central Bank of Chile, Central Bank of Chile 02, Central Bank of Chile.
  3. Classens, S. & Dooley, M.P. & Warner, A., 1995. "Portfolio Capital Flows: Hot or Cold," Papers, Harvard - Institute for International Development 501, Harvard - Institute for International Development.
  4. Cardenas, Mauricio & Barrera, Felipe, 1997. "On the effectiveness of capital controls: The experience of Colombia during the 1990s," Journal of Development Economics, Elsevier, Elsevier, vol. 54(1), pages 27-57, October.
  5. Garcia, Marcio G. P. & Barcinski, Alexandre, 1998. "Capital Flows to Brazil in the Nineties: Macroeconomic Aspects and the Effectiveness of Capital Controls," The Quarterly Review of Economics and Finance, Elsevier, Elsevier, vol. 38(3, Part 1), pages 319-357.
  6. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1996. "Inflows of Capital to Developing Countries in the 1990s," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 10(2), pages 123-139, Spring.
  7. Dooley, Michael P, 1996. "Capital Controls and Emerging Markets," International Journal of Finance & Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 1(3), pages 197-205, July.
  8. R. B. Johnston & Chris Ryan, 1994. "The Impact of Controlson Capital Movementson the Private Capital Accounts of Countries' Balance of Payments," IMF Working Papers 94/78, International Monetary Fund.
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