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The Effectiveness of Financial Liberalization Policies: The Experiences of Some Emerging Market Economies

Author

Listed:
  • Harun BAL
  • Emrah Eray AKCA
  • Omer DEMIR

Abstract

In this study, the effectiveness of capital controls implemented in some emerging market economies during 2006Q1-2012Q4 period is investigated by the event study approach. According to the findings obtained by the event study approach, capital controls do not curb net capital inflows in all cases. The overall results suggest that capital controls is not fully achieving the desired objectives for the countries in question. For an effective capital controls policy, it is recommended that the responses of global market agents to the capital controls should be estimated correctly and the capital controls should be well-designed and implemented carefully on this basis.

Suggested Citation

  • Harun BAL & Emrah Eray AKCA & Omer DEMIR, 2016. "The Effectiveness of Financial Liberalization Policies: The Experiences of Some Emerging Market Economies," Journal of BRSA Banking and Financial Markets, Banking Regulation and Supervision Agency, vol. 10(2), pages 63-85.
    • Handle: RePEc:bdd:journl:v:10:y:2016:i:2:p:63-85
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    More about this item

    Keywords

    Net Capital Inflows; Capital Controls; Event Study Approach; Emerging Market Economies;
    All these keywords.

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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