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The Effectiveness of Capital Flow Management Measures: Evidence from India

Author

Listed:
  • Yang Zhou

    (Graduate School of Economics, Nagoya City University, JAPAN)

  • Shigeto Kitano

    (Research Institute for Economics and Business Administration, Kobe University, JAPAN)

Abstract

This study empirically examines the effectiveness of capital flow management measures (CFMs) in India. Using the local projection method and monthly de jure data constructed by Binici et al. (2024), we find that CFMs are effective across all examined asset categories: portfolio, equity, debt, and FDI inflows, as well as portfolio and FDI outflows.

Suggested Citation

  • Yang Zhou & Shigeto Kitano, 2025. "The Effectiveness of Capital Flow Management Measures: Evidence from India," Discussion Paper Series DP2025-35, Research Institute for Economics & Business Administration, Kobe University.
    • Handle: RePEc:kob:dpaper:dp2025-35
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    File URL: https://www.rieb.kobe-u.ac.jp/academic/ra/dp/English/DP2025-35.pdf
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    Keywords

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    JEL classification:

    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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