Capital flow management policies in emerging market economies: Are they successful in mitigating drastic changes of capital flows?

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This paper constructs a new database for capital flow management policies (CFMs) in 16 emerging market economies from 1999 to 2008 and analyses their effect on extreme capital flow movements. We show that CFMs are effective in mitigating drastic changes of capital flows. We also find that CFMs do not have significant impacts on capital flow volumes. The results suggest that CFMs could be employed as policy toolkits for mitigating extreme capital flow movements without distorting capital flows in a normal period.
Publisher
WILEY
Issue Date
2018-10
Language
English
Article Type
Article
Keywords

MACROPRUDENTIAL POLICIES; BRAZIL; SURGES; STOPS; ASIA

Citation

INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, v.23, no.4, pp.413 - 426

ISSN
1076-9307
DOI
10.1002/ijfe.1629
URI
http://hdl.handle.net/10203/246570
Appears in Collection
IE-Journal Papers(저널논문)
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