Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 郑环环教授 (经济学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1016/j.jbankfin.2013.04.007 |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/5WOS source URL
其它资讯
摘要Controls on capital inflows have been experiencing a renaissance since 2008, with several prominent emerging markets implementing them in recent years. We focus on Brazil, which instituted five changes in its capital account regime in 2008-2011. Using the synthetic control method, we construct counterfactuals (i.e., Brazil with no policy change) for each of these changes. We find no evidence that any tightening of controls was effective in reducing the magnitudes of capital inflows, but we observe some modest and short-lived success in preventing further declines in inflows when the capital controls were relaxed. We hypothesize that price-based capital controls' only perceptible effect is to be found in the content of the signal they broadcast regarding the government's larger intentions and sensibilities. In the case of Brazil, its left-of-center government's willingness to remove controls was perceived as a noteworthy indication that the government was not as hostile to the international financial markets as many expected it to be. (C) 2013 Elsevier B.V. All rights reserved.
着者Jinjarak Y, Noy I, Zheng HH
期刊名称Journal of Banking and Finance
出版年份2013
月份8
日期1
卷号37
期次8
出版社ELSEVIER SCIENCE BV
页次2938 - 29http://aims.cuhk.edu.hk/converis/portal/Publication/52
国际标準期刊号0378-4266
电子国际标準期刊号1872-6372
语言英式英语
关键词Brazil; Capital control; Exchange rate; Global financial crisis; Mutual fund flows
Web of Science 学科类别Business & Economics; Business, Finance; BUSINESS, FINANCE; Economics; ECONOMICS
