What Lessons Can Asia Draw from Capital Controls in Brazil during 2008–2012?

Yothin Jinjarak, Ilan Noy and Huanhuan Zheng

No 423, ADBI Working Papers from Asian Development Bank Institute

Abstract: Driven by waves of foreign capital inflows and outflows, Indonesia, the Republic of Korea, and Thailand—among several other emerging markets—have resorted to capital control policy since 2006. Are capital controls effective? Controls on capital inflows have been experiencing a renaissance since 2008, with several prominent Asian and Latin American countries implementing them. This paper focuses on Brazil, which instituted five changes in its capital account regime over 2008–2011. It concludes that the effectiveness of capital controls should be viewed on a case-by-case basis, together with the political economy considerations, and other policy tools, i.e., foreign exchange intervention.

Keywords: capital control; brazil; global financial crisis; mutual fund flows; exchange rate (search for similar items in EconPapers)
JEL-codes: E60 F32 G23 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2013-05-28
New Economics Papers: this item is included in nep-ifn, nep-lam, nep-mac and nep-sea
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