Effects of Capital Flow Management Measures on Wealth Inequality: New Evidence from Counterfactual Estimators

Yang Zhou and Shigeto Kitano
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Yang Zhou: Institute of Developing Economies, Japan External Trade Organization and Research Institute for Economics & Business Administration (RIEB), Kobe University, JAPAN

No DP2024-30, Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University

Abstract: We provide cross-country evidence that variations in capital flow management measures (CFMs) result in differences in wealth inequality and distribution by using counterfactual estimators for causal inference. Diverging from previous studies, we analyze the effects of ten distinct asset-specific CFMs on wealth inequality and distribution. While we obtain consistent results of aggregate CFMs with previous studies, our results of asset-specific CFMs are quite heterogeneous. Our result implies that the effects of CFMs on wealth inequality and distribution significantly depend on asset categories as well as income levels and capital flow directions.

Keywords: Capital flow management measures (CFMs); Wealth inequality; Gini coefficient; Wealth distribution; Counterfactual estimator (search for similar items in EconPapers)
JEL-codes: D63 E21 F38 G15 G28 O16 (search for similar items in EconPapers)
Pages: 60 pages
Date: 2024-09, Revised 2024-12
New Economics Papers: this item is included in nep-fdg, nep-ifn and nep-mon
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