The Effectiveness of Capital Flow Management Measures: Evidence from India

Yang Zhou and Shigeto Kitano
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Yang Zhou: Graduate School of Economics, Nagoya City University, JAPAN
Shigeto Kitano: Research Institute for Economics and Business Administration, Kobe University, JAPAN

No DP2025-35, Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University

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.

Keywords: Capital flow management measures (CFMs); Capital controls; India; Local projection (search for similar items in EconPapers)
JEL-codes: F32 F38 G15 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2025-12
New Economics Papers: this item is included in nep-ifn and nep-sea
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