The Effectiveness of Financial Liberalization Policies: The Experiences of Some Emerging Market Economies

Harun Bal, Emrah Eray Akca and Omer Demir

Journal of BRSA Banking and Financial Markets, 2016, vol. 10, issue 2, 63-85

Abstract: In this study, the effectiveness of capital controls implemented in some emerging market economies during 2006Q1-2012Q4 period is investigated by the event study approach. According to the findings obtained by the event study approach, capital controls do not curb net capital inflows in all cases. The overall results suggest that capital controls is not fully achieving the desired objectives for the countries in question. For an effective capital controls policy, it is recommended that the responses of global market agents to the capital controls should be estimated correctly and the capital controls should be well-designed and implemented carefully on this basis.

Keywords: Net Capital Inflows; Capital Controls; Event Study Approach; Emerging Market Economies (search for similar items in EconPapers)
JEL-codes: F32 F38 G14 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:bdd:journl:v:10:y:2016:i:2:p:63-85

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