Capital Flows to Brazil: The Endogeneity of Capital Controls
Eliana Cardoso () and
Ilan Goldfajn
IMF Staff Papers, 1998, vol. 45, issue 1, 161-202
Abstract:
This paper creates an index of capital controls to analyze the determinants of capital flows to Brazil, accounting for the endogeneity of capital controls by considering a government that sets controls in response to capital flows. It finds that the government reacts strongly to capital flows by increasing controls on inflows during booms and relaxing them in moments of distress. The paper estimates a vector autoregression with capital flows, controls, and interest differentials. It shows that controls have been temporarily effective in altering levels and composition of capital flows but have had no sustained effects in the long run.
JEL-codes: F32 F41 (search for similar items in EconPapers)
Date: 1998
References: Add references at CitEc
Citations: View citations in EconPapers (108)
Downloads: (external link)
http://www.jstor.org/stable/3867333?origin=pubexport main text (application/pdf)
Access to full text is restricted to subscribers.
Related works:
Working Paper: Capital Flows to Brazil: The Endogeneity of Capital Controls (1997) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:pal:imfstp:v:45:y:1998:i:1:p:161-202
Ordering information: This journal article can be ordered from
http://www.springer. ... cs/journal/41308/PS2
Access Statistics for this article
More articles in IMF Staff Papers from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().