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Domestic and multilateral effects of capital controls in emerging markets

Martin Bijsterbosch, Matteo Falagiarda, Gurnain Pasricha () and Joshua Aizenman ()

No 1844, Working Paper Series from European Central Bank

Abstract: Using a novel dataset on changes in capital controls and currency-based prudential measures in 17 major emerging market economies (EMEs) over the period 2001-2011, this paper provides new evidence on domestic and multilateral (or spillover) effects of capital controls before and after the global financial crisis. Our results, based on panel VARs, suggest that capital control actions do not allow countries to avoid the trade-offs of the monetary policy trilemma. Where they have a desired impact on the trilemma variables JEL Classification: F41, F42, F32

Keywords: capital controls; capital flows; emerging market economies; monetary policy trilemma; policy spillovers (search for similar items in EconPapers)
Date: 2015-08
New Economics Papers: this item is included in nep-cis, nep-ifn, nep-mon and nep-opm
Note: 339019
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Related works:
Journal Article: Domestic and multilateral effects of capital controls in emerging markets (2018) Downloads
Working Paper: Domestic and Multilateral Effects of Capital Controls in Emerging Markets (2015) Downloads
Working Paper: Domestic and Multilateral Effects of Capital Controls in Emerging Markets (2015) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:20151844

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