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Modelling portfolio capital flows in a global framework : multilateral implications of capital controls
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Boero, Gianna , Mandalinci, Zeyyad and Taylor, Mark P. (2019) Modelling portfolio capital flows in a global framework : multilateral implications of capital controls. Journal of International Money and Finance, 90 . pp. 142-160. doi:10.1016/j.jimonfin.2018.09.006
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Official URL: http://dx.doi.org/10.1016/j.jimonfin.2018.09.006
Abstract
In the aftermath of the global financial crisis, many emerging market countries resorted to capital controls to tackle the excessive surge of capital inflows. A number of recent research papers have suggested that the imposition of controls may have imposed negative externalities on other countries by deflecting flows. Our aim in the research reported in this paper is to assess the efficacy of capital controls and potential deflection effects on other countries by constructing a comprehensive global econometric model which captures the dynamic interactions of capital flows with domestic and global fundamentals. The results suggest that capital controls are effective for some countries in the short run, but have no lasting effects. Moreover, there is only limited evidence of deflection effects for a small number of emerging market countries.
| Item Type: | Journal Article | ||||||||
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| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HG Finance |
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| Divisions: | Faculty of Social Sciences > Economics | ||||||||
| Library of Congress Subject Headings (LCSH): | Global Financial Crisis, 2008-2009, Capital movements, Econometrics | ||||||||
| Journal or Publication Title: | Journal of International Money and Finance | ||||||||
| Publisher: | Elsevier BV | ||||||||
| ISSN: | 0261-5606 | ||||||||
| Official Date: | February 2019 | ||||||||
| Dates: |
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| Volume: | 90 | ||||||||
| Page Range: | pp. 142-160 | ||||||||
| DOI: | 10.1016/j.jimonfin.2018.09.006 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Access rights to Published version: | Open Access |
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