Are capital controls countercyclical?

被引：44

作者：

Fernandez, Andres ^{[1
]}

Rebucci, Alessandro ^{[2
]}

Uribe, Martin ^{[3
,4
]}

机构：

[1] Interamer Dev Bank, New York, NY USA

[2] Johns Hopkins Univ, Carey Business Sch, Baltimore, MD 21218 USA

[3] Columbia Univ, New York, NY 10027 USA

[4] NBER, Cambridge, MA 02138 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2015年 / 76卷

关键词：

Capital controls; Prudential policy; Stabilization policy; INTEGRATION;

D O I：

10.1016/j.jmoneco.2015.07.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

A growing theoretical literature advocates the use of countercyclical capital control policy, that is, the tightening of restrictions on net capital inflows during booms and the relaxation thereof during recessions. We examine the behavior of capital controls in 78 countries over the period 1995-2011. We find that capital controls are remarkably acyclical. Booms and busts in aggregate activity are associated with virtually no movements in capital controls. These results are robust to controlling for the level of development, external indebtedness, and the exchange-rate regime. They also obtain around the great contraction of 2007. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：1 / 14

页数：14

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