sdn1114(The Effectiveness of Capital Controls and Prudential).pdf

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1、IMFSTAFFDISCUSSIONNOTEAugust5,2011SDN/11/14TheEffectivenessofCapitalControlsandPrudentialPoliciesinManagingLargeInflowsKarlHabermeier,AnnamariaKokenyne,andChikakoBabaINTERNATIONALMONETARYFUNDINTERNATIONALMONETARYFUNDMonetaryandCapitalMarketsDepartmen

2、tTheEffectivenessofCapitalControlsandPrudentialPoliciesinManagingLargeInflowsPreparedbyKarlHabermeier,AnnamariaKokenyne,andChikakoBabaAuthorizedfordistributionbyJoséViñalsAugust5,2011DISCLAIMER:ThisStaffDiscussionNoterepresentstheviewsoftheauthorsand

3、doesnotnecessarilyrepresentIMFviewsorIMFpolicy.TheviewsexpressedhereinshouldbeattributedtotheauthorsandnottotheIMF,itsExecutiveBoard,oritsmanagement.StaffDiscussionNotesarepublishedtoelicitcommentsandtofurtherdebate.JELClassificationNumbers:F2,F3Keyw

4、ords:capitalcontrols,financialregulation,macroprudentialpolicies,capitalinflows,emergingmarketeconomiesAuthors’E-mailAddresses:khabermeier@imf.org;akokeny@imf.org;cbaba@imf.org3ContentsPageExecutiveSummary.............................................

5、......................................................................4I.Introduction.......................................................................................................................5II.WhatDoestheLiteratureTellUs?..............

6、.....................................................................6III.CapitalControlsinthe2000s—SomeNewEconometricEvidence...............................10IV.ManagingtheRisksofCapitalInflows—CapitalControlsandPrudentialPolicies......15V.Conclusio

7、ns.....................................................................................................................19References.......................................................................................................................

8、.........20Table1.ImpactofCapitalControlsontheVolumeofCapitalFlows.........................................14Figure1.IndicesofCapitalControls.............................................................................................13AppendicesI.Re