Do capital controls boost resilence to crises?

Detalhes bibliográficos
Ano de defesa: 2013
Autor(a) principal: Goossens, Roman
Orientador(a): Mori, Rogério
Banca de defesa: Não Informado pela instituição
Tipo de documento: Dissertação
Tipo de acesso: Acesso aberto
Idioma: eng
Instituição de defesa: Não Informado pela instituição
Programa de Pós-Graduação: Não Informado pela instituição
Departamento: Não Informado pela instituição
País: Não Informado pela instituição
Palavras-chave em Português:
Link de acesso: http://hdl.handle.net/10438/11079
Resumo: Capital controls are back in vogue and a number of emerging markets reintroduced these measures in recent years in the face of a 'flood' of international capital. Policymakers argue that these tools buttress their economies from the risk of a 'sudden stop' in capital flows. We show that capital controls seem to make emerging market economies (EMEs) more resistant to financial crises (i.e. that output loss following a crisis is lower when controls are higher). However that they also seem to make EMEs more crisis-prone, increasing the probability of crises. Policymakers should hence carefully evaluate whether the benefits of capital controls outweigh the costs before implementing them.
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spelling Goossens, RomanEscolas::EESPMarçal, Emerson FernandesGoldbaum, SergioMori, Rogério2013-08-27T15:00:38Z2013-08-27T15:00:38Z2013-07-26GOOSSENS, Roman. Do capital controls boost resilence to crises?. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2013.http://hdl.handle.net/10438/11079Capital controls are back in vogue and a number of emerging markets reintroduced these measures in recent years in the face of a 'flood' of international capital. Policymakers argue that these tools buttress their economies from the risk of a 'sudden stop' in capital flows. We show that capital controls seem to make emerging market economies (EMEs) more resistant to financial crises (i.e. that output loss following a crisis is lower when controls are higher). However that they also seem to make EMEs more crisis-prone, increasing the probability of crises. Policymakers should hence carefully evaluate whether the benefits of capital controls outweigh the costs before implementing them.Os controles de capitais estão novamente em voga em razão dos países emergentes reintroduzirem essas medidas nos últimos anos face a abundante entrada de capital internacional. As autoridades argumentam que tais medidas protegem as economias no caso de uma 'parada abrupta' desses fluxos. Será demonstrado que os controles de capitais parecem fazer com que as economias emergentes (EMEs) fiquem mais resistentes diante de uma crise financeira (por exemplo, uma queda na atividade econômica seguida de uma crise é menor quando o controle é maior). No entanto, os controles de capitais parecem deixar as economias emergentes (EMEs) também mais propícias a uma crise. Deste modo, as autoridades devem ser cautelosas na avaliação quanto aos riscos e benefícios relativos a aplicação das medidas dos controles de capitais.engCapital controlsEmerging market economiesCrisesEconomiaCrise financeiraFluxo de caixaÁreas subdesenvolvidas - FinançasDo capital controls boost resilence to crises?info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINALRoman Goossens Do Capital Controls Boost Reslience to Crises 20130823.pdfRoman Goossens Do Capital Controls Boost Reslience to Crises 20130823.pdfapplication/pdf731111https://repositorio.fgv.br/bitstreams/583a3b66-efdd-40be-b30e-b6dbdd84e0e2/download751d28a481a97d4776e7d5bd503e9d88MD53LICENSElicense.txtlicense.txttext/plain; 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dc.title.por.fl_str_mv Do capital controls boost resilence to crises?
title Do capital controls boost resilence to crises?
spellingShingle Do capital controls boost resilence to crises?
Goossens, Roman
Capital controls
Emerging market economies
Crises
Economia
Crise financeira
Fluxo de caixa
Áreas subdesenvolvidas - Finanças
title_short Do capital controls boost resilence to crises?
title_full Do capital controls boost resilence to crises?
title_fullStr Do capital controls boost resilence to crises?
title_full_unstemmed Do capital controls boost resilence to crises?
title_sort Do capital controls boost resilence to crises?
author Goossens, Roman
author_facet Goossens, Roman
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EESP
dc.contributor.member.none.fl_str_mv Marçal, Emerson Fernandes
Goldbaum, Sergio
dc.contributor.author.fl_str_mv Goossens, Roman
dc.contributor.advisor1.fl_str_mv Mori, Rogério
contributor_str_mv Mori, Rogério
dc.subject.por.fl_str_mv Capital controls
Emerging market economies
Crises
topic Capital controls
Emerging market economies
Crises
Economia
Crise financeira
Fluxo de caixa
Áreas subdesenvolvidas - Finanças
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Crise financeira
Fluxo de caixa
Áreas subdesenvolvidas - Finanças
description Capital controls are back in vogue and a number of emerging markets reintroduced these measures in recent years in the face of a 'flood' of international capital. Policymakers argue that these tools buttress their economies from the risk of a 'sudden stop' in capital flows. We show that capital controls seem to make emerging market economies (EMEs) more resistant to financial crises (i.e. that output loss following a crisis is lower when controls are higher). However that they also seem to make EMEs more crisis-prone, increasing the probability of crises. Policymakers should hence carefully evaluate whether the benefits of capital controls outweigh the costs before implementing them.
publishDate 2013
dc.date.accessioned.fl_str_mv 2013-08-27T15:00:38Z
dc.date.available.fl_str_mv 2013-08-27T15:00:38Z
dc.date.issued.fl_str_mv 2013-07-26
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
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dc.identifier.citation.fl_str_mv GOOSSENS, Roman. Do capital controls boost resilence to crises?. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2013.
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/11079
identifier_str_mv GOOSSENS, Roman. Do capital controls boost resilence to crises?. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2013.
url http://hdl.handle.net/10438/11079
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
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