00000nam 2200000za 4500 9.847604 CaOODSP 20221107153459 cr ||||||||||| 171123s2017 oncd obs f000 0 eng d CaOODSP eng eng fre n-cn--- FB3-5/2017-42E-PDF Pasricha, Gurnain Kaur. Policy rules for capital controls [electronic resource] / by Gurnain Pasricha. [Ottawa] : Bank of Canada, 2017. iii, 50 p. : col. charts Bank of Canada staff working paper, 1701-9397 ; 2017-42 "October 2017." Includes bibliographical references (42-44). “Are capital controls macroprudential or mercantilist? This question is of great importance in the ongoing reshaping of the global financial architecture, but there is surprisingly little empirical evidence on how these tools have actually been used by emerging markets. The paper asks with which objectives — macroprudential or mercantilist — have policy-makers in emerging economies used capital controls. It takes a policy reaction function approach, clearly delineating the different motivations, and the trade-offs therein. The paper uses a detailed weekly dataset on capital controls policy that directly measures policy actions by 21 major emerging-market economies (EMEs) over the period 2001–2015. It also proposes a novel proxy for mercantilist concerns to disentangle them from macroprudential concerns. This proxy measures the real appreciation of an EME’s currency against its top five trade competitors"--Non-technical summary, p. 2. Includes abstract in French. gccst International finance gccst Capital markets gccst Exchange rates gccst Monetary policy gccst Statistical analysis Bank of Canada. Staff working paper (Bank of Canada) 1701-9397 ; 2017-42 (CaOODSP)9.806221 PDF 2.48 MB https://publications.gc.ca/collections/collection_2017/banque-bank-canada/FB3-5-2017-42-eng.pdf