Policy rules for capital controls / by Gurnain Pasricha. : FB3-5/2017-42E-PDF
“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.
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| Ministère/Organisme | Bank of Canada. |
|---|---|
| Titre | Policy rules for capital controls / by Gurnain Pasricha. |
| Titre de la série | Bank of Canada staff working paper, 1701-9397 ; 2017-42 |
| Type de publication | Série - Voir l'enregistrement principal |
| Langue | [Anglais] |
| Format | Électronique |
| Document électronique | |
| Note(s) | "October 2017." Includes bibliographical references (42-44). Includes abstract in French. |
| Information sur la publication | [Ottawa] : Bank of Canada, 2017. |
| Auteur / Contributeur | Pasricha, Gurnain Kaur. |
| Description | iii, 50 p. : col. charts |
| Numéro de catalogue |
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| Descripteurs | International finance Capital markets Exchange rates Monetary policy Statistical analysis |
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