Capital Flow Deflection ePub (Adobe DRM) download by Paolo Giordani

Capital Flow Deflection

INTERNATIONAL MONETARY FUND
Publication date: August 2014
ISBN: 9781498317498
Digital Book format: ePub (Adobe DRM)

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This paper focuses on the coordination problem among borrowing countries imposing controls on capital infl ows. In a simple model of capital flows and controls, we show that inflow restrictions distort international capital flows to other countries and that, in turn, such capital flow deflection may lead to a policy response. We then test the theory using data on inflow restrictions and gross capital inflows for a large sample of developing countries between 1995 and 2009. Our estimation yields strong evidence that capital controls deflect capital flows to other borrowing countries with similar economic characteristics. Notwithstanding these strong cross-border spillover effects, we do not find evidence of a policy response.
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