Motivations for capital controls and their effectiveness
研究印度资本管制的动机与效果，发现管制在汇率升值后收紧、贬值后放松，但对汇率等变量无显著影响。
Abstract We assess the motivations for changing capital controls and their effectiveness in India, a country with the legal and administrative machinery to implement controls. We focus on the controls on foreign borrowing that can, in principle, be motivated by macroprudential concerns. We construct a fine‐grained dataset of capital control actions on foreign borrowing in India. Using event study methodology, we assess the factors that motivate these capital control actions. We find that capital controls are tightened after appreciation and eased after depreciation of the exchange rate. We also assess the impact of controls. The results suggest no impact of capital controls on most variables, including the currency.