Capital flow management policies in emerging market economies: Are they successful in mitigating drastic changes of capital flows?
研究了16个新兴市场经济体1999-2008年资本流动管理政策对极端资本流动的影响，发现这些政策能有效缓解剧烈变化，但不影响正常时期的资本流动规模。
Abstract This paper constructs a new database for capital flow management policies (CFMs) in 16 emerging market economies from 1999 to 2008 and analyses their effect on extreme capital flow movements. We show that CFMs are effective in mitigating drastic changes of capital flows. We also find that CFMs do not have significant impacts on capital flow volumes. The results suggest that CFMs could be employed as policy toolkits for mitigating extreme capital flow movements without distorting capital flows in a normal period.