Domestic and Multilateral Effects of Capital Controls in Emerging Markets

We would like to thank Thomas Dallaire, Gagandeep Pabla, Bryce Shelton and Derrick Shroeter for excellent research assistance. We would also like to thank two anonymous referees, Damien Cubizol, Rose Cunningham, Michael Ehrmann, Andrea Fracasso, Serdar Kabaca, Rahul Mukherjee, Robert McCauley, seminar participants at Bank of Canada, Bank for International Settlements, International Monetary Fund, Inter-American Development Bank, the Central Bank of Republic of Turkey and Bank of England joint G20 workshop on “International Monetary and Financial System: short-term challenges, long-term solutions”, the 13th Research Meeting of NIPFP-DEA Research Program at Neemrana, India, the 13th INFINITI conference on International Finance, the 2016 Annual Conference of the Royal Economic Society and the EMG-ECB Workshop on Global Liquidity and its International Implications held in April 2016, for helpful comments and suggestions. The views expressed in this paper are those of the authors. No responsibility for them should be attributed to the Bank of Canada, the European Central Bank or the NBER. This research did not receive any specific grant from funding agencies in the public, commercial, or not-for-profit sectors.

• Data appendices

• January 9, 2015
• June 5, 2015
• July 19, 2017
• February 28, 2018