Capital Controls or Macroprudential Regulation?
---- Acknowledgments ----
The views expressed herein are those of the authors and should not be attributed to the IMF, its Executive Board, its management, or the National Bureau of Economic Research. We thank Larry Ball, Suman Basu, Marcos Chamon, Giovanni DellAriccia, Pierre-Olivier Gourinchas, Sebnem Kalemli-Ozcan, Luc Laeven, Albert Martin, and Joseph Stiglitz as well as participants at the CBRT-NBER-pre-conference and at a seminar at the IMF for helpful comments and suggestions and Olivier Blanchard, Rex Ghosh and Jonathan Ostry for detailed discussions on the topic. Korinek acknowledges financial support from the IMF Research Fellowship and from CIGI/INET.