Johnston and Ryan (1994)JOHNSTON, B.; RYAN, C. The impact of controls on capital movements on the private capital accounts of countries balance of payments: empirical estimates and policy implications. Washington, DC: International Monetary Fund, 1994. (IMF Working Paper, WP/94/78).
|
Full capital account liberalization to restore BOP equilibrium; adoption of domestic microprudential regulation |
Emerging and developed economies (1985-1992) |
Econometric |
X |
|
Johnston and Tamirisa (1998)JOHNSTON, B.; TAMIRISA, N. Why do countries use capital controls? Washington, DC: International Monetary Fund, 1998. (IMF Working Paper, WP/98/181).
|
Similar to those in Johnston and Ryan (1994)JOHNSTON, B.; RYAN, C. The impact of controls on capital movements on the private capital accounts of countries balance of payments: empirical estimates and policy implications. Washington, DC: International Monetary Fund, 1994. (IMF Working Paper, WP/94/78).
|
Emerging economies (1993-1996) |
Econometric |
X |
|
Rossi (1999)ROSSI, M. Financial fragility and economic performance in developing economies: do capital controls, prudential regulation and supervision matter? Washington, DC: International Monetary Fund, 1999. (IMF Working Paper, WP/99/66).
|
Full capital account liberalization to reduce financial risks; adoption of domestic microprudential regulation |
Emerging economies (1990-1997) |
Econometric |
X |
|
Demirguç-Kunt and Detragiache (1998)DEMIRGÜÇ-KUNT, A.; DETRAGIACHE, E. The determinants of banking crises in developing and developed countries. IMF Staff Papers, v. 45, n. 1, p. 81-109, 1998.
|
Full capital account liberalization to reduce real interest rates and hence financial risks |
Emerging and developed economies (1980-1994) |
Econometric |
|
X |
Fischer (1997)FISCHER, S. Capital account liberalization and the role of the IMF. In: IMF Seminar Asia and the IMF, Hong Kong, v. 19, 1997.
|
Full capital account liberalization; adoption of flexible exchange rate s |
Emerging economies |
Theoretical/ Normative |
|
X |
Prasad et al. (2003)PRASAD, E.; ROGOFF, K.; WEI, S.; KOSE, A. Effects of financial globalization on developing countries: some empirical evidence. Washington, DC: International Monetary Fund, 2003. (IMF Occasional Paper, n. 220).
|
Sequential capital account liberalization; threshold approach |
Emerging and developed economies (1960-1999) |
Empiric (Descriptive) |
X |
|
Prasad and Rajan (2005)PRASAD, E.; RAJAN, R. Controlled capital account liberalization: a proposal. Washington, DC: International Monetary Fund, 2005. (IMF Policy Discussion Paper, PDP/05/xx).
|
Sequential capital account liberalization; central bank as ‘exchange rate market maker’ |
Emerging economies |
Theoretical/ Normative |
X |
|
IMF (2007)INTERNATIONAL MONETARY FUND. Reaping the benefits of financial globalization. Washington, DC: International Monetary Fund, 2007.
|
Sequential capital account liberalization; threshold approach |
Emerging and developed economies (1975-2004) |
Empiric (Descriptive) |
|
X |
Cardarelli et al. (2009)CARDARELLI, R.; ELEKDAG, S.; KOSE, M. A. Capital inflows: Macroeconomic implications and policy responses. Washington, DC: International Monetary Fund, 2009. (IMF Working Paper, WP/09/40).
|
Threshold approach; countercyclical fiscal policy as ‘first-best exchange rate policy’ |
Emerging and developed economies (1987-2007) |
Econometric |
X |
|
IMF (2011a)INTERNATIONAL MONETARY FUND. Recent experiences in managing capital inflows – cross-cutting themes and possible policy framework. Washington, DC: International Monetary Fund, 2011a.
|
Sporadic CFMs on capital inflows after the exhaustion of ‘conventional’ policies |
Emerging economies (1990-2010) |
Econometric |
|
X |
IMF (2011b)INTERNATIONAL MONETARY FUND. The multilateral aspects of policies affecting capital flows. Washington, DC: International Monetary Fund, 2011b.
|
Greater regulation on capital flows intermediated by the shadow banking system |
Emerging economies (1980-2009) |
Econometric |
|
X |
Ostry et al. (2010)OSTRY, J. D.; GHOSH, A. R.; HABERMEIER, K.; CHAMON, M.; QURESHI, M.; REINHARDT, D. Capital inflows: the role of controls. Washington, DC: International Monetary Fund, 2010. (IMF Staff Position Note, SPN/10/04).
|
Sporadic CFMs on external funding of financial institutions; concerns with exchange rate appreciation and financial risks |
Emerging economies (2003-2009) |
Econometric |
|
X |
Ostry et al. (2011)OSTRY, J. D.; GHOSH, A. R.; HABERMEIER, K.; CHAMON, M.; QURESHI, M.; LEAVEN, L.; KOKENYE, A. Managing capital inflows: what tools to use? Washington, DC: International Monetary Fund, 2011. (IMF Staff Discussion Note, SDN/11/06).
|
Similar to those in Ostry et al. (2010)OSTRY, J. D.; GHOSH, A. R.; HABERMEIER, K.; CHAMON, M.; QURESHI, M.; REINHARDT, D. Capital inflows: the role of controls. Washington, DC: International Monetary Fund, 2010. (IMF Staff Position Note, SPN/10/04).
|
Emerging economies (1995-2008) |
Econometric |
|
X |
IMF (2012a)INTERNATIONAL MONETARY FUND. The liberalization and management of capital flows. Washington, DC: International Monetary Fund, 2012a.
|
Sporadic CFMs on capital outflows in the imminence of currency crises |
Emerging economies |
Empiric (Descriptive) |
|
X |
IMF (2012b)INTERNATIONAL MONETARY FUND. Liberalizing capital flows and managing outflows. Washington, DC: International Monetary Fund, 2012b.
|
Similar to those in IMF (2012a)INTERNATIONAL MONETARY FUND. The liberalization and management of capital flows. Washington, DC: International Monetary Fund, 2012a.
|
Emerging and developed economies |
Empiric (Descriptive) |
|
X |
Ostry and Ghosh (2013)OSTRY, J. D.; GHOSH, A. R. Obstacles to international policy coordination, and how to overcome them. Washington, DC: International Monetary Fund, 2013. (IMF Staff Discussion Note, SDN/13/11).
|
Regulation on capital outflows from advanced economies |
Emerging and developed economies |
Theoretical modeling |
|
X |
IMF (2013a)INTERNATIONAL MONETARY FUND. Guidance note for the liberalization and management of capital flows. Washington, DC: International Monetary Fund, 2013a.
|
Use of CFMs until market reforms are complete; regulation of capital outflows from capital-source economies |
Emerging and developed economies |
Theoretical/ Normative |
|
X |
Ostry et al. (2016)OSTRY, J. D.; LOUNGANI, P.; FURCERI, D. Neoliberalism: oversold? Finance & Development, v. 53, n. 2 p. 38-41, 2016.
|
Existing relation between capital account liberalization and increased income inequality |
Emerging and developed economies (1970-2010) |
Empiric (Descriptive)/ Literature Review |
|
X |