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Capital flow management policies in emerging market economies: Are they successful in mitigating drastic changes of capital flows?

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  • Inbin Hwang
  • Hyungsoon Park
  • Sunyoung Park

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.

Suggested Citation

  • Inbin Hwang & Hyungsoon Park & Sunyoung Park, 2018. "Capital flow management policies in emerging market economies: Are they successful in mitigating drastic changes of capital flows?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 23(4), pages 413-426, October.
    • Handle: RePEc:wly:ijfiec:v:23:y:2018:i:4:p:413-426
    DOI: 10.1002/ijfe.1629
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    Cited by:

    1. Thong Trung Nguyen & Muhammad Ali Nasir & Xuan Vinh Vo, 2024. "Exchange rate dynamics of emerging and developing economies: Not all capital flows are alike," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(1), pages 1115-1124, January.

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