文章基本信息

标题：Protect and survive? Did capital controls help shield emerging markets from the crisis?
本地全文：下载
作者：Makram El-Shagi
期刊名称：Economics Bulletin
电子版ISSN：1545-2921
出版年度：2012
卷号：32
期号：1
页码：1-6
出版社：Economics Bulletin
摘要：Using a new dataset on capital market regulation, we analyze whether capital controls helped protect emerging markets from the real economic consequences of the 2009 financial and economic crisis. The impact of the crisis is measured by the 2009 forecast error of a panel state space model, which analyzes the business cycle dynamics of 63 middle-income countries. We find that neither capital controls in general nor controls that were specifically targeted to derivatives (that played a crucial role during the crisis) helped shield economies. However, banking regulation that limits the exposure of banks to global risks has been highly successful.
关键词：Capital controls; financial crisis; emerging markets