248
Views
2
CrossRef citations to date
0
Altmetric
ARTICLES

On the effectiveness of capital controls during the Great Recession: The Brazilian experience (2007–2013)

References

  • Akerlof, G. A., Blanchard, O., Romer, D., and Stiglitz, J.E.. What Have We Learned?. Macroeconomic Policy after the Crisis. Cambridge, MA: MIT Press, 2014.
  • Alfaro, L.; Chari, A.; and Kanczuk, F. “The Real Effects of Capital Controls: Financial Constraints, Exporters, and Firm Investment.” NBER Working Paper 20726, December 2014.
  • Arestis, P., and De Paula, L. F. Financial Liberalization and Economic Performance in Emerging Countries, 1st ed. London: Palgrave Macmillan, 2008.
  • Arestis, P., and Sawyer, M. eds. 21st Century Keynesian Economics. (International Papers in Political Economy). London: Palgrave Macmillan, 2010.
  • Arida, P.; Bacha, E.; and Lara-Resende, A. “High Interest Rates in Brazil: Conjectures on the Jurisdictional Uncertainty.” In F. Giavazzi, I. Goldfajn, and S. Herrera (eds)., Inflation Targeting, Debt, and the Brazilian Experience, 1999 to 2003. Cambridge, MA: MIT Press, 2005, pp. 266–298
  • Baba, C., and Kokenyne, A. “Effectiveness of Capital Controls in Selected Emerging Markets in the 2000s.” IMF Working Paper 281/11, 2011.
  • Bhagwati, J. “The Capital Myth: The Difference between Trade in Widgets and Dollars.” Foreign Affairs, 1998, 77 (3), 7–12.
  • Blanchard, O., Romer, D., Spence, M., and Stiglitz, J., eds. In the Wake of the Crisis: Leading Economists Reassess Economic Policy. Cambrdige, MA: MIT Press, 2012.
  • Borio, C. “The Financial Cycle and Macroeconomics: What Have We Learnt?.” BIS Working Papers 395, December 2012.
  • Boughton, J. M. “Why White, Not Keynes? Inventing the Postwar International Monetary System.” IMF Working Paper 02/52, 2002.
  • Cardoso, H., and Goldfajn, I. “Capital Flows to Brazil: The Endogeneity of Capital Controls.” IMF Staff Papers, 1998, 45 (1).
  • Carvalho, B. de M., and Garcia, M. G. P. “Ineffective Controls on Capital Inflows under Sophisticated Financial Markets: Brazil in the Nineties.” In S. Edwards and M. G. P. Garcia (eds.), Financial Markets Volatility and Performance in Emerging Markets. Cambridge, MA. National Bureau of Economic Research, 2008, pp. 29–96.
  • Carvalho, F. J. C., and Sicsú, J. “Recent Controversies on Capital Controls.” In J. Sicsú (eds.), Employment, Interests and Foreign Exchange: Global Finance and Unemployment. Rio de Janeiro: Elsevier, 2007, pp. 184–221.
  • Chamon, M., and Garcia, M. “Capital Controls in Brazil: Effective?.” Texto para Discussão n. 606. Rio de Janeiro, PUC-RJ, 2014.
  • Claessens, S., and Kose, M. “Financial Crises Explanations: Types and Implications.” IMF Working Paper 13/28, 2013.
  • Commandeur, J., and Koopman, S. Practical Econometrics: an Introduction to State Space Time Series Analysis. Oxford: Oxford University Press, 2007.
  • Cynamon, B. Z.; Fazzari, S.; and Setterfield, M. eds. After the Great Recession: The Struggle for Economic Recovery and Growth. Cambridge: Cambridge University Press, 2013.
  • Davidson, P. Post Keynesian Macroeconomic Theory, 2nd ed. London: Edward Elgar, 2011.
  • De Paula, L. F. Financial Liberalization and Economic Performance: Brazil at the Crossroads. London: Routledge, 2010.
  • Durbin, J. Time Series Analysis by State Space Methods. Oxford: Oxford Statistical Science, 2012.
  • Edwards, S. “Capital Mobility and Performance: Are Emerging Economies Different?.” NBER, Working Paper Series, WP no. 8076, 2001.
  • Eichengreen, B., and Rose, A. “Capital Controls in the 21st Century.” Centre for Economic Policy Research Policy Insight no 72, 2014.
  • Epstein, G., and Carrick-Hagenbarth, J. “Financial Economists, Financial Interests and Dark Corners of the Meltdown: It’s Time to Set Ethical Standards for the Economics Profession.” Working Paper Series no 239. Amherst, Political Economy Research Institute, Univesity of Massachusetts, 2010.
  • Freitas, M., and Prates, D. “A abertura financeira no governo FHC: impactos e consequências.” Economia & Sociedade, Campinas, v. 17, pp. 81–111, 2001.
  • Gallagher, K. P. Ruling Capital: Emerging Markets and the Reregulation of Cross-Border Finance. Ithaca, NY: Cornell University Press, 2015.
  • Goldfajn, I., and Minella, A. “Capital Flows and Controls in Brazil: What Have We Learned?.” NBER Working Paper 11640, 2005.
  • Griffith-Jones, S., Ocampo, J. A., and Stiglitz, J. E. Time for a visible hand: lessons from the 2008 World Financial Crisis, New York: Oxford University Press, 2010.
  • Harvey, A. Forecasting Structural Time Series Models and the Kalman Filter. Cambridge: Cambridge University Press, 1989.
  • Harvey, A., and Koopman, S. “Diagnostic Checking of Unobserved-Components Time Series Models.” In A. Harvey and T. Proietti (eds.), Readings in Unobserved Components Models. Oxford: Oxford University Press, 2005, pp. 261–302.
  • Harvey, A., and Shephard, N. “Structural Time Series Models.” In G. Maddala, C. Rao, and H. Vinod, Handbook of Statistics, vol. 11. London: Elsevier Science, 1993, ch. 10.
  • International Monetary Fund (IMF). Recent Experiences in Managing Capital Inflows: Cross-Cutting Themes and Possible Policy Framework. Washington, DC, 2011.
  • ———. “The Liberalization and Management of Capital Flows: An Institutional View.” Policy Paper. Washington, DC, 2012.
  • Jinjarak, Y.; Noy, I.; and Zheng, H. “Capital Controls in Brazil: Stemming a Tide with a Signal?.” Journal of Banking and Finance, 2013, 37 (8), 2938–2952.
  • Kaminsky, G., and Schmukler, S. Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization. Washington, DC: World Bank, 2002.
  • Kregel, J. “Riscos e implicações da globalização financeira para a autonomia das políticas nacionais.” Revista Economia e Sociedade, Campinas, 1996 (7) (December), 29–49.
  • ———. “Minsky and Dynamic Macroprudential Regulation.” PSL Quarterly Review, 2014, 67 (269), 217–238.
  • Magud, N., and Reinhart, C. “Capital Controls: An Evaluation.” In S. Edwards (ed.), Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences. Chicago: University of Chicago Press, 2007, pp. 645–674.
  • Magud, N.; Reinhart, C.; and Rogoff, K. “Capital Controls: Myth and Reality—A Portfolio Balance Approach.” NBER Working Paper 16805, February 2011.
  • Meese, R. A., and Rogoff, K. “Empirical Exchange Rate Models of the Seventies: Do They Fit Out of Sample?” Journal of International Economics, 1983, 14 (February), 3–24.
  • Olivier, J. Who Needs to Open the Capital Account?. Washington, DC: Peterson Institute of International Economics, 2011.
  • Ostry, J., Ghosh, A., Habermeier, K., Chamon, M., Qureshi, M., and Reinhart, D.. “Capital Inflows: The Role of Controls.” IMF Staff Position Note, February 19. Washington, DC: International Monetary Fund, 2010.
  • Ostry, J., Ghosh, A., Habermeier, K., Laeven, L., Chamon, M., Qureshi, M., and Kokenyne, A. “Managing Capital Inflows: What Tools to Use?.” IMF Staff Discussion Note. Washington, DC: International Monetary Fund, 2011.
  • Patterson, K. An Introduction to Applied Econometrics: A Time Series Approach. Basingstoke: Palgrave, 2000.
  • Pilbeam, K. International Finance, 4th ed. Houndmills: Palgrave Macmillan, 2013.
  • Polanyi, K. The Great Transformation: The Political and Economic Origins of Our Time, 2nd ed. Boston: Beacon Press, [1944] 2001.
  • Qureshi, M.; Ostry, J.; Ghosh, A.; and Chamon, M. “Managing Capital Inflows: The Role of Controls and Prudential Policies.” NBER Working Paper 17363, 2011.
  • Rey, H. “Dilemma Not Trilemma: The Global Financial Cycle and Monetary Policy Independence.” NBER Working Paper 21162, May 2015.
  • Rodrik, D. Who Needs Capital Account Convertibility?. Cambridge, MA: Harvard University Press, 1998.
  • Schneider, B. Issues in Capital Account Convertibility in Developing Countries. London: Overseas Development Institute, 2000.
  • Soihet, E. “Índice de Controle de Capitais: uma Análise da Legislação e dos Determinantes do Fluxo de Capital no Brasil no Período 1990–2000.” Dissertação (Mestrado em Economia). Rio de Janeiro: FGV, 2002.
  • Tobin, J. “A proposal for international monetary reform.” Eastern Economic Journal, 1978, 4 (3–4), July/Oct.
  • Van der Laan, C. R. Liberalização da Conta de Capitais: Evolução e Evidências para o Caso Brasileiro Recente (1990–2005). Rio de Janeiro: BNDES, 2007.
  • Van der Laan, C. R., Cunha, A.M., and Alves, T.W. “External Financial Liberalization and Growth in Emerging Countries: A Panel Data Estimation Using a New Index (1990–2004). Journal of Post Keynesian Economics, 2010, 33 (2), 307–332.
  • Wolfson, M. H., and Epstein, G. A. eds. The Handbook of the Political Economy of Financial Crises. Oxford: Oxford University Press, 2013.
  • Wray, L. R. “Minsky’s Money Manager Capitalism and the Global Financial Crisis.” International Journal of Political Economy, 2011, 40 (2), 5–20.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.