Using a novel data set on capital control actions in 17 emerging-market economies (EMEs) over the period 2001–11, we provide new evidence on domestic and multilateral (or[...]

We assess the motivations for changing capital controls and their effectiveness in India, a country with extensive and long-standing controls. We focus on the controls on[...]

In emerging-market economies, real exchange rate adjustment is critical for achieving a sustainable current account position and thereby for helping to maintain macroecon[...]

The dramatic fluctuations in global food prices over the past two decades have generated significant concern about their destabilizing macroeconomic effects. While the pa[...]

This paper investigates whether extending the intertemporal model of the current account to allow for variations in the terms of trade improves its ability to fit the dat[...]

This paper explores the logic inducing the FED to extend unprecedented swap-lines to four emerging markets in September 2008. Exposure of US banks to EMs turned out to be[...]

This paper examines the effectiveness of international capital controls in India over time by analyzing daily return differentials in the nondeliverable forward (NDF) mar[...]

In this article, we explore the link between stress in the domestic financial sector and the capital flight faced by countries in the 2008-2009 global crisis. Both the ti[...]

In this paper, we provide empirical evidence on the factors that motivated emerging economies to change their capital outflow controls in the recent decades. Liberalizati[...]

China’s large financial system is relatively closed, raising concerns that liberalization of China’s capital account could have disruptive effects on the global financial[...]