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Do Capital Controls Reduce the Volatility of Gross Capital Inflows and Outflows? Evidences from FDI and Equity Flows
发布时间:2012-11-30 来源:本站原创  


周二(124)上午 1000-11:30学术讲座通知:

 

主讲人:李杰(中央财经大学副教授)

 

演讲题目:Do Capital Controls Reduce the Volatility of Gross Capital Inflows and Outflows? Evidences from FDI and Equity Flows

 

地点:毓秀楼206-208会议室

 

*论文摘要如下:

Do Capital Controls Reduce the Volatility of Gross Capital Inflows and Outflows? Evidences from FDI and Equity Flows

 

Abstract

 

The impact of capital controls on the magnitude of international capital flows has been a subject of much interest and research. Far fewer studies have examined if and how capital controls affect the volatility rather than the level of capital flows. Accordingly, this paper uses a new dataset on capital controls from Schindler (2009) and gross capital flow data from Lane and Milessi-Feretti (2007) to investigate whether various capital controls lower the volatility of various types of gross capital flows after controlling for a broad set of domestic macroeconomic, financial and global factors. We explore both the effects of different types of capital inflows and outflows on the volatility of corresponding flows (own effects) as well as the impact of controls of a certain type on the volatility of other components of capital flows (cross effects). Our results suggest that restrictions on equity outflows may be the most preferable form of capital controls in terms of reducing capital flow volatility.

 

Keywords: Capital controls, Capital flows, Equity flows, FDI flows, volatility.

 

JEL code: F21, F32, F36

 

李老师的个人主页:

 

http://cafd1.cufe.edu.cn/jiaoshi/lijie/homepage/pages/zh/main/frame.html

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