IMF paper finds ‘puzzling' result from capital controls
Controls to stop capital inflows deflect them elsewhere
The implementation of capital controls to stop capital inflows to a country leads some investors to send their money to similar jurisdictions without such controls – but rarely leads to copy-cat controls to stop that happening, according to a paper published on Friday by the IMF.
The paper, Capital flow deflection, by Paolo Giordani, Michele Ruta, Hans Weisfeld and Ling Zhu, takes as its starting point evidence from Brazil and South Africa, where capital controls in the former "appear to be
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