Capital controls may do more harm than good: NBER paper
Paper seeks to quantify the costs of imposing capital controls
A working paper published today by the National Bureau of Economic Research (NBER) has attempted to quantify some of the costs imposed by the use of capital controls.
Drawing on Brazil's use of capital controls in 2008–09, The Real Effects of Capital Controls: Financial Constraints, Exporters, and Firm Investment by Laura Alfaro, Anusha Chari and Fabio Kanczuk, seeks to balance the recent praise heaped on capital controls with an assessment of the costs. Brazil, the authors say, has become a
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