Dutch central bank paper examines impact of capital controls on currency crises

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Capital account openness reduces the probability of a currency crisis in advanced economies, according to a working paper published today by  the Netherlands Bank, but less so in emerging markets.

The paper, Early warning for currency crises: what is the role of financial openness, by Jon Frost and Ayako Saiki, says there is "renewed potential for disorderly currency movements" given the weak growth in advanced economies and prevalence of unconventional monetary easing.

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