BdF paper looks at use of capital controls and foreign reserves

The Banque de France

A working paper published by the Banque de France investigates whether policy-makers should use capital controls and foreign reserve levels as combined policy tools.  

In Capital controls and foreign reserves against external shocks: combined or alone?, Rafael Cezar and Eric Monnet say it is “an open question” whether policy-makers should use such a combination. 

The authors use a macro-financial dataset covering 35 countries going back to the 1950s. “This long time span allows us to exploit a

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