Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/282013 
Year of Publication: 
2023
Citation: 
[Journal:] KDI Journal of Economic Policy [ISSN:] 2586-4130 [Volume:] 45 [Issue:] 4 [Year:] 2023 [Pages:] 1-22
Publisher: 
Korea Development Institute (KDI), Sejong
Abstract: 
We review the literature on the effectiveness of capital controls and macroprudential measures. First, we explain the purposes and examples of capital controls and macroprudential policies. We then analyze various theoretical models and empirical findings from prior studies that investigate the effectiveness of each instrument. Moreover, we review several studies that directly compare the two instruments and discuss whether policymakers should implement capital controls or macroprudential measures to overcome financial crises. Finally, based on a discussion of the findings of previous studies, we suggest several possible avenues for future research.
Subjects: 
Capital Control
Macroprudential Measure
Financial Crisis
JEL: 
F38
G15
G28
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-sa Logo
Document Type: 
Article

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