NBER

Miguel Acosta

The Graduate Center
City University of New York
365 Fifth Avenue
New York, NY 10016

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: City University of New York

NBER Working Papers and Publications

April 2020Sticky Capital Controls
with Laura Alfaro, Andrés Fernández: w26997
There is much ongoing debate on the merits of capital controls as effective policy instruments. The differing perspectives are due in part to a lack of empirical studies that look at the intensive margin of controls, which in turn has prevented a quantitative assessment of optimal capital control models against the data. We contribute to this debate by addressing both positive and normative features of capital controls. On the positive side, we build a new dataset using textual analysis, from which we document a set of stylized facts of capital controls along their intensive and extensive margins for 21 emerging markets. We document that capital controls are “sticky”; that is, changes to capital controls do not occur frequently, and when they do, they remain in place for a long time. Overa...

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