Publication:
Short and Long-Run Integration : Do Capital Controls Matter?

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dc.contributor.authorKaminsky, Graciela
dc.contributor.authorSchmukler, Sergio L.
dc.date.accessioned2014-08-21T18:00:26Z
dc.date.available2014-08-21T18:00:26Z
dc.date.issued2001-08
dc.description.abstractThe authors study whether capital controls affect the link between domestic and foreign stock market prices and interest rates. To examine the characteristics of international market integration and the effects of capital controls in the short and long run, they apply band-pass filter techniques to data from six emerging economics during the 1990s. They find that markets seem to be linked more at longer horizons. Equity prices seem to be more connected internationally than interest rates. They also find little evidence that controls effectively segment domestic markets from foreign markets. And when they do, the effects seem to be short-lived. Moreover, the effects of controls on outflows do not seem to differ from those of controls on inflows. For example, controls on outflows in Venezuela during the 1994 crisis, and unremunerated reserve requirements in Chile and Colombia during a capital-inflow episode, seem to have shielded domestic markets at the most at very high frequencies. The degree of financial sophistication does not seem to affect the authors' conclusion on the insulation provided by capital controls. True, more developed financial markets, such as those in Brazil, are more closely linked to international markets than those in Colombia and Venezuela, which are far more illiquid. But capital controls do not seem to provide an extra cushion against international spillovers even in less developed markets.en
dc.identifierhttp://documents.worldbank.org/curated/en/2001/08/1561500/short-long-run-integration-capital-controls-matter
dc.identifier.doi10.1596/1813-9450-2660
dc.identifier.urihttps://hdl.handle.net/10986/19570
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 2660
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectAMERICAN DEPOSITORY RECEIPTS
dc.subjectARBITRAGE
dc.subjectASSET MARKETS
dc.subjectASYMMETRIC INFORMATION
dc.subjectAUCTIONS
dc.subjectAUTHORIZED BANKS
dc.subjectAUTONOMOUS MONETARY POLICY
dc.subjectAUTONOMY
dc.subjectBALANCE OF PAYMENTS
dc.subjectBANK DEPOSITS
dc.subjectBANKING CRISIS
dc.subjectBOND MARKETS
dc.subjectBONDS
dc.subjectBORROWING
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL ACCOUNT LIBERALIZATION
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL CONTROLS
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL GAINS
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL MOBILITY
dc.subjectCAPITAL MOVEMENTS
dc.subjectCAPITAL OUTFLOWS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANKS
dc.subjectCOMMERCIAL BANKS
dc.subjectCOUNTRY COMPARISONS
dc.subjectCURRENT ACCOUNT
dc.subjectCYCLICAL BEHAVIOR
dc.subjectDEBT
dc.subjectDEPOSIT REQUIREMENTS
dc.subjectDERIVATIVE MARKETS
dc.subjectDESTABILIZING EFFECT
dc.subjectDEVELOPING COUNTRIES
dc.subjectDIVIDENDS
dc.subjectDOMESTIC BANKS
dc.subjectDOMESTIC CURRENCIES
dc.subjectDOMESTIC CURRENCY
dc.subjectDOMESTIC ECONOMY
dc.subjectDOMESTIC FINANCIAL INSTITUTIONS
dc.subjectDOMESTIC FINANCIAL MARKETS
dc.subjectDOMESTIC INTEREST RATES
dc.subjectDOMESTIC INVESTORS
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKETS
dc.subjectEXCHANGE ARRANGEMENTS
dc.subjectEXCHANGE CONTROLS
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATES
dc.subjectEXCHANGE RESTRICTIONS
dc.subjectEXPECTED RETURNS
dc.subjectEXPORTS
dc.subjectEXTERNAL BORROWING
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNAL SHOCKS
dc.subjectFINANCE COMPANIES
dc.subjectFINANCIAL CONTROLS
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CYCLES
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL INSTABILITY
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INTEGRATION
dc.subjectFINANCIAL LIBERALIZATION
dc.subjectFINANCIAL LOANS
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL REPRESSION
dc.subjectFINANCIAL SUPPORT
dc.subjectFINANCIAL SYSTEMS
dc.subjectFINANCIAL TRANSACTIONS
dc.subjectFIXED INCOME
dc.subjectFOREIGN BORROWING
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN CURRENCY BORROWING
dc.subjectFOREIGN DEBT
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN INVESTORS
dc.subjectFOREIGN LOAN
dc.subjectFOREIGN LOANS
dc.subjectFOREIGN MARKETS
dc.subjectFOREIGN SPECULATORS
dc.subjectFOREIGN STOCK
dc.subjectFREE CAPITAL MOBILITY
dc.subjectFUTURE RESEARCH
dc.subjectGLOBALIZATION OF CAPITAL MARKETS
dc.subjectGOVERNMENT BONDS
dc.subjectHOT MONEY
dc.subjectINCOME
dc.subjectINDUSTRIAL COUNTRIES
dc.subjectINTEREST PAYMENTS
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANKING
dc.subjectINTERNATIONAL BANKING FACILITY
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL MARKETS
dc.subjectINTERNATIONAL CAPITAL MOBILITY
dc.subjectINTERNATIONAL FINANCIAL INTEGRATION
dc.subjectINTERNATIONAL MARKETS
dc.subjectLEGISLATION
dc.subjectLIBERALIZATION EPISODE
dc.subjectLOCAL BANKS
dc.subjectMACROECONOMICS
dc.subjectMATURITIES
dc.subjectMONETARY AUTHORITIES
dc.subjectMONETARY POLICY
dc.subjectMONEY SUPPLY
dc.subjectNET WORTH
dc.subjectPOLICY RESEARCH
dc.subjectPORTFOLIO
dc.subjectPRICE INDEXES
dc.subjectPRIVATE SECTOR
dc.subjectPRIVATIZATION
dc.subjectRANDOM WALK
dc.subjectREPATRIATION OF CAPITAL
dc.subjectRESERVE
dc.subjectRESERVE REQUIREMENT
dc.subjectRESERVE REQUIREMENTS
dc.subjectSTOCK EXCHANGE
dc.subjectSTOCK INDEX
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET CYCLES
dc.subjectSTOCK MARKET INDEX
dc.subjectSTOCK MARKET INDEXES
dc.subjectSTOCK MARKETS
dc.subjectSTOCK PRICES
dc.subjectSWAPS
dc.subjectTAXATION
dc.subjectTROUGH
dc.titleShort and Long-Run Integration : Do Capital Controls Matter?en
dspace.entity.typePublication
okr.crossref.titleShort and Long-Run Integration: Do Capital Controls Matter?
okr.date.disclosure2001-08-31
okr.date.doiregistration2025-04-10T10:27:08.336902Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2001/08/1561500/short-long-run-integration-capital-controls-matter
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.guid871251468769744472
okr.identifier.doi10.1596/1813-9450-2660
okr.identifier.externaldocumentum000094946_01091104014188
okr.identifier.internaldocumentum1561500
okr.identifier.reportWPS2660
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2001/11/22/000094946_01091104014188/Rendered/PDF/multi0page.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.administrativeLatin America and Caribbean
okr.region.geographicalLatin America
okr.sectorCapital Markets Development
okr.sectorFinance
okr.topicEconomic Theory and Research
okr.topicBanks and Banking Reform
okr.topicInternational Terrorism and Counterterrorism
okr.topicMacroeconomics and Economic Growth::Financial Economics
okr.topicMacroeconomics and Economic Growth::Macroeconomic Management
okr.topicFiscal and Monetary Policy
okr.topicFinance and Financial Sector Development::Capital Markets and Capital Flows
okr.unitMacroeconomics and Growth, Development Research Group)
okr.volume1
relation.isAuthorOfPublicationad1ad457-a974-53de-815c-c7010e0fdd74
relation.isAuthorOfPublication.latestForDiscoveryad1ad457-a974-53de-815c-c7010e0fdd74
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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