BIS paper spots correlations in capital control effects

Loosening capital controls in one economy tends to drive flows in others too

bank-for-international-settlements
The BIS

Research published today by the Bank for International Settlements (BIS) studies the correlations in bond flows into and out of economies in the Asia-Pacific region, finding evidence of a "signalling" mechanism.

Authors Pornpinun Chantapacdepong of the Bank of Thailand and Ilhyock Shim of the BIS study a "novel database" on capital flow measures from 2004–13 in 12 Asia-Pacific countries. In Correlations across Asia-Pacific bond markets and the impact of capital flow measures they find a

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