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  • January 22, 2015
  • Other Article
  • Vox, CEPR Policy Portal

Are Capital Controls Effective? Firm-level Evidence from Brazil

By: Laura Alfaro, Anusha Chari and Fabio Kanczuk
  • Format:Print
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Abstract

Capital controls are back in fashion. This column discusses new firm-level evidence from Brazil showing that capital controls segment international financial markets, reduce external financing, and lower firm-level investment. They disproportionately affect small, non-exporting firms, especially those more dependent on external finance. This suggests that macro-finance models focusing on aggregate variables are missing an important dimension by abstracting from firm-level heterogeneity.

Citation

Alfaro, Laura, Anusha Chari, and Fabio Kanczuk. "Are Capital Controls Effective? Firm-level Evidence from Brazil." Vox, CEPR Policy Portal (January 22, 2015).
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About The Author

Laura Alfaro

General Management
→More Publications

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More from the Authors
  • Health Externalities and Policy: The Role of Social Preferences By: Laura Alfaro, Ester Faia, Nora Lamersdorf and Farzad Saidi
  • FIELD Immersion 2022: Lawrence, Massachusetts By: Laura Alfaro and Tom Quinn
  • Distributional Consequences of Monetary Policy Across Races: Evidence from the U.S. Credit Register By: Laura Alfaro, Ester Faia and Camelia Minoiu
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