BIS paper spots correlations in capital control effects
Loosening capital controls in one economy tends to drive flows in others too
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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