estimation techniques and using different capital control indexes, our results show that a capital control policy supports … macroprudential policies. This study raises some policy implications, particularly, the necessary coordination and adjustment of the … macroeconomic policies and the importance of targeting long-lasting controls when applying a restrictive policy. …

The policy responses to capital flows in emerging markets are multiple. However, capital inflow controls, if applied … neighboring countries. These multilateral effects raise the challenge of optimal policy coordination. …