Capital controls and the international transmission of U.S. money shocks
By: Jacques Miniane and John H. Rogers.
Contributors: Rogers, John Harold.
Series: International finance discussion papers ;; no. 778; International finance discussion papers (Online) ;; no. 778.
Publisher: Federal Reserve Board
Published: 2003
Place of publication: Washington, D.C
Language: eng
Format: Electronic resource
Description: "In this paper we assess whether capital controls effectively insulate countries from U.S.  monetary shocks, looking simultaneously at a large range of country experiences in a unified estimation framework.  We estimate the effect of identified U.S.  monetary shocks on the exchange rate and foreign country interest rates, and test whether countries with less open capital accounts exhibit systematically smaller responses.  We find essentially no evidence in favor of this notion.  Other country factors such as the exchange rate regime or degree of dollarization explain more of the cross-country differences in responses.  The significant differences in responses we do find are more pronounced at short horizons"--Federal Reserve Board web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 9/14/2004.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.