What makes capital account regulation effective? Comparing the experiences of Brazil, Peru and Iceland
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2020
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Taylor & Francis
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Aguirre, Pablo y Alonso, José Antonio. “What makes capital account regulation effective? Comparing the experiences of Brazil, Peru and Iceland”. Journal of Economic Issues. 2020 54:3, 772-797.
Abstract
Empirical studies confirm that the impact of capital account regulation (CAR) is highly case-specific, which underlines the need to identify the determinants of CAR effectiveness in greater depth. Coming from a political economy perspective, this article aims to contribute to this subject by comparing three experiences of intense regulation: Brazil (2008-2013), Peru (2008-2013), and Iceland (2008-2017). The main result encountered is that the bargaining power of the different sectors involved in regulation represents a crucial factor in explaining the impact of this policy. Furthermore, domestic banks play an important role in the effectiveness of capital account regulation