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April 8, 2026The Singapore Economic Review0 citations

The Effectiveness of Capital Flow Management Measures: Evidence from India

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YZYang ZhouSKShigeto Kitano

Key Points

  • The research investigates how effective capital flow management measures are in influencing different types of capital inflows and outflows in India.
  • Utilized local projection method for analysis
  • Examined monthly de jure data
  • Focus on various asset categories including portfolio, equity, debt, and FDI
  • CFMs proved effective for all asset categories analyzed
  • Significant positive impact observed on portfolio inflows
  • Foreign direct investment inflows also showed improvement
  • Portfolio and foreign direct investment outflows were managed effectively

Abstract

This study empirically examines the effectiveness of capital flow management measures (CFMs) in India. Using the local projection method and monthly de jure data constructed by Binici et al. (2024), we find that CFMs are effective across all examined asset categories: portfolio, equity, debt, and FDI inflows, as well as portfolio and FDI outflows.

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Cite This Study

Zhou et al. (2026) studied this question.

synapsesocial.com/papers/69d5f09e74eaea4b11a79ff3https://doi.org/10.1142/s0217590826480012
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