01731cas a2200253 a 4500 AALejournalIMF000450 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451942989 1018-5941 BD-DhAAL BD-DhAAL Cardoso, Eliane. Capital Flows to Brazil : The Endogeneity of Capital Controls / Eliane Cardoso, Ilan Goldfajn. Washington, D.C. : International Monetary Fund, 1997. 1 online resource (48 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper creates an index of capital controls to analyze the determinants of capital flows to Brazil, accounting for the endogeneity of capital controls by considering a government that sets controls in response to capital flows. It finds that the government reacts strongly to capital flows by increasing controls on inflows during booms and relaxing them in moments of distress. The paper estimates a vector autoregression with capital flows, controls, and interest differentials. It shows that controls have been temporarily effective in altering levels and composition of capital flows but have had no sustained effects in the long run. Mode of access: Internet Goldfajn, Ilan. IMF Working Papers; Working Paper ; No. 1997/115 Full text available on IMF http://elibrary.imf.org/view/journals/001/1997/115/001.1997.issue-115-en.xml IMF e-Library