Capital Flows and Macroprudential Policies - A Multilateral Assessment of Effectiveness and Externalities

John Beirne & Christian Friedrich
This paper assesses the effectiveness and associated externalities that arise when macroprudential policies (MPPs) are used to manage international capital flows. Using a sample of up to 139 countries, we examine the impact of eight different MPP measures on cross-border bank flows over the period 1999-2009.
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