Jinjarak, Yothin; Noy, Ilan; Zheng, Huanhuan - In: Journal of Banking & Finance 37 (2013) 8, pp. 2938-2952
implementing them in recent years. We focus on Brazil, which instituted five changes in its capital account regime in 2008 …–2011. Using the synthetic control method, we construct counterfactuals (i.e., Brazil with no policy change) for each of these … they broadcast regarding the government’s larger intentions and sensibilities. In the case of Brazil, its left …