Countries choose different strategies when responding to crises. It is challenging to assess the impact of these policy choices on key variables, however, because of endogeneity and selection bias. This paper addresses these challenges by using propensity-score matching to estimate how major...

This paper examines the pattern of controls on capital inflows, and the association of these controls on financial variables, GDP, and exchange rates. A key point of the paper is the distinction between long-standing controls on a broad range of assets (walls) and episodic controls that are...