This paper estimates the effectiveness of capital controls in response to inflow surges in Brazil, Colombia, Korea, and … Thailand in the 2000s. Controls are generally associated with a decrease in inflows and a lengthening of maturities, but the …

We use changes in Brazil s tax on capital inflows from 2006 to 2011 to test for direct portfolio effects and …. We find that an increase in Brazil s tax on foreign investment in bonds causes investors to significantly decrease their … portfolio allocations to Brazil in both bonds and equities. Investors simultaneously increase allocations to other countries …