HKS Affiliated Authors

Additional Authors:

  • Kenneth Rogoff


Capital Controls: Myth and Reality—A Portfolio Balance Approach. Carmen M. Reinhart, Kenneth Rogoff, February 2011, Paper. "The literature on capital controls has (at least) four very serious apples-to-oranges problems: (i) There is no unified theoretical framework to analyze the macroeconomic consequences of controls; (ii) there is significant heterogeneity across countries and time in the control measures implemented; (iii) there are multiple definitions of what constitutes a “success” and (iv) the empirical studies lack a common methodology–furthermore these are significantly “overweighted” by a couple of country cases..." Link