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RIEB, Kobe University Site Map Access 日本語 Home Research & Education Publications RIEB Discussion Paper Series (English) RIEB Discussion Paper Series No.2017-18 RIEB Discussion Paper Series No.2017-18 Title Capital Controls, Macroprudential Regulation,and the Bank Balance Sheet Channel Abstract We incorporate a banking sector with balance sheet frictions into a model of a small open economy and compare the effectiveness of capital controls and macroprudential regulation. We show that the welfare-improving effect of capital controls is larger than that of macroprudential regulation if the degree of financial friction between domestic banks and foreign investors is high, while the welfare-improving effect of macroprudential regulation is larger than that of capital controls if the degree of financial friction is low. We also show that the welfare ranking of the two policies depends on whether an economy suffers from liability dollarization. Keywords Capital control, Macroprudential regulation, Financial frictions, Financial intermediaries, Balance sheets, Small open economy, Liability dollarization, DSGE, Welfare JEL Classification E69, F32, F38, F41 Inquiries Shigeto KITANO Research Institute for Economics and Business Administration Kobe University Rokkodai-cho, Nada-ku, Kobe 657-8501 Japan Phone: +81-78-803-7036 FAX: +81-78-803-7059 Kenya TAKAKU Faculty of International Studies, Hiroshima City University About RIEB Faculty Seminars at RIEB Research & Education Sections Kobe University Site Policy Site Map Access Contact Us Copyright©1996-2018 Research Institute for Economics and Business Administration, Kobe University. All Rights Reserved.