The evidence that capital controls adversely affect cross-border trade is debatable. This study proves that capital controls may support international trade by mitigating the negative effect of macroeconomic volatility. We use quarterly data from a sample of 25 emerging countries over the period 2011-2019. Using long- and short-standing capital controls dynamic panel models, and diversifying robust estimations techniques, our results show that capital controls alleviate the adverse effect of the exchange rate, interest rate differential, and inflation volatilities. The long-lasting capital controls «walls» are more effective than short-lasting capital control «gates». Besides, the effects of these controls are asymmetric regarding the financial development level and category of flows for which are applied, inflows or outflows. The study highlights the beneficial role of the macroprudential policy in supporting capital control actions. The results of this study have two main policy implications, the effectiveness of ‘walls’ controls and the importance of macroeconomic policy coordination.

中文翻译：

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资本管制行动对跨境贸易的影响

资本管制对跨境贸易产生不利影响的证据值得商榷。这项研究证明，资本管制可以通过减轻宏观经济波动的负面影响来支持国际贸易。我们使用 2011-2019 年期间来自 25 个新兴国家样本的季度数据。使用长期和短期资本管制动态面板模型，并采用多样化的稳健估计技术，我们的结果表明，资本管制减轻了汇率、利差和通货膨胀波动的不利影响。长期资本管制“墙”比短期资本管制“大门”更有效。此外，这些控制的效果在金融发展水平和适用的流量类别、流入或流出方面是不对称的。该研究强调了宏观审慎政策在支持资本管制行动方面的有益作用。这项研究的结果有两个主要的政策含义，即“隔离墙”控制的有效性和宏观经济政策协调的重要性。