After the Global Financial Crisis, the usage of capital controls and macroprudential policies has returned and becomes an essential element of the policy paradigm in different countries. However, our knowledge on the effectiveness of these policy instruments is still insufficient and requires serious empirical reconsideration. The main contribution of our paper is in identifying that capital controls (on both outflows and inflows) and macroprudential instruments are effective measures in reducing the volume of cross-border banking flows in a sample of 112 countries over the period 2000–2016. Using panel regressions incorporating country fixed effects, we find that FX and/or countercyclical reserve and countercyclical capital buffer requirements, reserve requirement ratios and concentration limits are the most effective macroprudential instruments to manage countries’ exposures to global liquidity fluctuations. Additionally, capital surcharges on SIFIs, limits on interbank exposures and foreign currency loans are also associated with a large reduction in flows, a finding which contributes to the literature by emphasizing the importance of macroprudential instruments aimed at financial institutions’ assets or liabilities. However, leverage ratios, limits on domestic currency loans, levy/tax on financial institutions, and other borrower related instruments appear to be insignificant regulatory measures. At times of large and volatile cross-border capital flows, it is desirable to employ both capital controls and macroprudential policies, with latter tend to be generally more effective measures in reducing the volume of cross-border banking flows. The results are robust to changes in the estimation methodology and varying sets of the control variables.

全球金融危机之后，资本管制和宏观审慎政策的使用又回来了，并成为不同国家政策范式的重要组成部分。但是，我们对这些政策工具的有效性的认识仍然不足，需要认真的经验重新考虑。本文的主要贡献在于，确定了资本管制（对流出和流入的控制）和宏观审慎工具是减少2000-2016年间112个国家样本中跨境银行业务量的有效措施。使用结合国家固定效应的面板回归，我们发现外汇和/或反周期准备金和反周期资本缓冲要求，储备金要求比率和集中度限制是管理国家承受全球流动性波动风险的最有效的宏观审慎工具。此外，SIFI的资本附加费，银行同业敞口的限制和外币贷款也与资金流量的大幅度减少有关，这一发现通过强调针对金融机构资产或负债的宏观审慎工具的重要性，为文献做出了贡献。但是，杠杆比率，对本币贷款的限制，对金融机构的征税/税收以及其他与借款人相关的工具似乎是微不足道的监管措施。在跨境资本流动较大且波动时，最好同时采用资本控制和宏观审慎政策，后者通常是减少跨境银行业务量的更有效的措施。结果对于估计方法的变化和控制变量的变化集具有鲁棒性。