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<p>This paper analyzes the impact on financial flows of institutional factors promoting financial integration, or trying to tame them, such as capital control or macroprudential policies. We use a detailed database of bilateral financial assets and construct gravity models for foreign direct investment (FDI), portfolio equity and debt, and other investment. Capital control policies have limited and disparate effects. The impacts of macroprudential measures are complex, with measures in the origin country’s financial sector having a positive impact on outward capital flows for FDI and portfolio equity especially. European integration has on the whole played a positive role. We also emphasize the benefits of cooperation between origin and destination countries.</p>

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Financial Attractiveness and the Impact of Macroprudential, Capital Restrictions and Institutional Factors: What Do Gravity Equations Tell Us?

  • 期刊论文

  • 发表日期：

    2026年3月28日

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  • Jean-Charles Bricongne,
  • Albane Garnier-Sauveplane,
  • Rémy Lecat,
  • Irena Pereša,
  • Yuliya Vanzhulova

摘要

This paper analyzes the impact on financial flows of institutional factors promoting financial integration, or trying to tame them, such as capital control or macroprudential policies. We use a detailed database of bilateral financial assets and construct gravity models for foreign direct investment (FDI), portfolio equity and debt, and other investment. Capital control policies have limited and disparate effects. The impacts of macroprudential measures are complex, with measures in the origin country’s financial sector having a positive impact on outward capital flows for FDI and portfolio equity especially. European integration has on the whole played a positive role. We also emphasize the benefits of cooperation between origin and destination countries.