Jacques Miniane，John H.Rogers，October 2005
Abstract
In this paper we assess whether capital controls e¤ectively insulate countries from U.S.monetary shocks,looking simultaneously at a large range of country experiences in a uni…ed estimation framework.We estimate the e¤ect of identi…ed U.S.monetary shocks on the exchange rate and foreign country interest rates,and test whether countries with less open capital accounts exhibit systematically smaller responses.We find essentially no evidence in favor of this notion.Other country factors such as the exchange rate regime or degree of dollarization explain more of the cross-country di¤erences in responses.The signi…cant differences in responses we do…nd are more pronounced at short horizons.

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