This diploma thesis is focused on measures, which have been adopted in Iceland due to the crisis. The first part of the thesis follows up causes and a course of the Icelandic banking crisis in order to understand the situation which the Icelandic authorities had to respond. Subsequently there are outlined measures which are adopted and in the last part these measures are evaluated. Emphasis is placed on analysing the measures of capital controls, banking sector restructuring and fiscal consolidation. All measures have achieved their objectives and have had significant impact on current recovery. Therefore at the end of the thesis is discussed the possibility of these measures applicability in other countries.

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The aim of this work is to examine the impact of financial development, financial constraints and capital control on stocks market returns. The research looks into stock returns of emerging and developed economies over the period of 2004-2016 by using data, both by firm-level and country level, from 88 developed and emerging countries. Furthermore, the KZ, WW and SA indexes were used to classified as being financially constrained and financially unconstrained and the level of capital control of each group of countries is interacted with financial constraints. We aim to determine the relationship between the variables used as the measurement (depth, access, efficiency and stability) of financial development of a country, the financial constraint and capital control and their relationship to the stock market returns. Previous research focusing on stock market returns have dealt with different influences affecting the stock returns; however, the literature examining the influence of capital control on stock return is scarce. Our results suggest that the extended Fama and French three-factor model including macroeconomic and financial development variables and considering the presence of financial constraints help in the understanding in their impact on asset pricing for emerging and developed countries alike. / Este trabalho tem por objetivo examinar o impacto do desenvolvimento financeiro, das restrições financeiras e do controle de capital no retorno das ações. A pesquisa analisa o retorno das ações dos países emergentes e desenvolvidos durante o período de 2004-2016 através de uma base de dados de 88 países, emergentes e desenvolvidos, com dados tanto ao nível da firma como ao nível do país. Além disso, os índices KZ, WW e SA são usados para classificar as empresas como restritas e não restritas financeiramente, e utiliza-se também as interações do nível de controle de capital com as restrições financeiras. O objetivo é determinar a relação entre as variáveis de desenvolvimento financeiro do país (profundidade, acesso, eficiência e estabilidade), as restrições financeiras e o controle de capital com o retorno de mercado das ações. As pesquisas anteriores acerca do tema retorno lidaram com diferentes fatores que afetam o retorno de ações; entretanto, estudos envolvendo a influência do controle de capital no retorno de ações ainda são escassos Nossos resultados sugerem que um modelo composto coletivamente pelo modelo de três fatores de Fama e French e variáveis macroeconômicas e de desenvolvimento financeiro, considerando ao mesmo tempo restrições financeiras, ajuda na melhor compreensão do impacto de ditas variáveis no preço de ativos em países emergentes e desenvolvidos.

The aim of this work is to examine the impact of financial development, financial constraints and capital control on stocks market returns. The research looks into stock returns of emerging and developed economies over the period of 2004-2016 by using data, both by firm-level and country level, from 88 developed and emerging countries. Furthermore, the KZ, WW and SA indexes were used to classified as being financially constrained and financially unconstrained and the level of capital control of each group of countries is interacted with financial constraints. We aim to determine the relationship between the variables used as the measurement (depth, access, efficiency and stability) of financial development of a country, the financial constraint and capital control and their relationship to the stock market returns. Previous research focusing on stock market returns have dealt with different influences affecting the stock returns; however, the literature examining the influence of capital control on stock return is scarce. Our results suggest that the extended Fama and French three-factor model including macroeconomic and financial development variables and considering the presence of financial constraints help in the understanding in their impact on asset pricing for emerging and developed countries alike. / Este trabalho tem por objetivo examinar o impacto do desenvolvimento financeiro, das restrições financeiras e do controle de capital no retorno das ações. A pesquisa analisa o retorno das ações dos países emergentes e desenvolvidos durante o período de 2004-2016 através de uma base de dados de 88 países, emergentes e desenvolvidos, com dados tanto ao nível da firma como ao nível do país. Além disso, os índices KZ, WW e SA são usados para classificar as empresas como restritas e não restritas financeiramente, e utiliza-se também as interações do nível de controle de capital com as restrições financeiras. O objetivo é determinar a relação entre as variáveis de desenvolvimento financeiro do país (profundidade, acesso, eficiência e estabilidade), as restrições financeiras e o controle de capital com o retorno de mercado das ações. As pesquisas anteriores acerca do tema retorno lidaram com diferentes fatores que afetam o retorno de ações; entretanto, estudos envolvendo a influência do controle de capital no retorno de ações ainda são escassos Nossos resultados sugerem que um modelo composto coletivamente pelo modelo de três fatores de Fama e French e variáveis macroeconômicas e de desenvolvimento financeiro, considerando ao mesmo tempo restrições financeiras, ajuda na melhor compreensão do impacto de ditas variáveis no preço de ativos em países emergentes e desenvolvidos.

Submitted by Salome Lema (salome.lema@hec.edu) on 2016-11-24T07:36:33Z No. of bitstreams: 1 20161102_Salome_Lema_Thesis - vf.pdf: 1739716 bytes, checksum: 9e2585c7ecc0b8105afd91779c254775 (MD5) / Approved for entry into archive by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br) on 2016-11-24T10:16:30Z (GMT) No. of bitstreams: 1 20161102_Salome_Lema_Thesis - vf.pdf: 1739716 bytes, checksum: 9e2585c7ecc0b8105afd91779c254775 (MD5) / Made available in DSpace on 2016-11-24T11:16:37Z (GMT). No. of bitstreams: 1 20161102_Salome_Lema_Thesis - vf.pdf: 1739716 bytes, checksum: 9e2585c7ecc0b8105afd91779c254775 (MD5) Previous issue date: 2016-11-24 / In August 2011, the Brazilian government taxed short positions in the foreign exchange (FX) derivative market in order to weaken the surge of post-crisis capital inflow, discourage carry trade strategies on the Real and avoid further local currency appreciation. Nevertheless, nonfinancial firms are also end-users of derivatives and might have suffered in case financial institutions transfer the regulatory cost to their clients in the real economy. To the extent that this tax increases the cost of hedging, firms may decide to hedge less, causing an increase in their exposure to currency risk. This paper aims at analysing if this regulatory change had an impact on Brazilian non-financial firms FX exposure, measured by the sensitivity of stock prices to currency fluctuation (FX-Beta). Therefore, it seeks to compare the FX beta of Brazilian non-financial listed firms before and after the implementation of the measure, to assess their degree of exposure to currency risk. In accordance with an increasing cost of hedging for those companies, results show that the beta difference also reached a riskier level. / Em agosto de 2011, o governo brasileiro passou a tributar posições vendidas no mercado de derivativos cambiais para diminuir o influxo de capital estrangeiro no pós-crise, desencorajar operações de carry trade e evitar que o real continuasse a se valorizar frente ao dólar. No entanto, empresas não financeiras também são usuárias de derivativos, e podem ter tido seus custos de proteção cambial aumentados, caso as instituições financeiras tenham transferido esse custo adicional para seus clientes na economia real. Na medida em que o tributo aumenta o custo de fazer proteção cambial com derivativos, as empresas podem ter decidido proteger uma parcela menor de sua exposição, causando um aumento em sua exposição cambial. Essa dissertação analisa se essa mudança regulatória teve um impacto na exposição cambial das empresas não financeiras, medida pela sensibilidade do preço das ações às variações cambiais (FX-Beta). Assim, o estudo compara os FX-Betas das empresas brasileiras antes e depois da implementação do tributo, para medir o grau de mudança em suas exposições cambiais. Em linha com o aumento no custo do hedge para essas empresas, os resultados mostram alguma evidência de que algumas empresas se tornaram mais expostas ao câmbio.

Made available in DSpace on 2016-03-15T19:26:39Z (GMT). No. of bitstreams: 1 Heloisa Belotti Bedicks.pdf: 1599271 bytes, checksum: f1fbf2bb10eaff82d22d57c4aae6203e (MD5) Previous issue date: 2008-08-07 / A company s ownership structure is a key aspect of the corporate governance discussion. This dissertation analyzes, through case studies, pioneering companies in Brazil which adopted dispersed control structures without any controlling shareholder individual or group. This study has two main aims: identifying the reasons that led those companies to adopt such ownership structures and the main changes that occurred after those changes, especially with respect to the companies governance practices. Since dispersed control is a very recent movement in Brazil, this dissertation is justified by the scarcity of similar studies in the country and in dispersed control companies in other emerging economies. The study analyzed six Brazilian company cases, through detailed interviews based on a standard questionnaire, analysis of corporate reports, and other data. Two main reasons emerged from the study: a favorable market window coupled with the former controllers desire to leave, were found to be the main drivers for most companies analyzed. With regard to changes to corporate governance practices, a substantial impact was noticed on their relations with shareholders following the change in company control, particularly their general meeting attendance. Moreover, it was also determined that the stability in Brazil s macroeconomic scenario has enabled the capital market to play its role of financing the growth of new companies. In this context, this kind of company structure may become a new Brazilian corporate model, replacing the traditional concentrated structure. However, it is not clear whether this option has become feasible just for a short moment of excitement of the market. The feasibility of this structure, therefore, needs further time testing, especially during periods of depression at the stock market, and in assessing the evolution of these pioneering companies performance, as they will be facing critical moments when making important corporate decisions and replacing their leaders. / A estrutura de propriedade das empresas é um aspecto chave para a discussão da temática da governança corporativa. Esta dissertação analisa, por meio de estudos de casos, as empresas brasileiras pioneiras na adoção de estruturas societárias dispersas, sem a figura de um acionista controlador ou bloco de controle. O trabalho possui dois objetivos principais: identificar os fatores motivadores que levaram estas empresas a adotarem tal estrutura de propriedade e as principais alterações ocorridas pós-mudança societária, principalmente em relação às práticas de governança corporativa adotadas. Em função do movimento de pulverização de capital ainda ser muito recente no Brasil, o trabalho se justifica pela escassez de estudos similares no país e em empresas com estruturas pulverizadas de outras economias emergentes. O trabalho analisou casos de seis empresas nacionais, por meio de entrevistas em profundidade conduzidas com base em um questionário padrão, análise de relatórios corporativos e outros dados secundários. O trabalho apresenta dois resultados principais: em relação às motivações, observou-se que uma janela de mercado favorável, aliada ao desejo de saída dos antigos controladores, constituiu-se no fator motivador preponderante da maior parte das empresas analisadas. Em relação às mudanças nas práticas de governança corporativa, observou-se um impacto substancial no relacionamento com os acionistas após a reconfiguração societária, principalmente na participação destes nas assembléias das companhias. Além disso, como resultado geral constatou-se também que a estabilidade do cenário macro-econômico brasileiro está permitindo que o mercado de capitais cumpra o seu papel de financiar o crescimento de novas empresas. Nesse contexto, observa-se que essa forma de estrutura societária pode ser um novo modelo empresarial brasileiro, ao invés da tradicional estrutura concentrada. Entretanto, não fica claro se esta opção tornou-se viável apenas por um momento de certa "euforia" do mercado. Portanto, a viabilidade desta estrutura ainda precisará ser "testada" ao longo do tempo, o que deverá ocorrer em momentos de depressão do mercado acionário e em função da evolução do desempenho destas empresas pioneiras, que terão seus momentos críticos na tomada de grandes decisões empresariais e na substituição de suas lideranças.

Ces dernières décennies, le monde a vécu des épisodes de forte instabilité financière globale, allantde pair avec un mouvement important de capitaux internationaux. Ce paradoxe remet en question lebien-fondé d’une politique de libéralisation financière internationale et soulève de nombreusescontroverses dont l’issue est à ce jour ambigu. L'objectif de cette thèse est d’apporter une contributionà ce débat actuel. Notre démarche s'articule autour de trois grandes parties. D'abord, nous analysonsl'impact de la globalisation financière sur la croissance économique dans les pays en développement(PED). Ensuite, dans la deuxième partie, nous étudions le rôle que pourrait jouer la libre circulationdes capitaux internationaux comme un déterminant du déclenchement des crises bancaires dans lesPED. Ceci nous amène dans la troisième partie à analyser les réformes réglementaires proposéespour pallier à ce risque de crises bancaires et tirer profit de la globalisation financière (GF).Les principaux résultats de la thèse peuvent être résumés comme suit : (1) La GF agit positivementsur la croissance économique et la stabilité du secteur bancaire, ces effets étant conditionnés par lanature des flux de capitaux échangés. (2) Les pays en développement peuvent bénéficier de lalibéralisation des mouvements de capitaux s’ils ont atteint un certain seuil de développementinstitutionnel. (3) Le contrôle des capitaux permet aux pays en développement d’assurer un niveau destabilité financière soutenu. Les implications de politiques économiques sont : (a) Les PED ont intérêtà améliorer leurs cadres institutionnels pour tirer profit de la globalisation financière. (b) Les pays endéveloppement doivent renforcer leur cadre règlementaire et mettre en place une politique de contrôledes capitaux qui ciblerait ceux à l’origine de l’instabilité économique et financière. (c) Un tel contrôlene doit pas se faire seulement sur les engagements envers l’étranger mais aussi sur les avoirs. / Over the last few decades, the world has experienced episodes of global financial instability combinedwith significant shifts of international capital movements. This paradox questions the merits of theinternational financial liberalization and raises many controversies whose outcome is inconclusive todate. The aim of this thesis is to contribute to this current debate. The approach is structured aroundthree main parts. First, the impact of the financial globalization (FG) on the economic growth isanalyzed for developing countries. Then, in the second part, we examine the potential role of freemovement of international capital as a major factor responsible for the onset of banking crisis indeveloping countries. This analysis leads us to the third part in which we analyze the regulatoryreforms, proposed to mitigate the risk of banking crisis and to benefit from financial globalization.The main outcomes are summarized as follows: (1)The financial globalization acts positively oneconomic growth and the stability of the banking sector. Furthermore, these effects are conditioned bythe nature of capital flows. (2) The developing countries can benefit from the liberalization ofinternational capital flows, if they have reached a certain threshold level of institutional development.(3) The capital controls allow the developing countries to ensure a sustainable level of financialstability. The economic policy implications are: (a) The developing countries may find it beneficial todevelop their institutional framework to benefit from financial liberalization. (b) the developing countriesmust strengthen their regulatory framework and set up a capital control policy that will target theorigins of economic and financial instability. (c) Such a control should not only be exercised on foreignliabilities but also on domestic assets.

鑑於近年來中國大陸經濟高度成長，當地金融市場在其內需市場強勁，以及均富水準普遍提升下，更顯得朝氣蓬勃，本論文係以分析過去外資金融機構在中國大陸相關佈局模式及進行相關實證研究，並續以剖析臺灣銀行業未來佈局中國大陸市場策略，以作為現階段國內高度競爭金融環境下，拓展另片藍海空間之策略與方向。 本論文首先說明外資金融機構於近年來在高度發展中國大陸金融市場所扮演的角色與目標，並應用Cox比例強度存活模型，分析採行參股策略方式進入中國大陸銀行之動機與機率強度，並以主成份分析進行資料萃取及最大概似法估計模型參數。再者，藉由此參股機率估計值進而求得外資金融機構最適參股機率強度門檻，可作為日後金融機構（含臺灣銀行業）參股動機之衡量指標。實證研究顯示，過去外資金融機構採行參股策略之目的主要在於創造被參股對象市場價值，以增加其參股投資報酬。對於獲利能力及資產品質較佳之外資金融機構，以及資產品質較佳之中國大陸銀行，則往往具有較高的參股與被參股潛在動機。 再者，為進一步探討外資金融機構採行參股策略後之風險與報酬關係，本論文係以或有求償權之模式，同時納入參股外資金融機構與被參股中國大陸銀行之個別資產價值，以及匯率波動等三項動態因子，在股東權益價值極大化為目標，及因應風險性資產所導向之資本管制，據以剖析外資金融機構經參股後之資產價值風險及其影響因素，並以靜態分析所對應之最適參股比例變化情形。其數值分析研究發現：當參股外資金融機構資產價值遞增、負債比率降低，以及所面臨法定風險權數增加時，對於其參股後之整體資產組合風險將有所降低。同時，對於具有高資產品質、獲利佳及多元化幣別資產組合之外資金融機構，以及面臨資產品質佳且著重本土金融開發之被參股中國大陸銀行，將有助於提高外資金融機構之最適參股比例。 針對臺灣銀行業參股模式方面，以投資中國大陸股份制商業銀行之動機強度為最高，其中泛公股銀行相對民營銀行更具有條件優勢，並以具備綠色通道優惠之大西部地區為佳。研究亦顯示，在外資金融機構已著墨中國大陸金融市場些許時日下，對於身為追隨性金融機構的臺灣銀行業而言，在當地金融服務未臻飽和、初始投資成本降低，以及台商業務平均需求成長趨勢下，將有助於降低其進入門檻。同時，研究中也採行模型論證，對於現階段臺灣銀行業實務上多以先行成立代表人辦事處後升格分行，並儘速於合規範內取得人民幣業務承做資格方式，以深根當地金融市場之經營方向，同時研究亦指出臺灣銀行業應具備創新化業務與利基性策略，方能提高採行成立獨資子銀行或參股之進入動機。 / In recent years China has experienced rapid economic growth that enables the advancement of the local financial industry, which benefited from the strong domestic consumption as well as improvement in average income per capita. The purpose of this paper is to point out an alternative direction for Taiwanese banks by mapping out the future China market expansion strategy, as the Taiwanese banks are facing prolong highly competitive domestic market. This paper applies Cox’s proportional-hazard survival model to analyze the strategic decisions of foreign financial institutions about acquiring equity stakes in Chinese banks. Based on principal component analysis, we extract significant independent variables from Cox’s model and employ a maximum likelihood method to estimate parameters. With the probability of equity stake acquisition, we obtain the optimal probability hazard threshold and treat it as a criterion for the foreign financial institutions to conduct equity stakes acquisition. Our empirical results confirm that the decisions of foreign financial institutions about equity stake acquisitions are to increase the profitability and market values of the target Chinese banks. In general, financial institutions with higher earning ability and better asset quality have stronger motives to take part in the acquisition or disposal of equity stakes. The contingent claim model is applied in this paper to examine the risk and return of foreign financial institutions after acquiring equity stakes of a Chinese bank. The model considers dynamic factors such as individual asset value and exchange rates to achieve the goal of maximizing shareholder value. In addition to analyzing the asset value and factors associated with risk after participation, this paper evaluates the optimal acquiring equity stakes proportion with numerical analyses under capital control. For China banking sector, we discover the overall portfolio risk of foreign financial institution will decrease after acquiring equity stakes when the asset value increases, the debt ratio decreases, and the required risk-weighted asset increases. Overall, these foreign financial institutions have well-diversified currency portfolio and enjoy a better asset quality and surplus earning; therefore, they will likely increase their optimal acquiring equity stakes proportion if the invested Chinese banks are with good assets quality and focused on local business. For the analysis of equity stake acquisition in China banks by Taiwanese banks, invested in the joint-stock commercial banks exists the higher intensity than others, and pan-government-owned Taiwanese bank also stands on the better vantage point than private banks. Under the possession of policy advantage for its green channels, the Western China Region is the best district in China for Taiwanese banks. This paper also examines the appropriate time and method to enter the market in China by applying the real options model. Being the market follower, Taiwan banking industry would need to find the right timing when ready entering China sine the market is pretty much laid out by many other foreign financial institutions. Therefore, the paper discovered some salubrious circumstances for Taiwan banking industry to enter the market, for example, the local financial service has not saturated, and initial investment cost is lower or Taiwan businessman demands more service gradually. The paper also confirms the current practice, which is to establish a representative office first and then promote it to a branch, seems to be practical for Taiwanese banks enter the market. Once meet the standard requests and acquire the license to operate RMB business, Taiwanese banks can establish wholly-owned subsidiary bank or take ownership stakes by having the innovation and business strategy in the local financial market.

Submitted by Melanie Siqueira (melmcs@gmail.com) on 2013-10-10T03:24:10Z No. of bitstreams: 1 dissertação MMCS.pdf: 590881 bytes, checksum: f418818e0850470b8e16d0ba721a7967 (MD5) / Rejected by Vitor Souza (vitor.souza@fgv.br), reason: A 1ª pagina do PDF não está dentro dos padrões da ABNT. Enviarei um e-mail com o modelo a seguido. on 2013-10-10T13:00:02Z (GMT) / Submitted by Melanie Siqueira (melmcs@gmail.com) on 2013-10-10T16:35:56Z No. of bitstreams: 1 dissertação MMCS.pdf: 676064 bytes, checksum: e2b2739e4cb825d01a0937fbe031842c (MD5) / Approved for entry into archive by Vitor Souza (vitor.souza@fgv.br) on 2013-12-13T14:16:55Z (GMT) No. of bitstreams: 1 dissertação MMCS.pdf: 676064 bytes, checksum: e2b2739e4cb825d01a0937fbe031842c (MD5) / Made available in DSpace on 2013-12-16T15:58:49Z (GMT). No. of bitstreams: 1 dissertação MMCS.pdf: 676064 bytes, checksum: e2b2739e4cb825d01a0937fbe031842c (MD5) Previous issue date: 2013-10-04 / Este trabalho investiga como os controles de capitais praticados no Brasil através da imposição do Imposto sobre Operações Financeiras (IOF) sobre empréstimos externos em 2011 e 2012 afetaram decisões em âmbito financeiro empresarial. As principais questões abordadas são: As empresas brasileiras com financiamento de curto prazo em moeda estrangeira investiram menos após a imposição do IOF sobre empréstimo externo? Elas alongaram suas dívidas em moeda estrangeira, ou seja, mudaram a composição, mas não o total de dívida? Elas reduziram a dívida externa total, aumentando a dívida doméstica? Para responder a essas perguntas, foi adotado o método de diferenças-em-diferenças. Os resultados encontrados sustentam que as empresas brasileiras que tinham passivos externos de curto prazo antes da adoção do IOF não diminuíram seus investimentos significativamente mais do que as empresas que não foram diretamente afetadas por tal medida de controle, nem alteraram mais a proporção de endividamento externo sobre dívida total. Não obstante, os resultados apontam para um maior alongamento das dívidas em moeda estrangeira. / This work investigates how capital controls practiced in Brazil through the imposition of Tax on Financial Transactions (IOF) on foreign loans in 2011 and 2012 affected financial decisions in business. The main issues addressed are: Did Brazilian companies with short-term financing in foreign currency invest less after the imposition of the IOF on foreign loan? Did they lengthen their debt in foreign currency, ie, did the composition change, but not the total debt? Did they reduce total external debt, increasing domestic debt? To answer these questions, we adopted the method of difference-in-differences. The results support that Brazilian companies that had short-term external liabilities before the adoption of the IOF did not decrease their investment significantly more than firms that were not directly affected by such a measure of control, nor did they change the proportion of external debt on total debt. Nevertheless, the results point to a stretch of debt maturity on foreign currency.

L’objet de cette thèse est de contribuer à l’analyse de l’effet des politiques visant à endiguer les risques d’instabilité financière. Les investigations menées sont d’ordre théorique (modèle DSGE) et empirique. En se plaçant dans un cadre macroéconomique d’un pays ouvert, deux dimensions doivent être prises en compte. La dimension externe est couverte par la politique de contrôles prudentiels des capitaux. De par son caractère sélectif, cette politique peut permettre de diminuer les déséquilibres externes qui ne rentrent pas dans le champ d’application macro-prudentielle. Cette dernière aborde la dimension interne et cherche à internaliser le risque global consécutif aux choix d’investissement desagents résidents. L’analyse de la coordination interne de ces deux types de mesures, macro-prudentielles et contrôles prudentiels, est essentielle pour garantir leur efficacité. En outre, les potentiels effets de débordements internationaux que peuvent entraîner les politiques de régulation prudentielle doivent être étudiés avant de valider l’utilisation de telles politiques.Voici les résultats que nous tirons de notre analyse. La politique macro-pudentielle semblent offrir de meilleurs résultats en termes de stabilité financière, des prix et de performance économique que les contrôles de capitaux. Toutefois, les contrôles prudentiels de capitaux ont leur rôle à jouer. Nos résultats montrent surtout une utilité envers la croissance excessive du crédit. L’application de contrôles prudentiels, lorsque la croissance du crédit devient excessive, peut permettre d’atténuer la surchauffe du système financier et de diminuer le décalage entre le cycle économique et financier. Par conséquent, si un choc négatif survient, les conséquences économiques devraient être amoindries. Ensuite, la politique optimale s’avère être celle combinant la politique monétaire et prudentielle, menée par une agence commune qui prend les décisions en matière de politique monétaire et prudentielle conjointement. Les politiques prudentielles s’avèrent d’autant plus nécessaires que les prêts transfrontaliers sont importants. Enfin, des effets de débordement des politiques prudentielles sur les autres pays incitent à davantage de coopération internationale ou régionale en la matière. / The aim of this thesis is to contribute to the analysis of the effect of policies aimed at curbing the risks associated with financial instability. The investigations carried out are theoretical (DSGE model) and empirical. In an open country macroeconomic framework, two dimensions must be taken into account. The external dimension is covered by the policy of prudential capital controls. Because of its selective nature, this type of policy can help reduce external imbalances that do not fall within the macroprudential scope. The latter addresses the internal dimension and seeks to internalize the overall risk resulting from the investment choices of resident agents. The analysis of the internal coordination of these two types of macro-prudential measures and prudential controls is essential to ensure their effectiveness. In addition, the potential effects of international spillovers that may result from prudential regulation policies must be studied before validating the use of such policies. We find that macroprudential policies seem to offer better results in terms of financial stability, price stability and economic performance than capital controls. However, prudential capital controls have their role to play, especially with regards to excessive credit growth. The application of prudential controls, when credit growth becomes excessive, can indeed help mitigating the overheating of the financial system and reducing the gap between economic and financial cycles. Therefore, as a negative shock occurs, its economic consequences should be lessened. Then, the optimal policy turns out to bethe one combining monetary and prudential policy, led by a joint agency that makes decisions on monetary and prudential policies. Prudential policies are all the more necessary as cross-border lending is important. Finally, the effects of prudential policies on other countries encourage more international or regional cooperation in this area.