Using novel datasets on both sectoral flows and policy measures, this paper underscores the importance of a granular sectoral approach in identifying the full range of connections between capital flows and credit growth, as well as the appropriate policy response. While, in general, macroprudential and foreign currency-based measures are better suited to mitigate the impact of banking sector flows, capital controls appear to lessen the impact of inflows to non-financial corporates and other financial corporates.
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