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The post financial crisis period has been associated with increased countercyclical use of various financialpolicies, including residency-based measures. This paper analyses in a single analytical framework therelative effectiveness of three types of financial policies – macroprudential (foundations), currency-based(fences), and residency-based measures (fire doors).The findings in this paper are based on a granular quarterly database of adjustments in these policies thatcovers both advanced and emerging economies from 2000 to 2015. The results show that residency-basedmeasures on bonds and credit reduce capital inflows but provide limited support for a credit-mitigationrole. While no evidence emerges that macroprudential measures alter capital inflows, most appeareffective in reducing credit growth. Currency-based measures may reduce both inflows and credit growth(particularly FX reserve requirements and FX lending regulations).These results indicate that the impact of policies needs to be analysed at a granular level and that policymakers should adopt an integrated view of the financial policy toolkit.

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Research on the geographical distribution of international portfolios has mainly focused on data aggregated to the country level. We exploit newly-available data that disaggregates the holders and issuers of international securities along sectoral lines. We find that patterns evident in the aggregate data do not uniformly apply across the various holding and issuing sectors, such that a full understanding of cross-border portfolio positions requires granular-level analysis.