Similarly, CFMs could be applied on capital outflows if the economy is stagnating, FX exposures are high, and reserve levels are inadequate.
10 In many studies gains are of second order of magnitude as financial integration enables a reduction of  consumption volatility but does not affect output (see Nicolas Coeurdacier, Hélène Rey and Pablo Winant, 2015 “Financial Integration and Growth in a Risky World”, NBER Working Paper, No. 21817).