国际货币基金组织：资本管制是否减缓了最后一公里的跨境支付？初步证据（英文版）

Cross-border payments face multiple challenges that may result in slow transaction speed, particularly at the beneficiary leg, which constitutes the last mile of the payment process. This paper measures whether capital controls are associated with slower cross-border payments, using two novel cross-country datasets derived from microeconomic data. While it does not establish causality, preliminary evidence suggests that the effect is statistically significant and sizeable. A one-standard-d