For the first act – March 2008, taxing fixed income only – we observe a decline in flows in the run-up to the placing of controls, but net funds start flowing in again about two weeks before the episode. This budding inflow may be the impetus for the placing of controls, see Figure 1. The placing of controls did not appear to have a large influence, causing only a small and temporary slowdown in the inflow episode that resulted from the controls. While we observe a continuation of the inflow for the counter-factual scenario, Brazil experienced a similar dramatic rise, but with about a month’s delay. This delay, however, is also present in inflows to other Latin American destinations.