The study looked at how opening up a country's financial system in the 1990s affected international money moving in and out. They found that just changing the policy didn't have a big impact on the amount of money flowing in and out. However, in countries with strong financial systems, opening up the policy did lead to more money coming in. The study also showed that the impact of the policy on a country's share of global money flows depended on how developed their financial system was. This suggests that making a country's financial system stronger is important for capital account policies to work effectively.