Using these measures, we assess the extent to which capital controls and prudential regulations are associated with a number of financial fragilities—for example, the composition of external liabilities, the extent of FX lending by domestic banks, and the intensity of credit booms. We also ask how policies in place during the boom may affect the intensity of the bust (as measured by the decline in output growth relative to its pre-crisis trend). Our estimations pertain to cross-sectional data, which is based on the “natural experiment” afforded by the most recent financial crisis, as well as a panel data set covering the period 1995–2008.