Resumen Recently, as a result of the new wave of capital inflows, some countries, like Brazil, Korea and Thailand, implemented capital controls. In this paper, we attempt to evaluate their effectiveness using a difference-in-difference specification. Our results are mixed. For Korea and Thailand, for example, capital controls resulted to be effective. The contrary occurs in the case of Brazil. The results also indicate that capital controls affect other economic variables. Their effectiveness, in sum, could be due to the sort and duration of the controls implemented.