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| Author | : Enrique G. Mendoza |
| Publisher | : London : Department of Economics, University of Western Ontario |
| Total Pages | : 48 |
| Release | : 1989 |
| Genre | : Balance of trade |
| ISBN | : |
| Author | : Mr.Enrique G. Mendoza |
| Publisher | : International Monetary Fund |
| Total Pages | : 54 |
| Release | : 1990-11-01 |
| Genre | : Business & Economics |
| ISBN | : 1451946058 |
A dynamic stochastic equilibrium model of a small open economy is used to quantify the macroeconomic effects of introducing capital controls to stabilize the balance of trade. This model focuses on the role of international trade and foreign debt as instruments that help smooth consumption in response to productivity or terms-of-trade disturbances. The model rationalizes some key empirical regularities that characterize business fluctuations and the dynamics of savings and investment in post-war Canada. The results show that capital controls have small effects on both the basic characteristics of macroeconomic fluctuations and the level of welfare. A fiscal strategy that successfully enforces capital controls by introducing taxes on foreign interest income is also studied in some detail.
| Author | : Enrique G. Mendoza |
| Publisher | : |
| Total Pages | : 54 |
| Release | : 2006 |
| Genre | : |
| ISBN | : |
A dynamic stochastic equilibrium model of a small open economy is used to quantify the macroeconomic effects of introducing capital controls to stabilize the balance of trade. This model focuses on the role of international trade and foreign debt as instruments that help smooth consumption in response to productivity or terms-of-trade disturbances. The model rationalizes some key empirical regularities that characterize business fluctuations and the dynamics of savings and investment in post-war Canada. The results show that capital controls have small effects on both the basic characteristics of macroeconomic fluctuations and the level of welfare. A fiscal strategy that successfully enforces capital controls by introducing taxes on foreign interest income is also studied in some detail.
| Author | : Mr.B. Jang |
| Publisher | : International Monetary Fund |
| Total Pages | : 25 |
| Release | : 1999-03-01 |
| Genre | : Business & Economics |
| ISBN | : 1451844123 |
This paper reexamines Aizenman’s (1985) results on the effects of capital controls during unanticipated trade liberalization using an intertemporal optimizing monetary model. Unlike in Aizenman’s model, which is based on the currency substitution model, foreign money is an interest-bearing asset in this paper, and its major role is to smooth intertemporal consumption. With this modification, Aizenman’s results are reversed, thus showing that the effects of capital controls during trade liberalization would vary greatly depending on the role of foreign money in a country. The effects of an anticipated trade liberalization are also studied.
| Author | : Sebastian Edwards |
| Publisher | : Cambridge University Press |
| Total Pages | : 452 |
| Release | : 1997-06-13 |
| Genre | : Business & Economics |
| ISBN | : 9780521597111 |
The essays collected in this volume discuss the impact of increased capital mobility on macroeconomic performance.
| Author | : Forrest Capie |
| Publisher | : |
| Total Pages | : 132 |
| Release | : 2002 |
| Genre | : Business & Economics |
| ISBN | : |
Free capital movements played an important part in the economic integration and globalisation of the nineteenth century. This work analyses historical experience with capital controls, in Britain and elsewhere, and reviews the theory. It concludes that such controls are damaging and that there is no case for reviving them.
| Author | : Giorgio Radaelli |
| Publisher | : Routledge |
| Total Pages | : 132 |
| Release | : 2002-01-08 |
| Genre | : Business & Economics |
| ISBN | : 1134834446 |
The experiences of the Exchange Rate Mechanism of the European Community have highlighted the difficulties of exchange rate control. Exchange Rate Determination and Control investigates the determinants of exchange rates and evaluates the main options for policy makers in limiting exchange rate fluctuations, drawing on the empirical evidence of the experiences of the G7 countries over the last two decades.
| Author | : Michael P. Dooley |
| Publisher | : |
| Total Pages | : 70 |
| Release | : 1995 |
| Genre | : Capital market |
| ISBN | : |
This paper reviews recent theoretical and empirical work on controls over international capital movements. Theoretical contributions reviewed focus on 'second best' arguments for capital market restrictions as well as arguments based on multiple equilibria. The empirical literature suggests that controls have been 'effective' in the narrow sense of influencing yield differentials. But there is little evidence that controls have helped governments meet policy objectives, with the exception of reduction in the governments' debt service costs, and no evidence that controls have enhanced economic welfare in a manner suggested by theory.
| Author | : Mr.Vittorio Grilli |
| Publisher | : International Monetary Fund |
| Total Pages | : 54 |
| Release | : 1995-03 |
| Genre | : Business & Economics |
| ISBN | : |
This paper studies determinants and effects of capital controls using a panel of 61 developed and developing countries. The results suggest that capital account restrictions are more likely to be in place in countries with low income, a large share of government, and where the central bank is not independent. Other determinants of controls include the exchange rate regime, current account imbalances and the degree of openness of the economy. We also find that capital controls and other foreign exchange restrictions are associated with higher inflation and lower real interest rates. We do not find any robust correlation between our measures of controls and the rate of growth, although there is evidence that countries with large black market premia grow more slowly.
| Author | : Natalia T. Tamirisa |
| Publisher | : International Monetary Fund |
| Total Pages | : 30 |
| Release | : 2004 |
| Genre | : Business & Economics |
| ISBN | : |
This paper examines how the macroeconomic effects of capital controls vary depending on which type of international financial transaction they cover. Drawing on Malaysia's experiences in regulating the capital account during the 1990s, it finds, in an error-correction model, that capital controls generally have statistically insignificant effects on the exchange rate. Controls on portfolio outflows and on bank and foreign exchange operations facilitate reductions in the domestic interest rate, while controls on portfolio inflows have the opposite effect, in line with the theoretical priors. Controls on international transactions in the domestic currency and stock market operations have statistically insignificant effects on the interest rate differential.
