| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP793 |
| DP793 The Political Economy of Capital Controls | |
| Alberto Alesina; Vittorio Grilli | |
| 发表日期 | 1993-07-31 |
| 出版年 | 1993 |
| 语种 | 英语 |
| 摘要 | This paper studies the institutional and political determinants of capital controls in a sample of 20 OECD countries for the period 195089. One of the most interesting results is that capital controls are more likely to be imposed by strong governments, which have a relatively `free' hand over monetary policy, because the Central Bank is not very independent. By imposing capital controls these governments raise more seigniorage revenue and keep interest rates artificially low. As a result, public debt accumulates at a slower rate than otherwise. This suggests that an institutional reform which makes the Central Bank more independent makes it more difficult for the government to finance its budget. The tightening of the fiscal constraint may force the government to adjust towards a more `sound' fiscal policy. We also find that, as expected, and in accordance with the theory, capital controls are more likely to be introduced when the exchange rate is pegged or managed. We found no effects of capital controls on growth, however, and reject rather strongly the hypothesis that capital controls reduce growth. |
| 主题 | International Macroeconomics |
| 关键词 | Capital controls Political economy Seigniorage |
| URL | https://cepr.org/publications/dp793 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529956 |
| 推荐引用方式 GB/T 7714 | Alberto Alesina,Vittorio Grilli. DP793 The Political Economy of Capital Controls. 1993. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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