| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1037 |
| DP1037 Commercial Policy and Dynamic Adjustment Under Monopolistic Competition | |
| Wilhelm Kohler; Christian Keuschnigg | |
| 发表日期 | 1994-11-30 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | This paper provides evidence on the effects of capital controls. We show that controls have been associated with significant differences in macroeconomic behaviour, especially in monetary policy. While they have not prevented speculative attacks, they have provided the breathing space needed to organize orderly realignments. We also provide evidence on the channels through which speculative attacks operate, showing that bank lending to non-residents is a key transmission mechanism. We conclude with a discussion of measures that mimic some of the effects of controls as a way of easing the transition to European Monetary Union. Non-interest-bearing deposit requirements on lending to non-residents are proposed as a third-best route to monetary union. |
| 主题 | International Macroeconomics |
| 关键词 | Ems Exchange rate crisis Exchange rates Speculative attacks |
| URL | https://cepr.org/publications/dp1037 |
| 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/530192 |
| 推荐引用方式 GB/T 7714 | Wilhelm Kohler,Christian Keuschnigg. DP1037 Commercial Policy and Dynamic Adjustment Under Monopolistic Competition. 1994. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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