| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6373 |
| DP6373 Euro Area Inflation Persistence in an EstimatedNonlinear DSGE Model | |
| Oreste Tristani; Giovanni Amisano | |
| 发表日期 | 2007-06-29 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Both in theory and practice, capital controls and dual exchange rate systems can be part of a country's optimal tax policy. We first show how a dual exchange rate system can be interpreted as a tax (or subsidy) on international capital income. We show that a dual exchange rate system, with separate commercial and financial exchange rates, drives a wedge between the domestic and foreign returns on comparable assets. As a borrower, the government itself is a direct beneficiary. Secondly, based on data from South Africa, we present empirical evidence of this revenue implicit in a dual exchange rate system; a revenue that amounted to as much as 0.1 percent of GDP for the South African government. However, this paper also shows that both the capital controls and the dual exchange rate system in South Africa gave rise to many perverse unanticipated effects. The latter may render capital controls and dual exchange rate systems unattractive in the end and, thereby, provides a rationale for the recent trend in exchange rate liberalization and unification. |
| 主题 | International Macroeconomics |
| 关键词 | Capital controls Dual exchange rate systems Financial repression |
| URL | https://cepr.org/publications/dp6373 |
| 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/535212 |
| 推荐引用方式 GB/T 7714 | Oreste Tristani,Giovanni Amisano. DP6373 Euro Area Inflation Persistence in an EstimatedNonlinear DSGE Model. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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