| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8753 |
| DP8753 Capital Controls with International Reserve Accumulation: Can this Be Optimal? | |
| Philippe Bacchetta; Kenza Benhima; Yannick Kalantzis | |
| 发表日期 | 2012 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Motivated by the Chinese experience, we analyze a semi-open economy where the central bank has access to international capital markets, but the private sector has not. This enables the central bank to choose an interest rate different from the international rate. We examine the optimal policy of the central bank by modelling it as a Ramsey planner who can choose the level of domestic public debt and of international reserves. The central bank can improve savings opportunities of credit-constrained consumers modelled as in Woodford (1990). We find that in a steady state it is optimal for the central bank to replicate the open economy, i.e., to issue debt financed by the accumulation of reserves so that the domestic interest rate equals the foreign rate. When the economy is in transition, however, a rapidly growing economy has a higher welfare without capital mobility and the optimal interest rate differs from the international rate. We argue that the domestic interest rate should be temporarily above the international rate. We also find that capital controls can still help reach the first best when the planner has more fiscal instruments. |
| 主题 | International Macroeconomics |
| 关键词 | Capital controls International reserves |
| URL | https://cepr.org/publications/dp8753 |
| 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/537589 |
| 推荐引用方式 GB/T 7714 | Philippe Bacchetta,Kenza Benhima,Yannick Kalantzis. DP8753 Capital Controls with International Reserve Accumulation: Can this Be Optimal?. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
