全球智库信息集成服务系统(G2TT): DP9936 Optimal Capital Controls and Real Exchange Rate Policies: A Pecuniary Externality Perspective

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP9936
	DP9936 Optimal Capital Controls and Real Exchange Rate Policies: A Pecuniary Externality Perspective
	Alessandro Rebucci; Gianluca Benigno; Christopher Otrok; Huigang Chen; Eric Young
发表日期	2014-04-13
出版年	2014
语种	英语
摘要	In response to the global financial crisis a new policy paradigm emerged in which capital controls and other quantitative restrictions on credit flows have become part of the standard crisis prevention policy toolkit. A new strand of theoretical literature studies the use of capital controls in a context in which pecuniary externality justifies policy interventions. Within the same theoretical framework adopted in this literature, we show that the optimal design of crisis prevention (ex-ante) policies depends on the effectivness of crisis management (ex-post) policies. This interaction between ex-ante and ex-post policies gives rise to a new rationale for the use of capital controls. Specifically, we show that when ex-post policies are effective in containing crises, there is no need to intervene ex-ante with capital controls. On the other hand, if crises management policies entail efficiency costs and hence lose effectiveness, then the optimal policy mix consists of both ex-ante and ex-post interventions so that crises prevention policies become desirable. In our model, the optimal policy mix combines capital controls in tranquil times with real exchange rate support to limit its depreciation during crises times and yields welfare gains of more than 1% in consumption equivalence terms.
主题	International Macroeconomics
关键词	Capital controls Financial crises Financial frictions Macro-prudential policies Pecuniary externality Real exchange rate
URL	https://cepr.org/publications/dp9936
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/538770
推荐引用方式 GB/T 7714	Alessandro Rebucci,Gianluca Benigno,Christopher Otrok,et al. DP9936 Optimal Capital Controls and Real Exchange Rate Policies: A Pecuniary Externality Perspective. 2014.