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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. |
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