| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10019 |
| DP10019 Capital Controls and Recovery from the Financial Crisis of the 1930s | |
| Kirsten Wandschneider | |
| 发表日期 | 2014-06-08 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We examine the first widespread use of capital controls in response to a global or regional financial crisis. In particular, we analyze whether capital controls mitigated capital flight in the 1930s and assess their causal effects on macroeconomic recovery from the Great Depression. We find evidence that they stemmed gold outflows in the year following their imposition; however, time-shifted, difference-in-differences (DD) estimates of industrial production, prices, and exports suggest that exchange controls did not accelerate macroeconomic recovery relative to countries that went off gold and floated. Countries imposing capital controls also appear to perform similar to the gold bloc countries once the latter group of countries finally abandoned gold. Time series analysis suggests that countries imposing capital controls refrained from fully utilizing their newly acquired monetary policy autonomy. |
| 主题 | Economic History ; International Macroeconomics |
| 关键词 | Capital controls Financial crises Great depression Interwar gold standard |
| URL | https://cepr.org/publications/dp10019 |
| 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/538851 |
| 推荐引用方式 GB/T 7714 | Kirsten Wandschneider. DP10019 Capital Controls and Recovery from the Financial Crisis of the 1930s. 2014. |
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