| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6247 |
| 来源ID | Working Paper 6247 |
| Capital Mobility and Exchange Market Intervention in Developing Countries | |
| Michael P. Dooley; Donald J. Mathieson; Liliana Rojas-Suarez | |
| 发表日期 | 1997-10-01 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | This paper develops a new technique for measuring changes in the degree of capital mobility confronting a developing country that has restrictions on capital flows and official ceilings on domestic interest rates. Because such official controls rule out the use of traditional interest rate parity conditions to measure changes in the degree of capital mobility, the analysis first examines an intertemporal model of an open economy. This model describes the linkages between the cost of undertaking disguised capital flows, the current account, capital controls, domestic and external financial market conditions, and the authorities' foreign exchange market interventions. The model suggests a means of measuring changes in the cost of undertaking disguised capital flows, based on the past history of differentials between external interest rates (adjusted for exchange rate changes) and domestic ceiling interest rates, provided that the authorities' foreign exchange market activities are incorporated into the analysis. Parameter estimates for Korea, Mexico, and the Philippines indicate that the real cost of undertaking disguised capital flows declined on average by nearly 70 percent between the early 1970s and the late 1980s. |
| 主题 | International Economics ; International Finance |
| URL | https://www.nber.org/papers/w6247 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563757 |
| 推荐引用方式 GB/T 7714 | Michael P. Dooley,Donald J. Mathieson,Liliana Rojas-Suarez. Capital Mobility and Exchange Market Intervention in Developing Countries. 1997. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6247.pdf（1662KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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