| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w11372
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| 来源ID | Working Paper 11372
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| The Microeconomic Evidence on Capital Controls: No Free Lunch |
| Kristin J. Forbes
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| 发表日期 | 2005-05-30
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| 出版年 | 2005
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| 语种 | 英语
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| 摘要 | Macroeconomic analyses of capital controls face a number of imposing challenges and have yielded mixed results to date. This paper takes a different approach and surveys an emerging literature that evaluates various microeconomic effects of capital controls and capital account liberalization. Several key themes emerge. First, capital controls tend to reduce the supply of capital, raise the cost of financing, and increase financial constraints - especially for smaller firms, firms without access to international capital markets and firms without access to preferential lending. Second, capital controls can reduce market discipline in financial markets and the government, leading to a more inefficient allocation of capital and resources. Third, capital controls significantly distort decision-making by firms and individuals, as they attempt to minimize the costs of the controls or even evade them outright. Fourth, the effects of capital controls can vary across different types of firms and countries, reflecting different pre-existing economic distortions. Finally, capital controls can be difficult and costly to enforce, even in countries with sound institutions and low levels of corruption. This microeconomic evidence on capital controls suggests that they have pervasive effects and often generate unexpected costs. Capital controls are no free lunch. |
| 主题 | International Economics
; International Factor Mobility
; International Finance
; Financial Economics
; Financial Markets
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| URL | https://www.nber.org/papers/w11372
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569011
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推荐引用方式
GB/T 7714 |
Kristin J. Forbes. The Microeconomic Evidence on Capital Controls: No Free Lunch. 2005.
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文件名：
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w11372.pdf
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格式：
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Adobe PDF
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