| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16805 |
| 来源ID | Working Paper 16805 |
| Capital Controls: Myth and Reality - A Portfolio Balance Approach | |
| Nicolas E. Magud; Carmen M. Reinhart; Kenneth S. Rogoff | |
| 发表日期 | 2011-02-18 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | The literature on capital controls has (at least) four very serious apples-to-oranges problems: (i) There is no unified theoretical framework to analyze the macroeconomic consequences of controls; (ii) there is significant heterogeneity across countries and time in the control measures implemented; (iii) there are multiple definitions of what constitutes a "success" and (iv) the empirical studies lack a common methodology-furthermore these are significantly "overweighted" by a couple of country cases (Chile and Malaysia). In this paper, we attempt to address some of these shortcomings by: being very explicit about what measures are construed as capital controls. Also, given that success is measured so differently across studies, we sought to "standardize" the results of over 30 empirical studies we summarize in this paper. The standardization was done by constructing two indices of capital controls: Capital Controls Effectiveness Index (CCE Index), and Weighted Capital Control Effectiveness Index (WCCE Index). The difference between them lies in that the WCCE controls for the differentiated degree of methodological rigor applied to draw conclusions in each of the considered papers. Inasmuch as possible, we bring to bear the experiences of less well known episodes than those of Chile and Malaysia. Then, using a portfolio balance approach we model the effects of imposing capital controls on short-term flows. We find that there should exist country-specific characteristics for capital controls to be effective. From this simple perspective, this rationalizes why some capital controls were effective and some were not. We also show that the equivalence in effects of price- vs. quantity-capital control are conditional on the level of short-term capital flows. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w16805 |
| 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/574480 |
| 推荐引用方式 GB/T 7714 | Nicolas E. Magud,Carmen M. Reinhart,Kenneth S. Rogoff. Capital Controls: Myth and Reality - A Portfolio Balance Approach. 2011. |
| 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 | ||
| w16805.pdf（254KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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