| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25710 |
| 来源ID | Working Paper 25710 |
| Capital Controls as Macro-prudential Policy in a Large Open Economy | |
| J. Scott Davis; Michael B. Devereux | |
| 发表日期 | 2019-04-01 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | The use of international capital flow controls has become increasingly popular in academic and policy circles. But almost all the recent literature studies the case of a small economy, ignoring the spillover effects of capital controls to the rest of the world. This paper re-examines the case for capital controls in a large open economy, where domestic financial constraints may bind following a large negative shock. We consider both ex-ante capital controls (prudential) and ex-post controls (crisis management). In a large open economy, there is a tension between the desire to tax capital inflows to manipulate the terms-of-trade and tax capital outflows for either prudential or crisis management purposes. When capital controls are chosen non-cooperatively, we show that ex-post capital controls are unsuccessful in alleviating financial constraints in a crisis, and ex-ante capital controls are unsuccessful at reducing financial instability before the crisis. Non-cooperative capital controls leave the crisis-hit country even worse off than in an environment with unrestricted capital flows. In addition, a non-cooperative equilibrium with capital controls actually increases the likelihood of a financial crisis occurring. By contrast, capital controls can be effective under international cooperation and can significantly ease financial constraints when applied ex-post for crisis management and reduce the likelihood of a crisis when used ex-ante for prudential purposes. |
| 主题 | International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w25710 |
| 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/583384 |
| 推荐引用方式 GB/T 7714 | J. Scott Davis,Michael B. Devereux. Capital Controls as Macro-prudential Policy in a Large Open Economy. 2019. |
| 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 | ||
| w25710.pdf（1281KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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