| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26447 |
| 来源ID | Working Paper 26447 |
| Capital Controls: Theory and Evidence | |
| Bilge Erten; Anton Korinek; José Antonio Ocampo | |
| 发表日期 | 2019-11-25 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper synthesizes recent advances in the theoretical and empirical literature on capital controls. We start by observing that international capital flows have both benefits and costs, but some of these are not internalized by individual actors and thus constitute externalities. The theoretical literature has identified pecuniary externalities and aggregate demand externalities that respectively contribute to financial instability and recessions. These externalities provide a natural rationale for counter-cyclical capital controls that lean against boom and busts cycles in international capital flows. The empirical literature has developed several measures of capital controls to capture different aspects of capital account openness. We evaluate the strengths and weaknesses of different measures and provide an overview of the empirical findings on the effectiveness of capital controls in addressing the externalities identified by the theory literature, i.e. in reducing financial fragility and enhancing macroeconomic stability. We also discuss strategies to deal with the endogeneity of capital controls in such statistical exercises. We conclude by providing an overview of the historical and current debates on the role of capital controls in macroeconomic management and their relationship to the academic literature. |
| 主题 | Microeconomics ; Welfare and Collective Choice ; Macroeconomics ; Money and Interest Rates ; International Economics ; International Finance ; International Macroeconomics ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w26447 |
| 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/584148 |
| 推荐引用方式 GB/T 7714 | Bilge Erten,Anton Korinek,José Antonio Ocampo. Capital Controls: Theory and Evidence. 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 | ||
| w26447.pdf（629KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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