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来源类型Working Paper
规范类型报告
DOI10.3386/w26558
来源IDWorking Paper 26558
Capital Controls: A Survey of the New Literature
Alessandro Rebucci; Chang Ma
发表日期2019-12-16
出版年2019
语种英语
摘要This paper reviews selected post-Global Financial Crisis theoretical and empirical contributions on capital controls and identifies three theoretical motives for the use of this policy tools: pecuniary externalities in models of financial crises, aggregate demand externalities in new-Keynesian models of the business cycle, and terms of trade manipulation in open economy models with pricing power. Pecuniary and demand externalities offer the most compelling case for the adoption of capital controls, but macroprudential policy can also address the same distortion. So, in general, capital controls are not the only instrument that can do the job. If evaluated through the lenses of the new theories, the empirical evidence reviewed suggests that capital controls can have the intended effects, even though the extant literature is inconclusive as to whether the effects documented amount to a net gain or loss for the economies that adopted these policies. Terms of trade manipulation also provides a clear cut theoretical case for the use of capital controls, but this motive is less compelling because of the spillover and coordination issues inherent with the use of control on capital flows for this purpose.
主题International Economics ; International Finance ; International Macroeconomics
URLhttps://www.nber.org/papers/w26558
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/584232
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Alessandro Rebucci,Chang Ma. Capital Controls: A Survey of the New Literature. 2019.
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