| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w26558
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| 来源ID | Working Paper 26558
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| Capital Controls: A Survey of the New Literature |
| Alessandro Rebucci; Chang Ma
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| 发表日期 | 2019-12-16
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| 出版年 | 2019
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| 语种 | 英语
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| 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
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| URL | https://www.nber.org/papers/w26558
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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/584232
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推荐引用方式
GB/T 7714 |
Alessandro Rebucci,Chang Ma. Capital Controls: A Survey of the New Literature. 2019.
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文件名：
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w26558.pdf
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格式：
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Adobe PDF
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