| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26997 |
| 来源ID | Working Paper 26997 |
| Sticky Capital Controls | |
| Miguel Acosta-Henao; Laura Alfaro; Andrés Fernández | |
| 发表日期 | 2020-04-20 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We build a new dataset using textual analysis, from which we document a set of stylized facts regarding the use of capital controls, along their intensive and extensive margins for 21 emerging markets, with a focus on priced-based controls. We document that capital controls are “sticky”; that is, changes do not occur frequently, and when they do, they remain in place for a long time. Overall, price-based capital controls have not been used systematically across countries or time, and there has been considerable heterogeneity across countries in terms of the intensity with which they have been used. We then present a model of capital controls relying on pecuniary externalities augmented by including an (S; s) cost of implementing such policies and illustrate how this friction goes a long way toward bringing the model closer to the data. When the extended model is calibrated for each of the countries in the new dataset, we find that the size of these costs is large, thus substantially reducing the welfare-enhancing effects of capital controls compared with the frictionless Ramsey benchmark. We conclude with a discussion of the structural interpretations of such costs, which calls for a richer set of policy constraints when considering the use of capital controls in models of pecuniary externalities. |
| 主题 | Macroeconomics ; Money and Interest Rates ; International Economics ; International Finance ; International Macroeconomics ; Financial Economics |
| URL | https://www.nber.org/papers/w26997 |
| 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/584670 |
| 推荐引用方式 GB/T 7714 | Miguel Acosta-Henao,Laura Alfaro,Andrés Fernández. Sticky Capital Controls. 2020. |
| 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 | ||
| w26997.pdf（1223KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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