| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29476 |
| 来源ID | Working Paper 29476 |
| The Prudential Use of Capital Controls and Foreign Currency Reserves | |
| Javier Bianchi; Guido Lorenzoni | |
| 发表日期 | 2021-11-15 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We provide a simple framework to study the prudential use of capital controls and currency reserves that have been explored in the recent literature. We cover the role of both pecuniary externalities and aggregate demand externalities. The model features a central policy dilemma for emerging economies facing large capital outflows: the choice between increasing the policy rate to stabilize the exchange rate and decreasing the policy rate to stabilize employment. Ex ante capital controls and reserve accumulation can help mitigate this dilemma. We use our framework to survey the recent literature and provide an overview of recent empirical findings on the use of these policies. |
| 主题 | International Economics ; International Finance ; International Macroeconomics ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w29476 |
| 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/587150 |
| 推荐引用方式 GB/T 7714 | Javier Bianchi,Guido Lorenzoni. The Prudential Use of Capital Controls and Foreign Currency Reserves. 2021. |
| 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 | ||
| w29476.pdf（499KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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