Temporary controls on capital inflows

• 成果类型: Article
• 署名作者: Reinhart, CM; Smith, RT
• 署名单位: University of Alberta; University System of Maryland; University of Maryland College Park; International Monetary Fund
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/S0022-1996(01)00150-7
• 发表日期: 2002
• 页码: 327-351
• 关键词: Capital inflows; foreign borrowing; capital controls

摘要

During the past decade a number of countries imposed capital controls that had two distinguishing features: they were asymmetric, in that they were designed principally to discourage capital inflows, and they were temporary. This paper studies formally the consequences of these policies, calibrates their potential effectiveness, and assesses their welfare implications in an environment in which the level of capital inflows can be sub-optimal. In addition, motivated by the fact that these types of controls have often been left in place after the dissipation of the shock that lead to the controls being implemented, the paper evaluates the welfare cost of procrastination in removing these types of controls. (C) 2002 Elsevier Science B.V. All rights reserved.