CAPITAL CONTROLS AND INTERNATIONAL-TRADE FINANCE
成果类型：
Article
署名作者：
GIOVANNINI, A; PARK, JW
署名单位：
Centre for Economic Policy Research - UK; INSEAD Business School
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/0022-1996(92)90005-5
发表日期：
1992
页码：
285-304
关键词：
摘要：
This paper studies the effects of prohibiting individuals from holding foreign assets, but of allowing firms to trade in foreign assets only up to what is needed to finance export and import activities. Although firms can perform arbitrage between domestic and foreign financial markets, the distortions in asset markets are not fully arbitraged away but instead are transmitted to domestic goods markets. The dynamics and steady-state responses to a variety of shocks are crucially affected by capital controls. Even in the presence of capital controls, the volatility of domestic interest rates can be substantial.
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