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Beware the Side Effects : Capital Controls, Trade, Misallocation and Welfare

Andreasen, Eugenia; Bauducco, Sofía; Dardati, Evangelina; … - National Bureau of Economic Research - 2023

We show that capital controls have large adverse effects on misallocation, exports and welfare using a dynamic Melitz-OLG model with heterogeneous firms, monopolistic competition, endogenous trade participation and collateral constraints. Static effects increase misallocation by reducing...

Persistent link: https://www.econbiz.de/10014226160

Global Liquidity : Drivers, Volatility and Toolkits

Goldberg, Linda S. - National Bureau of Economic Research - 2023

Global liquidity refers to the volumes of financial flows - largely intermediated through global banks and non-bank financial institutions - that can move at relatively high frequencies across borders. The amplitude of responses to global conditions like risk sentiment, discussed in the context...

Persistent link: https://www.econbiz.de/10014322743

Capital Controls on Outflows : New Evidence and a Theoretical Framework

Chang, Roberto; Fernández, Andrés; Martinez, Humberto - National Bureau of Economic Research - 2024

theoretical framework that is consistent with such empirical findings and also yields policy and welfare lessons. The theory …

Persistent link: https://www.econbiz.de/10015056204

Monetary Sovereignty, Exchange Rates, and Capital Controls : The Trilemma in the Interwar period

Obstfeld, Maurice - 2004

disorder in the world economy. The interwar disorder often is linked to policies inconsistent with the constraint of the open … yield. This historical analytic narrative is compelling with significant ramifications for today's world, if true but … empirically controversial. We apply theory and empirics to the interwar data and find strong support for the logic of the trilemma …

Persistent link: https://www.econbiz.de/10012468300

Capital Controls, Sudden Stops and Current Account Reversals

Edwards, Sebastian - 2005

In this paper I use a broad multi-country data set to analyze the relationship between restrictions to capital mobility and external crises. The analysis focuses on two manifestations of external crises: (a) sudden stops of capital inflows; and (b) current account reversals. I deal with two...

Persistent link: https://www.econbiz.de/10012467515

Capital Account Liberalization, Institutional Quality and Economic Growth : Theory and Evidence

Klein, Michael W. - 2005

This paper shows that the effect of capital account liberalization on growth depends upon the environment in which that policy occurs. A theoretical model demonstrates the possibility of an inverted-U shaped relationship between the responsiveness of growth to capital account liberalization and...

Persistent link: https://www.econbiz.de/10012467573

The Impact of Bretton Woods International Capital Controls on the Global Economy and the Value of Geopolitical Stability : A General Equilibrium Analysis

Ohanian, Lee E.; Restrepo-Echavarria, Paulina; Van … - National Bureau of Economic Research - 2023

of the World (ROW) is developed to quantify capital controls and evaluate their impact on the world economy. We find … these controls had large effects. Counterfactual analysis show world output would have been 0:5 percent higher had there …

Persistent link: https://www.econbiz.de/10014337829

Capital Control Measures : A New Dataset

Fernández, Andrés - 2015

We present and describe a new dataset of capital control restrictions on both inflows and outflows of ten categories of assets for 100 countries over the period 1995 to 2013. Building on the data first presented in Martin Schindler (2009), and other datasets based on the analysis of the IMF's...

Persistent link: https://www.econbiz.de/10012457696

Macroprudential Policy in a World of High Capital Mobility : Policy Implications from an Academic Perspective

Engel, Charles - 2015

The paper explicates the issues raised for macroprudential regulation in a global economy with high capital mobility. The study surveys the recent literature and aims to translate the academic rationale for such policies, in which market imperfections lead to external effects that require policy...

Persistent link: https://www.econbiz.de/10012457715

Domestic and Multilateral Effects of Capital Controls in Emerging Markets

Pasricha, Gurnain - 2015

Using a novel, high frequency dataset on capital control actions in 16 emerging market economies (EMEs) from 2001 to 2012, we provide new insights into the domestic and multilateral effects of capital controls. Increases in capital account openness reduce monetary policy autonomy and increase...

Persistent link: https://www.econbiz.de/10012457844