How Effective are Capital Controls?

Journal of Economic Perspectives - Tập 13 Số 4 - Trang 65-84 - 1999
Sebastián Edwards1,2
1Anderson Graduate School of Management, University of California, Los Angeles, California; National Bureau of Economic Research, Cambridge, Massachusetts.
2UCLA and NBER

Tóm tắt

A number of authors have recently argued that, in order to avoid financial instability, emerging countries should rely on capital controls. Two type of controls have been considered: controls on capital outflows, and controls on capital inflows. In this paper I review the historical evidence on the effectiveness of these two type of controls. I argue that controls on outflows have been ineffective. They are circumvented and breed corruption. I also analyze Chile's recent experience with controls on inflows, and I argue that their effectiveness has been exaggerated.

Từ khóa


Tài liệu tham khảo

10.2307/20048871

10.1080/15140326.1998.12040516

10.1080/15140326.1998.12040517

1993, Brookings Papers on Economics Activity, 51

10.2307/2231790

10.1257/aer.89.3.473

Krugman Paul, 1998, Fortune, 7, 74

10.2307/20020239

Labán Raúl, 1997, Cuadernos de Economía., 103, 329

Massad Carlos, 1998, Economía Chilena., 1, 7

10.1257/jep.13.4.3

10.1093/wber/8.3.311

10.1257/jep.13.4.21

Stiglitz Joseph, 1999, International Herald Tribune, 11, 6

Tobin James, 1978, Eastern Economic Journal., 4, 154

1996, Cuadernos de Economía., 98, 77

1998, Empirica., 25, 2

Zahler Roberto M, 1992, Speech delivered at the 54th Meeting of Latin American Central Bank Governors, San Salvador, El Salvador, 5, 1992

Thông tin
Thông tin xuất bản

Journal of Economic Perspectives

Tập 13 Số 4

65-84

Thông tin tác giả