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Economic Effects and Structural Determinants of Capital Controls

Mr.Vittorio Grilli
Economic Effects and Structural Determinants of Capital Controls by Mr.Vittorio Grilli PDF

Author : Mr.Vittorio Grilli
Publisher : International Monetary Fund
Page : 54 pages
File Size : 18,77 MB
Release : 1995-03
Category : Business & Economics
ISBN :

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This paper studies determinants and effects of capital controls using a panel of 61 developed and developing countries. The results suggest that capital account restrictions are more likely to be in place in countries with low income, a large share of government, and where the central bank is not independent. Other determinants of controls include the exchange rate regime, current account imbalances and the degree of openness of the economy. We also find that capital controls and other foreign exchange restrictions are associated with higher inflation and lower real interest rates. We do not find any robust correlation between our measures of controls and the rate of growth, although there is evidence that countries with large black market premia grow more slowly.

Economic Effects and Structural Determinants of Capital Controls

Vittorio Grilli
Economic Effects and Structural Determinants of Capital Controls by Vittorio Grilli PDF

Author : Vittorio Grilli
Publisher :
Page : 48 pages
File Size : 30,16 MB
Release : 2006
Category :
ISBN :

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This paper studies determinants and effects of capital controls using a panel of 61 developed and developing countries. The results suggest that capital account restrictions are more likely to be in place in countries with low income, a large share of government, and where the central bank is not independent. Other determinants of controls include the exchange rate regime, current account imbalances and the degree of openness of the economy. We also find that capital controls and other foreign exchange restrictions are associated with higher inflation and lower real interest rates. We do not find any robust correlation between our measures of controls and the rate of growth, although there is evidence that countries with large black market premia grow more slowly.

Controlling Capital? Legal Restrictions and the Asset Composition of International Financial Flows

Mr.Martin Schindler
Controlling Capital? Legal Restrictions and the Asset Composition of International Financial Flows by Mr.Martin Schindler PDF

Author : Mr.Martin Schindler
Publisher : International Monetary Fund
Page : 34 pages
File Size : 42,42 MB
Release : 2009-09-01
Category : Business & Economics
ISBN : 1451873557

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How effective are capital account restrictions? We provide new answers based on a novel panel data set of capital controls, disaggregated by asset class and by inflows/outflows, covering 74 countries during 1995-2005. We find the estimated effects of capital controls to vary markedly across the types of capital controls, both by asset categories, by the direction of flows, and across countries' income levels. In particular, both debt and equity controls can substantially reduce outflows, with little effect on capital inflows, but only high-income countries appear able to effectively impose debt (outflow) controls. The results imply that capital controls can affect both the volume and the composition of capital flows.

Capital Controls and the Cost of Debt

Eugenia Andreasen
Capital Controls and the Cost of Debt by Eugenia Andreasen PDF

Author : Eugenia Andreasen
Publisher : International Monetary Fund
Page : 26 pages
File Size : 47,39 MB
Release : 2017-06-09
Category : Business & Economics
ISBN : 1484303318

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Using a panel data set for international corporate bonds and capital account restrictions in advanced and emerging economies, we show that restrictions on capital inflows produce a substantial and economically meaningful increase in corporate bond spreads. A number of heterogeneities suggest that the effect of capital controls on inflows is particularly strong for more financially constrained firms, establishing a novel channel through which capital controls affect economic outcomes. By contrast, we do not find a robust significant effect of restrictions on outflows.

The Political Economy of Capital Controls

Gunther G. Schulze
The Political Economy of Capital Controls by Gunther G. Schulze PDF

Author : Gunther G. Schulze
Publisher : Cambridge University Press
Page : 308 pages
File Size : 45,39 MB
Release : 2000-05-04
Category : Business & Economics
ISBN : 9780521582223

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A comprehensive study of capital controls, assesses the existing literature and presents original research.

Revisiting the Determinants of Capital Flows to Emerging Markets--A Survey of the Evolving Literature

Swarnali Ahmed Hannan
Revisiting the Determinants of Capital Flows to Emerging Markets--A Survey of the Evolving Literature by Swarnali Ahmed Hannan PDF

Author : Swarnali Ahmed Hannan
Publisher : International Monetary Fund
Page : 22 pages
File Size : 43,10 MB
Release : 2018-09-28
Category : Business & Economics
ISBN : 1484378288

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This paper documents the evolution of gross and net capital flows to emerging market economies and surveys the large literature on the potential drivers. While the capital flow landscape has been shaped by the evolution of both global and country-specific factors, the relative importance of these factors has varied over time and differs depending on the type of capital flows. The findings from the survey of the literature thus underscores the importance of policies in both source and recipient countries in shaping capital flows.