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Efficient capital controls


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  • Rodney Schmidt
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    Controls on short-term capital inflows or panic-driven capital outflows may benefit emerging markets that have fragile financial sectors and adjustable-peg currency regimes. However, the controls seen so far are relatively easy to evade, often complex and obscure, and supported by large corruptible bureaucracies. A tax on foreign-exchange payments avoids these drawbacks. It is transparent, inexpensive to set up and operate, administratively lean, and easy to adjust. A Tobin tax in effect, it is enforceable even when applied unilaterally.

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    Bibliographic Info

    Article provided by Emerald Group Publishing in its journal Journal of Economic Studies.

    Volume (Year): 28 (2001)
    Issue (Month): 3 (September)
    Pages: 199-212

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    Handle: RePEc:eme:jespps:v:28:y:2001:i:3:p:199-212

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    Keywords: Capital; Control; Crises; Currencies; Foreign exchange; Taxation;


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    Cited by:
    1. Clunies-Ross, Anthony, 2004. "Imminent Prospects for Additional Finance: What Might Be Done Now or Soon and Under What Conditions," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
    2. Asongu Simplice, 2012. "Financial development dynamic thresholds of financial globalization: evidence from Africa," Working Papers 12/020, African Governance and Development Institute..
    3. Clunies-Ross, Anthony & Langmore, John, 2006. "Political Economy of Additional Development Finance," Working Paper Series DP2006/09, World Institute for Development Economic Research (UNU-WIDER).
    4. Anthony Clunies-Ross,, 2006. "Ways of Paying for Global Public-Goods," Working Papers id:536, eSocialSciences.


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