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Capital Controls as Taxation Policy

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Eran Yashiv ()

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Abstract

This paper studies the public finance implications ofcontrols on international financial capital flows, proposinga model of controls as distortionary taxation. The model formalizesa capital controls rule that conforms real-world stylized factsand is sustainable in the long-run. Capital controls are shownto distort agents' optimal intratemporal portfolio decisionsand intertemporal consumption decisions, affecting the dynamicsof financial and real variables. We use the model to analyzethe feasible set of tax instruments—in terms of level andmix—available to the government and the complex relationshipsbetween expenditures and taxes mediated by the foreign sector. Copyright Kluwer Academic Publishers 1997

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File URL: http://hdl.handle.net/10.1023/A:1008660203776
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Publisher Info
Article provided by Springer in its journal International Tax and Public Finance.

Volume (Year): 4 (1997)
Issue (Month): 3 (July)
Pages: 263-276
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Handle: RePEc:kap:itaxpf:v:4:y:1997:i:3:p:263-276

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Web page: http://www.springerlink.com/link.asp?id=102915

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  1. James Tobin, 1978. "A Proposal for International Monetary Reform," Eastern Economic Journal, Eastern Economic Association, vol. 4(3-4), pages 153-159, Jul/Oct. [Downloadable!]
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  2. Adams, Charles & Greenwood, Jeremy, 1985. "Dual exchange rate systems and capital controls: An investigation," Journal of International Economics, Elsevier, vol. 18(1-2), pages 43-63, February. [Downloadable!] (restricted)
  3. Calvo, Guillermo A., 1985. "Macroeconomic implications of the government budget: Some basic considerations," Journal of Monetary Economics, Elsevier, vol. 15(1), pages 95-112, January. [Downloadable!] (restricted)
  4. Giovannini, Alberto & de Melo, Martha, 1993. "Government Revenue from Financial Repression," American Economic Review, American Economic Association, vol. 83(4), pages 953-63, September. [Downloadable!] (restricted)
  5. Penati, Alessandro, 1987. "Government spending and the real exchange rate," Journal of International Economics, Elsevier, vol. 22(3-4), pages 237-256, May. [Downloadable!] (restricted)
  6. Calvo, Guillermo A. & Reinhart, Carmen M. & Vegh, Carlos A., 1995. "Targeting the real exchange rate: theory and evidence," Journal of Development Economics, Elsevier, vol. 47(1), pages 97-133, June. [Downloadable!] (restricted)
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  7. Sussman, Oren, 1991. "Macroeconomic Effects of a Tax on Bond Interest Rates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(3), pages 352-66, August. [Downloadable!] (restricted)
  8. Maurice Obstfeld, 1986. "Capital Controls, The Dual Exchange Rate, and Devaluation," NBER Working Papers 1324, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Obstfeld, Maurice, 1990. "Intertemporal dependence, impatience, and dynamics," Journal of Monetary Economics, Elsevier, vol. 26(1), pages 45-75, August. [Downloadable!] (restricted)
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  10. Epstein, Larry G & Hynes, J Allan, 1983. "The Rate of Time Preference and Dynamic Economic Analysis," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 611-35, August. [Downloadable!] (restricted)
  11. Joshua Aizenman, 1986. "On the Complementarity of Commercial Policy, Capital Controls, and Inflation Tax," Canadian Journal of Economics, Canadian Economics Association, vol. 19(1), pages 114-33, February. [Downloadable!] (restricted)
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  12. Roubini, Nouriel & Sala-i-Martin, Xavier, 1995. "A growth model of inflation, tax evasion, and financial repression," Journal of Monetary Economics, Elsevier, vol. 35(2), pages 275-301, April. [Downloadable!] (restricted)
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