Economic Effects and Structural Determinants of Capital Controls
AbstractThe effects and determinants of capital controls are studied using panel data for 61 countries. Capital controls are more likely in countries with lower income, a large government, and a central bank with limited independence. Other determinants of controls include the exchange rate regime, current account imbalances, and the degree of openness of the economy. Capital controls are found to be associated with higher inflation and lower real interest rates. No robust correlation is found between our measures of controls and economic growth, although there is evidence that countries with large black market premiums on foreign exchange grow more slowly.
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Bibliographic InfoArticle provided by Palgrave Macmillan in its journal International Monetary Fund Staff Papers.
Volume (Year): 42 (1995)
Issue (Month): 3 (September)
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Web page: http://www.palgrave-journals.com/
Postal: Palgrave Macmillan Journals, Subscription Department, Houndmills, Basingstoke, Hampshire RG21 6XS, UK
Other versions of this item:
- Vittorio Grilli & Gian-Maria Milesi-Ferretti, 1995. "Economic Effects and Structural Determinants of Capital Controls," IMF Working Papers 95/31, International Monetary Fund.
- F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
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