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A Quantitative Analysis of the Effects of Capital Controls: Spain, 1986-1990

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  • Oscar Bajo-Rubio
  • Sosvilla-Rivero Simon

Abstract

This Paper offers a quantitative assessment of the effectiveness of capital controls in Spain during the period 1986-1990. The analysis is based on a portfolio-balance model Previously estimated for the Spanish economy, where the complete elimination of capital controls is simulated. Our results suggest that capital controls would have avoided a net capital outflow amounting to nearly a 4 per cent increase in the Spanish net foreign asset position, as a quarterly average, during the first five years of Spanish membership into the EU. [C32, F21, F36]

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal International Economic Journal.

Volume (Year): 15 (2001)
Issue (Month): 3 ()
Pages: 129-146

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Handle: RePEc:taf:intecj:v:15:y:2001:i:3:p:129-146

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