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Abolishing Exchange Control: The UK Experience

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  • Artis, Michael J
  • Taylor, Mark P

Abstract

The paper addresses some of the effects of the removal of exchange controls in the UK in 1979. Nonparametric tests indicate that one consequence of the removal was a marked reduction in the volatility of the on-shore/off-shore differential. Co-integration tests suggest that abolition contributed positively to the long run integration of the UK stock market with similar markets in other international centers, though there is no evidence that the correlation of short run stock market returns across international centers was more strongly positive after 1979. The evidence of strong integration effect at the `short' end of the capital market is consistent with qualitative monetary regulations which have a `tax-like' effect.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 294.

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Date of creation: Apr 1989
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Handle: RePEc:cpr:ceprdp:294

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Related research

Keywords: Exchange Controls; Financial Integration; Liberalization; United Kingdom;

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Cited by:
  1. Lucio Sarno & Mark Taylor, 1998. "Exchange controls, international capital flows and saving-investment correlations in the UK: An empirical investigation," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 134(1), pages 69-98, March.
  2. Schmukler, Sergio L. & Serven, Luis, 2002. "Pricing currency risk : facts and puzzles from currency boards," Policy Research Working Paper Series 2815, The World Bank.
  3. Daniele Checchi, 1992. "Capital controls and distribution of income: Empirical evidence for Great Britain Japan and Australia," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 128(3), pages 558-587, September.
  4. David Begg & Stephany Griffith-Jones, 1998. "Swinging since the 60's: Fluctuations in UK Saving and Lessons for Latin America," Research Department Publications 3032, Inter-American Development Bank, Research Department.
  5. Richard C. Marston, 1992. "Interest Differentials Under Fixed and Flexible Exchange Rates: The Effects of Capital Controls and Exchange Risk," NBER Working Papers 4053, National Bureau of Economic Research, Inc.

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