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The Impact of Controlson Capital Movementson the Private Capital Accounts of Countries' Balance of Payments

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  • R. B. Johnston
  • Chris Ryan

Abstract

This paper reports research on the impact of controls on capital movements on the private capital accounts of countries’ balance of payments using data drawn from 52 countries for the period 1985-92. The results indicate that: (1) capital controls operated by developing countries have not been effective in insulating the private capital accounts of these countries’ balance of payments, and (2) capital controls operated by industrial countries significantly affected the structure of their capital flows mainly by inhibiting net foreign direct and portfolio investment outflows. The results, which are consistent with other observations, raise issues for the policy toward the maintenance and liberalization of controls on capital movements by developing countries.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 94/78.

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Length: 46
Date of creation: 01 Jul 1994
Date of revision:
Handle: RePEc:imf:imfwpa:94/78

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Cited by:
  1. Natalia Tamirisa, 2003. "Trade in Financial Services and Capital Movements," Journal of Financial Services Research, Springer, vol. 24(1), pages 47-66, August.
  2. Sweta Saxena & Kar-yiu Wong, 1999. "Currency Crises and Capital Control: A Survey," Working Papers 0045, University of Washington, Department of Economics.
  3. Moore, Winston, 2010. "Managing the Process of Removing Capital Controls: What Does the Literature Suggest?," MPRA Paper 21584, University Library of Munich, Germany.
  4. Marcin Gruszczyński, 2003. "The Directions of Misinvoicing in the Trade of Poland and the Czech Republic with the Main Partners from the European Union," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 9.
  5. Areendam Chanda, 2002. "The Influence of Capital Controls on Long Run Growth: Where and How Much?," International Finance 0201001, EconWPA.
  6. V.R. Prabhakaran Nair, 2010. "Determinants of Fixed Investment:A Study of Indian Private Corporate Manufacturing Sector," Working Papers id:3175, eSocialSciences.
  7. Ramkishen Rajan, 2010. "Sand in the Wheels of International Finance: Revisiting the Debate in Light of the East Asian Mayhem," Working Papers id:2686, eSocialSciences.
  8. Katarzyna Dąbrowska & Marcin Gruszczyński, 2002. "Transfer Evaluation, Incomes Transfer and Other Aspects of the Internationalisation of Enterprises," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 5.

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