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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. V.R. Prabhakaran Nair, 2010. "Determinants of Fixed Investment:A Study of Indian Private Corporate Manufacturing Sector," Working Papers id:3175, eSocialSciences.
  2. Sweta Saxena & Kar-yiu Wong, 1999. "Currency Crises and Capital Control: A Survey," Working Papers, University of Washington, Department of Economics 0045, University of Washington, Department of Economics.
  3. 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.
  4. Natalia T. Tamirisa, 1999. "Trade in Financial Services and Capital Movements," IMF Working Papers 99/89, International Monetary Fund.
  5. Malgorzata Sulimierska, 2008. "Capital Account Liberalization and Currency Crisis - The Case of Central Eastern European Countries," International Trade and Finance Association Conference Papers, International Trade and Finance Association 1140, International Trade and Finance Association.
  6. Eliana Cardoso & Ilan Goldfajn, 1998. "Capital Flows to Brazil: The Endogeneity of Capital Controls," IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 161-202, March.
  7. 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, Faculty of Economic Sciences, University of Warsaw, vol. 9.
  8. Chanda, Areendam, 2005. "The influence of capital controls on long run growth: Where and how much?," Journal of Development Economics, Elsevier, Elsevier, vol. 77(2), pages 441-466, August.
  9. Clara Garcia, 2004. "Capital Inflows, Policy Responses, and Their Ill Consequences: Thailand, Malaysia, and Indonesia in the Decade Before the Crises," Working Papers, Political Economy Research Institute, University of Massachusetts at Amherst wp81, Political Economy Research Institute, University of Massachusetts at Amherst.
  10. Claudia M. Buch & Elke Hanschel, 1999. "The Effectiveness of Capital Controls � The Case of Slovenia," Kiel Working Papers 933, Kiel Institute for the World Economy.
  11. 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, Faculty of Economic Sciences, University of Warsaw, vol. 5.
  12. Malgorzata Sulimierska, 2008. "The Theoretical Link Between Capital Account Liberalization and Currency Crisis Episodes," International Trade and Finance Association Conference Papers, International Trade and Finance Association 1111, International Trade and Finance Association.
  13. Buch, Claudia M. & Heinrich, Ralph P. & Pierdzioch, Christian, 2001. "Globalisierung der Finanzmärkte: Freier Kapitalverkehr oder Tobin-Steuer?," Kiel Discussion Papers 381, Kiel Institute for the World Economy (IfW).
  14. Moore, Winston, 2010. "Managing the Process of Removing Capital Controls: What Does the Literature Suggest?," MPRA Paper 21584, University Library of Munich, Germany.

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