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A Survey of Academic Literature on Controls over International Capital Transactions

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Michael P. Dooley

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Abstract

This paper reviews recent theoretical and empirical work on controls over international capital movements. Theoretical contributions reviewed focus on 'second best' arguments for capital market restrictions as well as arguments based on multiple equilibria. The empirical literature suggests that controls have been 'effective' in the narrow sense of influencing yield differentials. But there is little evidence that controls have helped governments meet policy objectives, with the exception of reduction in the governments' debt service costs, and no evidence that controls have enhanced economic welfare in a manner suggested by theory.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5352.

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Date of creation: Nov 1995
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Handle: RePEc:nbr:nberwo:5352

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Find related papers by JEL classification:
F34 - International Economics - - International Finance - - - International Lending and Debt Problems
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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This page was last updated on 2009-11-21.

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