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All That’s Old is New Again: Capital Controls and the Macroeconomic Determinants of Entrepreneurship in Emerging Markets

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  • Hartwell, Christopher A.

Abstract

While a growing amount of economic evidence has emerged that capital controls as a tool may both be ineffective for many of their stated purposes, there has been little examination of their long-term effects that can harm rather than help entrepreneurship in emerging markets. The purpose of this paper is to fill this gap and examine capital controls in both a historical and recent context, ascertaining their possible effect on firms and entrepreneurship in emerging markets in coming years. What will the impact be on emerging markets and firms in developing countries if capital controls continue to gain credibility? How has the rebirth of controls in the wake of the global financial crisis affected entrepreneurship in emerging markets?

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File URL: http://mpra.ub.uni-muenchen.de/40257/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 40257.

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Date of creation: 2011
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Handle: RePEc:pra:mprapa:40257

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Keywords: capital controls; emerging markets;

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  1. Kaplan, Ethan & Rodrik, Dani, 2001. "Did the Malaysian Capital Controls Work?," CEPR Discussion Papers 2754, C.E.P.R. Discussion Papers.
  2. Chinn, Menzie David & Ito, Hiro, 2005. "What Matters for Financial Development? Capital Controls, Institutions, and Interactions," Santa Cruz Department of Economics, Working Paper Series qt5pv1j341, Department of Economics, UC Santa Cruz.
  3. Natalia T. Tamirisa & Simon Johnson & Kalpana Kochhar & Todd Mitton, 2006. "Malaysian Capital Controls: Macroeconomics and Institutions," IMF Working Papers 06/51, International Monetary Fund.
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  7. Stigler, Mathieu & Shah, Ajay & Patnaik, Ila, 2010. "Understanding the ADR premium under market segmentation," Working Papers 10/71, National Institute of Public Finance and Policy.
  8. Forbes, Kristin J., 2007. "One cost of the Chilean capital controls: Increased financial constraints for smaller traded firms," Journal of International Economics, Elsevier, vol. 71(2), pages 294-323, April.
  9. Michael Hutchison, 2001. "A cure worse than the disease? currency crises and the output costs of IMF-supported stabilization programs," Pacific Basin Working Paper Series 2001-02, Federal Reserve Bank of San Francisco.
  10. Gene M. Grossman, 1984. "International Trade, Foreign Investment, and the Formation of the Entrepreneurial Class," NBER Working Papers 1174, National Bureau of Economic Research, Inc.
  11. Michael Hutchison, 2001. "A cure worse than the disease? currency crises and the output costs of IMF-supported stabilization programs," Pacific Basin Working Paper Series 01-02, Federal Reserve Bank of San Francisco.
  12. Michael M. Hutchison, 2001. "A Cure Worse Than the Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs," NBER Working Papers 8305, National Bureau of Economic Research, Inc.
  13. Brown, Martin & Ongena, Steven & Yesin, Pinar, 2009. "Foreign Currency Borrowing by Small Firms," CEPR Discussion Papers 7540, C.E.P.R. Discussion Papers.
  14. Hartwell, Christopher A., 2001. "The case against capital controls: financial flows, crises, and the flip side of the free-trade argument," MPRA Paper 40263, University Library of Munich, Germany.
  15. Francisco A. Gallego & F. Leonardo Hernández, 2003. "Microeconomic effects of capital controls: The chilean experience during the 1990s," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 8(3), pages 225-253.
  16. Christopher J. Neely, 1999. "An introduction to capital controls," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 13-30.
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