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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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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. Francisco A. Gallego F & Leonardo Hernández, 2003. "Microeconomic Effects of Capital Controls: The Chilean Experience During the 1990s," Working Papers Central Bank of Chile 203, Central Bank of Chile.
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  18. 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.
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