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Too much of a good thing: the macroeconomic effects of taxing capital inflows

  • Carmen M. Reinhart
  • R. Todd Smith

In addition to altering fiscal, monetary, and exchange rate policies in response to the surge in international capital inflows in the early 1990s,policy makers in many countries in ASIa, Eastern Europe, and Latin America have resorted to measures to control capital inflows.We provide a preliminary assessment of the effects of some of the macroeconomic effects of these policies.

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Article provided by Federal Reserve Bank of San Francisco in its journal Proceedings.

Volume (Year): (1996)
Issue (Month): ()
Pages: 436-464

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Handle: RePEc:fip:fedfpr:y:1996:p:436-464
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  1. Reinhart, Carmen & Reinhart, Vincent, 1999. "On the use of reserve requirements in dealing with capital flow problems," MPRA Paper 13703, University Library of Munich, Germany.
  2. Marcio G. P. Garcia & Alexandre Barcinski, 1996. "Capital flows to Brazil in the nineties: Macroeconomic aspects and the effectiveness of capital controls," Textos para discussão 357, Department of Economics PUC-Rio (Brazil).
  3. Claessens, Stijn & Dooley, Michael P & Warner, Andrew, 1995. "Portfolio Capital Flows: Hot or Cold?," World Bank Economic Review, World Bank Group, vol. 9(1), pages 153-74, January.
  4. James Tobin, 1978. "A Proposal for International Monetary Reform," Eastern Economic Journal, Eastern Economic Association, vol. 4(3-4), pages 153-159, Jul/Oct.
  5. Reinhart, C.M. & Dunaway, S., 1996. "Dealing with Capital Inflows. Are There Any Lessons?," Research Paper 28, World Institute for Development Economics Research.
  6. Reinhart, Carmen & Ostry, Jonathan, 1991. "Private Saving and Terms of Trade Shocks," MPRA Paper 13716, University Library of Munich, Germany.
  7. Michael P. Dooley, 1995. "A Survey of Academic Literatureon Controls Over International Capital Transactions," IMF Working Papers 95/127, International Monetary Fund.
  8. Bartolini, Leonardo & Drazen, Allan, 1997. "Capital-Account Liberalization as a Signal," American Economic Review, American Economic Association, vol. 87(1), pages 138-54, March.
  9. Liliana Rojas-Suárez & Donald J. Mathieson, 1993. "Liberalization of the Capital Account: Experiences and Issues," IMF Occasional Papers 103, International Monetary Fund.
  10. Garber, Peter & Taylor, Mark P, 1995. "Sand in the Wheels of Foreign Exchange Markets: A Sceptical Note," Economic Journal, Royal Economic Society, vol. 105(428), pages 173-80, January.
  11. Eichengreen, Barry & Tobin, James & Wyplosz, Charles, 1995. "Two Cases for Sand in the Wheels of International Finance," Economic Journal, Royal Economic Society, vol. 105(428), pages 162-72, January.
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