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A New and Better Measure of Capital Controls

In: The Design and Use of Political Economy Indicators

Author

Listed:
  • Pariyate Potchamanawong
  • Arthur T. Denzau
  • Sunil Rongala
  • Joshua C. Walton
  • Thomas D. Willett

Abstract

There has long been a substantial controversy about the role of capital controls. The designers of the Bretton Woods postwar international monetary system anticipated that capital controls would be a permanent feature of the system. Over time, however, views of many economists and officials changed with capital controls becoming seen as having greater costs and freedom of capital flows as having greater benefits than before. These changes in view resulted in major shifts toward the liberalization of capital accounts, first in the industrial countries and then in many developing countries. With the recent rash of currency crises in emerging market countries in the 1990s, considerable support for limiting the freedom of international capital flows reemerged.1

Suggested Citation

  • Pariyate Potchamanawong & Arthur T. Denzau & Sunil Rongala & Joshua C. Walton & Thomas D. Willett, 2008. "A New and Better Measure of Capital Controls," Palgrave Macmillan Books, in: King Banaian & Bryan Roberts (ed.), The Design and Use of Political Economy Indicators, chapter 0, pages 81-102, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-61662-2_5
    DOI: 10.1057/9780230616622_5
    as

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