The Impact of Controlson Capital Movementson the Private Capital Accounts of Countries' Balance of Payments; Empirical Estimates and Policy Implications
This paper reports research on the impact of controls on capital movements on the private capital accounts of countries’ balance of payments using data drawn from 52 countries for the period 1985-92. The results indicate that: (1) capital controls operated by developing countries have not been effective in insulating the private capital accounts of these countries’ balance of payments, and (2) capital controls operated by industrial countries significantly affected the structure of their capital flows mainly by inhibiting net foreign direct and portfolio investment outflows. The results, which are consistent with other observations, raise issues for the policy toward the maintenance and liberalization of controls on capital movements by developing countries.
|Date of creation:||01 Jul 1994|
|Date of revision:|
|Contact details of provider:|| Postal: International Monetary Fund, Washington, DC USA|
Phone: (202) 623-7000
Fax: (202) 623-4661
Web page: http://www.imf.org/external/pubind.htm
More information through EDIRC
|Order Information:||Web: http://www.imf.org/external/pubs/pubs/ord_info.htm|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Peter J. Buckley, 1993. "Contemporary Theories of International Direct Investment," Revue Économique, Programme National Persée, vol. 44(4), pages 725-736.
- William H. Branson & Dale W. Henderson, 1984.
"The Specification and Influence of Asset Markets,"
NBER Working Papers
1283, National Bureau of Economic Research, Inc.
- Artis, Michael J & Taylor, Mark P, 1989. "Abolishing Exchange Control: The UK Experience," CEPR Discussion Papers 294, C.E.P.R. Discussion Papers.
- Park, Daekeun, 1994. "Foreign exchange liberalization and the viability of a fixed exchange regime," Journal of International Economics, Elsevier, vol. 36(1-2), pages 99-116, February.
- Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1994.
"The Capital Inflows Problem: Concepts And Issues,"
Contemporary Economic Policy,
Western Economic Association International, vol. 12(3), pages 54-66, 07.
- Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1993.
"El problema de la afluencia de capital: Conceptos y temas
[The Capital Inflows Problem: Concepts and Issues]," MPRA Paper 13682, University Library of Munich, Germany.
- Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1994. "The capital inflows problem: Concepts and issues," MPRA Paper 13902, University Library of Munich, Germany.
- Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1993. "El problema de la afluencia de capital: Conceptos y temas
- Wyplosz, Charles, 1986. "Capital controls and balance of payments crises," Journal of International Money and Finance, Elsevier, vol. 5(2), pages 167-179, June.
- Joshua E. Greene & Peter Isard, 1991. "Currency Convertibility and the Transformation of Centrally Planned Economies," IMF Occasional Papers 81, International Monetary Fund.
- Solnik, Bruno H., 1974. "An equilibrium model of the international capital market," Journal of Economic Theory, Elsevier, vol. 8(4), pages 500-524, August.
- International Monetary Fund, 1992. "Issues in Managing and Sequencing Financial Sector Reforms Lessons From Experiences in Five Developing Countries," IMF Working Papers 92/82, International Monetary Fund.
When requesting a correction, please mention this item's handle: RePEc:imf:imfwpa:94/78. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jim Beardow)or (Hassan Zaidi)
If references are entirely missing, you can add them using this form.