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Capital Controls, Collection Costs, and Domestic Public Debt

  • Joshua Aizenman
  • Pablo E. Guidotti

The implications of a large public debt for the implementation of capital controls for an economy where tax revenue collection is costly are examined. Conditions are analyzed under which policymakers will resort to capital controls to reduce the cost of recycling domestic public debt. The linkages between a costly tax collection mechanism, capital controls, am domestic government debt are explored in terms of a two-period m:x1el of optimal taxation. Numerical simulations are provided to illustrate haw capital controls are linked to different domestic public debt levels am to different degrees of efficiency in tax-revenue collection.

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File URL: http://www.nber.org/papers/w3443.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3443.

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Date of creation: Sep 1990
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Publication status: published as Journal of International Money and Finance, Vol. 13, no. 1, pp. 41-54, (February 1994).
Handle: RePEc:nbr:nberwo:3443
Note: ITI IFM
Contact details of provider: Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
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