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All That’s Old is New Again: Capital Controls and the Macroeconomic Determinants of Entrepreneurship in Emerging Markets

Listed author(s):
  • Hartwell, Christopher A.

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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File URL: https://mpra.ub.uni-muenchen.de/40257/1/MPRA_paper_40257.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 40257.

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Date of creation: 2011
Handle: RePEc:pra:mprapa:40257
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  1. Ethan Kaplan & Dani Rodrik, 2002. "Did the Malaysian Capital Controls Work?," NBER Chapters, in: Preventing Currency Crises in Emerging Markets, pages 393-440 National Bureau of Economic Research, Inc.
  2. Chinn, Menzie D. & Ito, Hiro, 2006. "What matters for financial development? Capital controls, institutions, and interactions," Journal of Development Economics, Elsevier, vol. 81(1), pages 163-192, October.
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  4. Oxelheim, Lars, 2010. "Globalization, transparency and economic growth: The vulnerability of Chinese firms to macroeconomic shocks," Journal of Asian Economics, Elsevier, vol. 21(1), pages 66-75, February.
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  8. Forbes, Kristin J., 2007. "One cost of the Chilean capital controls: Increased financial constraints for smaller traded firms," Journal of International Economics, Elsevier, vol. 71(2), pages 294-323, April.
  9. Hartwell, Christopher A., 2001. "The case against capital controls: financial flows, crises, and the flip side of the free-trade argument," MPRA Paper 40263, University Library of Munich, Germany.
  10. Francisco A. Gallego & F. Leonardo Hernández, 2003. "Microeconomic effects of capital controls: The chilean experience during the 1990s," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 8(3), pages 225-253.
  11. Akira Ariyoshi & Andrei A Kirilenko & Inci Ötker & Bernard J Laurens & Jorge I Canales Kriljenko & Karl F Habermeier, 2000. "Capital Controls; Country Experiences with Their Use and Liberalization," IMF Occasional Papers 190, International Monetary Fund.
  12. Michael Hutchison, 2003. "A Cure Worse Than the Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs," NBER Chapters, in: Managing Currency Crises in Emerging Markets, pages 321-360 National Bureau of Economic Research, Inc.
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  18. repec:zbw:rwidps:0035 is not listed on IDEAS
  19. Peter M. Garber, 1998. "Derivatives in International Capital Flows," NBER Working Papers 6623, National Bureau of Economic Research, Inc.
  20. Laura Alfaro & Andrew Charlton, 2007. "International Financial Integration and Entrepreneurial Firm Activity," NBER Working Papers 13118, National Bureau of Economic Research, Inc.
  21. Christopher J. Neely, 1999. "An introduction to capital controls," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 13-30.
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