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The Study of the Factors and Consequences of the Restrictions on the Movement of the Capital
[Изучение Факторов И Последствий Ограничений На Движение Капитала]

Author

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  • Bozhechkova, A.V. (Божечкова, А.В.)

    (Gaidar Institute for Economic Policy, Russian Presidential Academy of National Economy and Public Administration (RANEPA))

  • Goryunov, E.L. (Горюнов, Е.Л.)

    (Gaidar Institute for Economic Policy)

  • Trunin, Pavel (Трунин, Павел)

    (Gaidar Institute for Economic Policy, Russian Presidential Academy of National Economy and Public Administration (RANEPA))

Abstract

In this paper we study key factors that determine implementation of capital controls and their consequences. We describe theoretical framework that takes into account capital flow restrictions, survey evolution of views regarding such restrictions and summarize the most common objectives of capital controls, including support of independent monetary policy under fixed exchange rates, maintaining financial stability etc. We also analyze existing international experience on capital controls including inflow and outflow controls in both advanced and emerging economies (Brazil, Malaysia, Iceland, Cyprus etc.). We consider several particular measures and study factors that explain their different macroeconomic outcomes. Finally, we discuss empirical works analyzing effectiveness of capital flows restrictions.

Suggested Citation

  • Bozhechkova, A.V. (Божечкова, А.В.) & Goryunov, E.L. (Горюнов, Е.Л.) & Trunin, Pavel (Трунин, Павел), 2016. "The Study of the Factors and Consequences of the Restrictions on the Movement of the Capital [Изучение Факторов И Последствий Ограничений На Движение Капитала]," Working Papers 2139, Russian Presidential Academy of National Economy and Public Administration.
    • Handle: RePEc:rnp:wpaper:2139
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    References listed on IDEAS

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    1. Eliana Cardoso & Ilan Goldfajn, 1998. "Capital Flows to Brazil: The Endogeneity of Capital Controls," IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 161-202, March.
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    Keywords

    capital controls; capital control consequences; Brazil; Malaysia; Iceland; Cyprus;
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