IMF Staff papers : Volume 43 No. 4

IMF Staff papers : Volume 43 No. 4
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Volume:
43
Series:
IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
January 1996
DOI:
http://dx.doi.org/10.5089/9781451930931.024
ISBN:
9781451930931
ISSN:
1020-7635
Page:
212
This paper reviews recent theoretical and empirical work on controls over International capital movements. Theoretical contributions reviewed focus on “second-best “ arguments for capital market restrictions, as well as arguments based on multiple equilibria. The empirical literature suggests that controls have been “effective “ in the narrow sense of influencing yield differentials. But there is little evidence that controls have helped governments meet policy objectives, with the exception of reducing the governments’ debt-service costs, and no evidence that controls have enhanced economic welfare in a manner suggested by theory.
Article

An Empirical Analysis of Fiscal Adjustments

Author(s):
International Monetary Fund. Research Dept.
Published Date:
January 1996
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